i have recently been offered reduced settlement figures by several creditors. one of these i was able to accept. however, before paying, they tried to talk me out of paying the reduced amount and into paying the full balance, saying that the remaining balance after the reduced amount would stay on my credit record indefinately.
is this true? if so, does anyone know how long 'indefinately' is and if it's possible to have it removed?
many thanks
At 19:02:06 on 08/02/2006, ruff delighted uk.finance by announcing:
It depends on the lender; if they say it will then I'd trust that it would.
Is that a trick question?
Only if it's inaccurate. It will be automatically removed 6 years after the account is *closed* by the lender.
thanks for your comments Alex. obviously wasn't a trick question as you answered it in your next point - 6 years.
wouldn't the fact that they made me the reduced offer, constitute the remaining balance being on my credit report as being inaccurate?
i don't owe them that money any longer, so why should my report say that i do? i didn't ask them to reduce the debt.
At 14:12:51 on 09/02/2006, ruff delighted uk.finance by announcing:
Erm, I didn't answer it. Until you clear the account, there's no guarantee that they'll close it. Therefore it will remain on your credit file indefinitely.
No. Until you pay the full amount, you still owe it and it's recorded on your file. However, they will not pursue you for the outstanding balance any longer.
Yes, you do.
Because you do.
You have the right to refuse their offer and pay the full amount. This is the only guaranteed way to clear the balance and remove the account from your credit file (6 years later).
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