Hi.
Was onto MBNA asking for a reduction in interest rate as I am trying to clear down substantial balance over the next 12 to 18 months. Spoke with supervisor there and she categorically cannot give a reduction in interest rate. She advised I make an offer to short settle and that although it would show on ICB the amount that was short settled for i.e. 30% 60% 85% wouldn't be disclosed. According to her should I look for further credit at a later stage that this would not have such an adverse impact on credit rating as would total default. My ICB is important to me although I am showing as having been two payments down with them (currently up to date), not that I wish to borrow further monies but as a matter of principle. What impact would short settling have on me in the future?
Was onto MBNA asking for a reduction in interest rate as I am trying to clear down substantial balance over the next 12 to 18 months. Spoke with supervisor there and she categorically cannot give a reduction in interest rate. She advised I make an offer to short settle and that although it would show on ICB the amount that was short settled for i.e. 30% 60% 85% wouldn't be disclosed. According to her should I look for further credit at a later stage that this would not have such an adverse impact on credit rating as would total default. My ICB is important to me although I am showing as having been two payments down with them (currently up to date), not that I wish to borrow further monies but as a matter of principle. What impact would short settling have on me in the future?