so basically I had a barclaycard account which I couldn’t afford to pay because I lost my job to COVID And Barclaycard decided to register a default and close the account (Despite me being honest and setting a repayment plan immediately).
they’ve now sold the account to PRA Group who have offered me a partial settlement figure.
I can either fully settle the balance of £1,684 over 4 years of £40 payments, or I can partially settle it now for 3 monthly payments of ~£165.
would it make financial sense to just partially settle it now and save the extra money in the long term? because either way the default will be on my credit report for the next 5 years, but partially settling it reduces my overall debt level, even though it may look bad to lenders now.
im not looking to take out any mortgages etc for at least the next 7-10 years.