Is there a way to do this ? Re old credit card debt. advice needed please.

[fruitandbarley]

I have an old credit card debt, I stopped paying it altogether (which I know is extremely stupid, so please Don't point that out, I had little option at the time). It's for approx 4k. My situation is a lot better now, and I have some money I can pay it off with, but not the full amount, I have about 3k. Does anyone know if it would be possible to settle this for not the full amount but they would mark it as settled on my credit report. I have a mortgage and am hoping to move in the next 18 months and was hoping to have a good credit rating to do so.

Presumably it Defaulted if you stopped paying it altogether?

What date was the default? It will only stay on your credit file for 6 years from this date.

If you can wait until the 6 years has passed you can save a fortune (probably) and barter with them for the repayment amount...I've managed to clear old debts for 25% of the owed amount.

Ring them and ask for a settlement figure. It will be less than the actual debt.

DON’T contact them if the debt is of a certain age, as it will drop off your credit history after 6 years anyway.

If it’s still got a while to go then it’s up to you how you deal with it but if it was in the last couple of years I wouldn’t rely on settling it now to improve your credit rating enough to get a new mortgage.

Is the debt still with the cc company, or have you previously received correspondence from a debt collection agency?