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Non-Default - Full or Partial Settlement.


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I would like some advice please.

 

Trying to resolve an issue friend has got, and  I'm a bit stumped.

They have a 12mth loan account June 2018, but have never paid a penny towards it for some reason.
As of today the Debt is not defaulted only shows as Missed Payments.

Not once have they been chased for the loan, there's no record of contact or letters within their DSAR relating to collections - it just seems that the account fell off the radar.

Now they are in a position to pay this debt in full, however they have spoken to the lender who has apologised about the lack of contact - and has stated they are prepared to reduce the amount owing by 20% (£450-ish) as a Partial Settlement.
They do have 2 x default markers on their CRA which will be updated to satisfied (?) as they both now have a zero balance and a loan which has no negative markers.

Should they take this offer of Partial Settlement - is there quite a negative impact to their CRA if they did, they are hoping to secure Car finance in the new year.

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was the person in the red when applying for these loans?

 

ie was their credit file littered with defaults and payment markers for other lenders?

and did he have multiple other PDL's at the same time?

 

if so he might be able to raise and win an irresponsible lending claim that could see the balance reduced or even wiped, including any defaults.

 

it sort of puzzles me why they are so readily offering this GOGW when they've no need too..something smells??

 

dx

 

 

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Thanks for reply.

AT time loan issued he was in debt for around £1.5k.
CRA's around time loan issued show that only 4 credit cards (2 went to default in jun 19) a Paypal Credit account and a ShopDirect - all within 20% of credit limit on each. (and Car Insurance paid mthly)
Since loan issued he took out a Everyday loan which has another 20mths to go, but has been paid on time without any missed or negative marker.
No defaults were ever recorded on his closed accounts.

 

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2 hours ago, ads_uk said:

They do have 2 x default markers on their CRA which will be updated to satisfied (?) as they both now have a zero balance and a loan which has no negative markers.

 

does this debt he wants to settle show a registered defaulted date

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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2 hours ago, dx100uk said:

 

does this debt he wants to settle show a registered defaulted date

Nope.

It's only showing missing payments.

No default at all

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Ok just checking..

So will show as ps for 6 yrs on cra file if they do settle

 

Dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Ah right.

So that could have a negative impact.

 

His 2 CC defaults are still with FOS for PPI so he's hoping they will be word clean.

 

As always thanks for your time

 

 

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