Removing black marks as part of a "settlement"

[magictorch1976]

Hi all

 

I am in the next couple of weeks finally going to be able to make some payments to creditors - some in "full and final settlement" and others completely in full.

 

Has anyone had any luck in the same situation and getting adverse information removed from their credit file as part of the "deal?"

 

If so, how is best to go about this? I presume getting something in writing before handing over the money is a good starting point?

 

Cheers

 

J

[dx100uk]

i'd give nothing to no-one without:

 

1 checking they have the correct LEGALLY required paperwork / contract/agreement

2, reclaiming any unlawful charges

3. reclaim any mis-sold PPI.

 

then, p'haps, offer an FnF on the sole understanding that ALL negative references in your CRA are removed and the A/C is marked as settled.

 

if they wont do that - there is no point in FnF as the markers will always be there for 6yrs

you might as well burn the money

 

dx

[BankFodder]

Always get it in writing but you had better know that it is almost impossible to do

[magictorch1976]

Thanks both for coming back to me. Much appreciated.

 

I spoke with Lowell Group today - I know, I know - don't kill me - I should deal in writing but I wanted to here what they had to say. Have a debt with them for £611 which was passed by O2. Suggested £300 in FnF settlement but she would only give 15%.

 

My debt list is as follows - total £1533

 

 

Quick Quid 459 225 Gothia

Orange 146 72 Mac Hall

O2 611 300 Lowell

Vanquis 317 156 CARS

 

Left to right - Creditor - Amount owed - FnF Offer - Debt agency

 

Now interestingly enough, Lowell wrote to me in July last year and offered me £305 in FnF of the £611 so why she told me today "only 15%" is beyond me.

 

I have written nice letters with an income and expenditure statement. Anything else I should be doing ?

 

I'll keep this thread updated.

 

J

[dx100uk]

sorry but i think you are being silly in doing this.

esp giving them an I/E

 

you will never get your markers removed and most prob [and ESP the mobile phone stuff] the OC wrote it off years ago ibet.

and the dca's are just rubbing their hands together - hehe we got a mug here.

 

but ok IF you can get ALL bad info removed then well down

but if NOT then i would not waste my money.

 

post #2 stands.

 

dx

[magictorch1976]

Hmmmm OK, points taken - esp the one you make about if they don't remove the negative info then there is no point.

 

The I/E shows a minus figure available to pay them LOL.

 

I was acting on the advice of National Debtline........any pointers of where I should go from here instead ?

 

Cheers

 

J

[dx100uk]

god thats the 3rd time in as many weeks i've heard of NDL dishing out crap advice!

 

whatever you I/E shows it for them to decide not you

might as well send them you bank slips too.

 

it NOTHING to do with them

ONLY a judge can demand such info.

 

follow post #2

 

TBH: you will NEVER get the majority of bad cra info removed, the best you'll get is the debt shown as settled but thats as good as a default anyhow.

 

sorry but that's score.

 

if you really want to do something about the markers.

whoever placed it must have valid agreement/contract signed by you & must have sent you a default notice first.

 

sar at @£10 might be a cheaper route.

 

dx

[magictorch1976]

OK cool. Thanks very much. I have unfortunately already sent the info to them but however, if they don't play ball i'll use the £1 a month for life proposal and then start demanding to see the legally correct stuff via the SAR that I'll send

 

;-)

[Seminole]

Once you start taking out credit you have to play by the credit industry's rules. These essentially mean that if you make a mistake, you will be punished (if they make one, they deny all responsibility).

 

For example, if you get a default on your credit file, it does as much damage to your credit score as a CCJ and stays there for six years. As others have said, once it's there it's almost impossible to remove unless the whole debt is invalid for some reason.

 

Once you have a couple of defaults, the system is so ridiculous and inflexible that it does nothing to encourage you to manage your debts. Your credit score is screwed for six years. Given the current credit market, it will be nigh on impossible to get any sort of loan, credit card or even a mobile phone.

 

I always used to be of the opinion that even when people got into trouble they should pay their debts but nowadays I would encourage them to go down the bankruptcy route if they have no assets. Alternatively, they should challenge the legal validity of the debts and, where they've been purchase by a debt buyer, make every effort to contest their right to collect.

 

I will change my mind when we have a system that embodies responsible lending (as opposed to knee jerk credit squeezes), properly regulated debt collection practices and a legal requirement for debt buyers to confirm the legal enforceability of debts before they buy them. Oh, and a credit reference agency system that does not regard itself as above the law.

[Bullhunter]

Have to agree with Seminole - for 20 years I had a squeaky clean record and believed if I owed money I should pay it back - still do for individuals.

 

When things got tough 3 years ago I spoke to all my creditors to come to an arrangement of reduced payments - most agreed, but a couple refused and that screwed my credit.

 

Once my credit score was shot there seemed little point in maintaining the arrangements I had with the other creditors - which seemed a bit harsh on them, but such is life.