Help Needed!

[bluenoze22]

Morning All,

 

I had a student overdraft account with RBS which i no longer use (£1400), which was sent to Moorcroft Debt Recoveries as i wasn't paying anything into it; i think i had been receiving letters but to be honest due to moving addresses i never saw them.

 

I have been paying Moorcroft £30 per month for a few months and am now in a position to pay it off, i spoke to one person who said who said they can give me about 20% off the debt (which at 1st i thought, that is good!) but yesterday i spoke to a lady saying that it would be best for my credit history to pay it all off as it honors the original debt.

 

My concern is that (**i guess**) have already received a default for this debt so wouldn’t my credit rating be shot for the next 6 years anyway?! (**Please advise me**)

 

My basic question to you all is do i pay the full settlement or do i take the discount?

 

Many Thanks in advance

 

Bluenoze22

[Josamolly]

I'm not 100% sure but my guess is that the default will be on your file for the next 6 years anyway. I think it comes up as default satisfied, but the word default is still there..

 

May need some input from another user..

[bluenoze22]

Hi Jos,

 

Thanks for your advice, thats exactly what i was thinking; the main thing is i'd rather have the extra say £200 myself then it being classed as dead money when the marker is gonna be there anyway!

 

Anyone else with help or past experience feel free to help as i need to pay it soon before i spent it all!

 

Manys Thanks

[maxibon]

Hi Blue,

 

I wouldnt accept the 20% they are offering as they CAN and WILL go lower. If you call them and say you can definatley pay it in 7 days they will keep knocking it down as they want you to pay so the person on the other side of the phone can receive it 'on their figures' ( i.e get bonus!)

 

If you have the funds call and ask for a full and final and keep saying that you want it cheaper. They can usually go as low as 40% off sometimes more. They will start off high of course in the hope you just accept it but keep haggling!!!

 

Good luck and if need be speak to a manager as they are the ones that normally agree larger discounts...

[Willo53]

Hi Bluenoze

 

I work as a Credit advisor for littlewoods and reguarly do credit checks on customers. I can confirm when a search is done a default notice will appear on your file for 6 years regardless if you settle it in full, but the file will also show the default balance remaining. So if you clear it in full, the prospetive lenders can see that the default has been settled. I think it depends on the different lenders if they take this into account or not.

[bluenoze22]

Hi Blue,

 

I wouldnt accept the 20% they are offering as they CAN and WILL go lower. If you call them and say you can definatley pay it in 7 days they will keep knocking it down as they want you to pay so the person on the other side of the phone can receive it 'on their figures' ( i.e get bonus!)

 

If you have the funds call and ask for a full and final and keep saying that you want it cheaper. They can usually go as low as 40% off sometimes more. They will start off high of course in the hope you just accept it but keep haggling!!!

 

Good luck and if need be speak to a manager as they are the ones that normally agree larger discounts...

 

 

Hi Maxibon,

 

Thanks for your reply, i was speaking the other day someone on here, we dicided that i would write a letter to them offering them a full and final settlement. I am going to offer them £500 and take it from there, i will be sending the letter recorded delivery this morning and the funds will be earning me a little bit of interest in my savings account as i wait!

 

Let me know if that sounds good to you.

 

Thanks Again.

[bluenoze22]

Hi Bluenoze

 

I work as a Credit advisor for littlewoods and reguarly do credit checks on customers. I can confirm when a search is done a default notice will appear on your file for 6 years regardless if you settle it in full, but the file will also show the default balance remaining. So if you clear it in full, the prospetive lenders can see that the default has been settled. I think it depends on the different lenders if they take this into account or not.

 

 

Cheers Dils!