Settle a debt for less, will it remain on ICB?

D

dobsdave

Registered User
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Hi Folks,

Was laid off a few weeks ago and with the redundancy payment i can pay all my outstanding debts bar one.
I contacted the lender(unsecured loan) with a view to settling for less than was owed to them.
The answer I got was that any settlement less than 95% of the amount owed would be registered with ICB.

My question is, if they did settle for less than what is owed,would that stay on my ICB record indefinitely or for a certain amount of time?

Thanks in advance
 
Unsure about the ICB but i do know that if you are a member of a profession, you are routinely asked and required to answer whether or not you have come to any arrangement with any creditors ever!
 
dobsdave said:
My question is, if they did settle for less than what is owed,would that stay on my ICB record indefinitely or for a certain amount of time?

Thanks in advance
Click to expand...

Loans stay on ICB for five years after they are closed.

So, in this situation if your lender were to settle for less & close off the loan, that info would stay on ICB for 5 years.
 
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