Credit Card Settlement

[thosethings]

Currently owe 800 on credit card and they have advised that they will accept a settlement figure to clear it as i'm behind on payments. CC is with MBNA

If i proceed with a settlement figure, is this registered against my credit rating for 5 years etc.

 

[44brendan]

You are probably current in default with the CC company so any deal done will not effect your credit rating any further. Short answer is that yes any deal involving a write off of debt is likely to effect your credit rating.