Settled versus satisfied

geeka

Hi, I have just checked my Noddle credit score and I have recently paid of one of my debts and it is saying "Satisfied". Is that correct, whats the difference between that and settled?

Thanks, sorry if this is a daft question

Tim

fresh-air1

i would like to know this too as some people say they mean the same others say diffrently hopefully someone will reply soon:)

The_Boss

geeka wrote: »

Hi, I have just checked my Noddle credit score and I have recently paid of one of my debts and it is saying "Satisfied". Is that correct, whats the difference between that and settled?

Thanks, sorry if this is a daft question

Tim

Was it a debt that had been defaulted on?

Noddle credit score means very little by the way

simeyb

I may be wrong but I think "settled" means that you have paid all that you owe the company - so if you are in a DMP and have paid all the outstanding amount then it will be marked Settled, whereas "Satisfied" means that although you are no longer being pursued by the creditor, they have accepted a lesser amount from you and written off the rest - so you may have done a deal with a debt collection agency for example - happy to be proved wrong though! I think its therefore better to have settled's as opposed to satified's!

geeka

sounds good then in that case. thanks for that.

simeyb wrote: »

I may be wrong but I think "settled" means that you have paid all that you owe the company - so if you are in a DMP and have paid all the outstanding amount then it will be marked Settled, whereas "Satisfied" means that although you are no longer being pursued by the creditor, they have accepted a lesser amount from you and written off the rest - so you may have done a deal with a debt collection agency for example - happy to be proved wrong though! I think its therefore better to have settled's as opposed to satified's!

TakingControl

simeyb wrote: »

I may be wrong but I think "settled" means that you have paid all that you owe the company - so if you are in a DMP and have paid all the outstanding amount then it will be marked Settled, whereas "Satisfied" means that although you are no longer being pursued by the creditor, they have accepted a lesser amount from you and written off the rest - so you may have done a deal with a debt collection agency for example - happy to be proved wrong though! I think its therefore better to have settled's as opposed to satified's!

I am afraid that is not right. You normally get a 'Satisfied' if the account in question was defaulted, i.e. the credit agreement was broken. Settled is for accounts that haven't defaulted.

Example:
I have 2 defaults on my credit file, I paid one in full and the other one F&F, both state 'satisfied' on my file.
I have a CC account where I paid monthly as part of my DMP, they never defaulted me, I did a F&F at 50% and it is marked as settled.

Any CRA scrores are meaningless by the way

The_Boss

TakingControl wrote: »

I am afraid that is not right. You normally get a 'Satisfied' if the account in question was defaulted, i.e. the credit agreement was broken. Settled is for accounts that haven't defaulted.

Example:
I have 2 defaults on my credit file, I paid one in full and the other one F&F, both state 'satisfied' on my file.
I have a CC account where I paid monthly as part of my DMP, they never defaulted me, I did a F&F at 50% and it is marked as settled.

Any CRA scrores are meaningless by the way

It's a shame that the original poster didn't reply to my post and instead just chose the answer that they liked the sound of

geeka

I'm back, hhhmmmm. I defaulted on the agreement and its just been fully paid this month.

The_Boss wrote: »

It's a shame that the original poster didn't reply to my post and instead just chose the answer that they liked the sound of

raq

simeyb wrote: »

I may be wrong but I think "settled" means that you have paid all that you owe the company - so if you are in a DMP and have paid all the outstanding amount then it will be marked Settled, whereas "Satisfied" means that although you are no longer being pursued by the creditor, they have accepted a lesser amount from you and written off the rest - so you may have done a deal with a debt collection agency for example - happy to be proved wrong though! I think its therefore better to have settled's as opposed to satified's!

that is correct

geeka

CRA Score?

TakingControl wrote: »

I am afraid that is not right. You normally get a 'Satisfied' if the account in question was defaulted, i.e. the credit agreement was broken. Settled is for accounts that haven't defaulted.

Example:
I have 2 defaults on my credit file, I paid one in full and the other one F&F, both state 'satisfied' on my file.
I have a CC account where I paid monthly as part of my DMP, they never defaulted me, I did a F&F at 50% and it is marked as settled.

Any CRA scrores are meaningless by the way

Orlando_Virgin

geeka wrote: »

CRA Score?

Credit Rating Agency - i.e. Experian, Noddle etc., they score you based on your history of credit agreements. It is BELIEVED, that companies perform checks using these agencies to make decisions on whether they give you credit/finance etc.