Paid Debtor. What does this mean?
Options
bunjack
Posts: 1 Newbie
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
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
0
Comments
-
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
chevI want a job that is less than an hour driving away from my house! Are you listening universe?
0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards