Paid Debtor. What does this mean?

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We are assisting a relative sort out a debt in the region of £8000 with one bank.
One option is to reach a settlement where he then becomes a 'paid debtor' with credit reference agencies - can you advise as to what this means in the long term for him?

Thank you

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  • chevalier
    chevalier Posts: 7,937 Forumite
    First Anniversary Combo Breaker
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    My guess this means that they are saying that you can do a full and final settlement of the debt. This can be less than the total debt that is owed. As regards the credit reference agencies, if a full and final settlement is done, then the creditor would tell the reference agencies that the debt is satisfied. So should have a positive effect
    chev
    I want a job that is less than an hour driving away from my house! Are you listening universe?
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