What does 'Satisfied' mean on a credit report (Noddle)?

JimBobby

Hi, I've just had another look at my credit history on Noddle and one of my old 'accounts' which I defaulted on just over 5 years ago and haven't touched since (stopped paying them due to circumstances at the time) is now displayed as 'Satisfied' and is listed under Closed Accounts.

When I checked a couple of years ago, this account was in default and the balance was still over £2000, but now it is displayed as £0 as of end of September last year despite the fact I haven't paid them a penny.

So what does this mean for me? I am still receiving debt letters for this debt and it has probably been passed to a couple of recovery agencies over the times. Going by the 6 years since default, it's not off my history till Jan 2013.

neverbefore2011

JimBobby wrote: »

Hi, I've just had another look at my credit history on Noddle and one of my old 'accounts' which I defaulted on just over 5 years ago and haven't touched since (stopped paying them due to circumstances at the time) is now displayed as 'Satisfied' and is listed under Closed Accounts.

When I checked a couple of years ago, this account was in default and the balance was still over £2000, but now it is displayed as £0 as of end of September last year despite the fact I haven't paid them a penny.

So what does this mean for me? I am still receiving debt letters for this debt and it has probably been passed to a couple of recovery agencies over the times. Going by the 6 years since default, it's not off my history till Jan 2013.

Who are Noddle? Who are sending you the letters? You owe £2000 but your account is displayed as Closed and Satisfied.

What's your problem?

fatbelly

It's probably been sold to a third party who is not reporting to Callcredit (and why should they?). The original creditor has marked the entry settled and waved goodbye to it.

I don't find Callcredit very useful or accurate.

You may get better info from Experian/Equifax.

JimBobby

fatbelly wrote: »

It's probably been sold to a third party who is not reporting to Callcredit (and why should they?). The original creditor has marked the entry settled and waved goodbye to it.

I don't find Callcredit very useful or accurate.

You may get better info from Experian/Equifax.

Thanks, I kinda expected that was the case. It'll be January 2013 when it's been 6 years, and it being sold on to a third party shouldn't affect that, right?

I'll sign up to Experian again as it's a free number to cancel to see what the score is. Thanks again

fermi

JimBobby wrote: »

Thanks, I kinda expected that was the case. It'll be January 2013 when it's been 6 years, and it being sold on to a third party shouldn't affect that, right?

No, it doesn't effect it.

JimBobby wrote: »

I'll sign up to Experian again as it's a free number to cancel to see what the score is. Thanks again

Experian may pass on up to date contact details to whoever now owns it.

orchid2010

Hi JimBobby

I had something like this on my Experian file, the credit card company had set up the original default and marked their entry as satisfied when they sold it to a DCA. The DCA then put on a default using the date the credit card had been defaulted on by the card company.

Panicked me to begin with as I thought it had been put on twice until I realised the first was marked as satisifed and the default date was the same.

Tixy

orchid2010 wrote: »

Hi JimBobby

I had something like this on my Experian file, the credit card company had set up the original default and marked their entry as satisfied when they sold it to a DCA. The DCA then put on a default using the date the credit card had been defaulted on by the card company.

Panicked me to begin with as I thought it had been put on twice until I realised the first was marked as satisifed and the default date was the same.

Just so you know - if the DCA put on their own entry of the account (with the same default date and all other details), the creditor should remove their entry entirely.
Its only if the DCA don't put on an entry of their own that the creditors entry should remain.

Experian_company_representative

Because we only keep defaults for six years it will drop off your reports soon too.

James Jones

JimBobby

Thanks for the tips and replies, guys. What would happen if I set up a payment plan with the collection agency? Would this now reset the date since default if I were to default again? I would be happy to see it through to Jan 2013 ignoring them so it effectively clears.

My current situation is that I am unemployed and have minimal belongings. Best outcome would be for if I don't pay anything, ignore it, and the 6 years comes up so it drops off my record and I can ignore the debt with no chance of repercussions then. How likely is it, given the less than 11 months I have left, being a private rent tenant, that I can pull that off?

fermi

JimBobby wrote: »

Thanks for the tips and replies, guys. What would happen if I set up a payment plan with the collection agency? Would this now reset the date since default if I were to default again?

No. Only one default can ever be recorded. They cannot add another, whatever you may do or not do.

JimBobby

fermi wrote: »

No. Only one default can ever be recorded. They cannot add another, whatever you may do or not do.

Ah excellent, so if I start a payment plan of like £10 per month and then come Jan 2013 I can just tell them that I no longer acknowledge the debt, there's nothing they can do? It's all completely off of my credit record, and there's no legal way of them enforcing the a payment as I'm fully within my legal right to decline ackowledgement.

What if they get a CCJ against me in this time period (I currently don't have any)? That would stick around for 6 years, but I assume I could still decline acknowledgment of the debt after Jan 2013 still in this case. Either way, this would be a bad outcome.

I want to avoid having any record of this debt on my history after Jan 2013 (including any judgments made against it in the meantime) with paying as little as possible, essentially.