Partially Satisfied Accounts

wizzzbang

Hello to all and thank you for taking the time to read.

I have a situation in which I have managed to successfully "Turn around" hooray! my big debt problem. As much as I am pleased with this I have a burning question to which I have no one to ask, so I kind of hoped someone here may give me an honest answer?

When you partially satisfy a debt how long is it likely to effect any future borrowing or credit?

Not to sound like I want to go down the road of borrowing again I cant see that I will spend my entire life not borrowing some sort of money from a bank at some stage later in the years to come.

Any feedback would be gratefully received .

The_Boss

What does partially satisfying mean?

wizzzbang

It is when you settle a debt with your creditors albeit at a reduced amount to what the balance actual is. I am told that the creditors will mark these down as "partially satisfied" on the credit file.

I am curious as to how that statement on my credit file will effect future borrowing and for how long will it be negative for?

Of course the up side is that the debt is settled and final between both party's.

ie Debt Free.

jessie4109

If you have a partially satisfied account then I have to assume that you defauted on that account and then paid X amount after. Account will "drop off" credit report 6 years after default date whether any money has been paid or not so you will continue to be looked at in a more negative way until it drops off.

Hope this helps.

I have until July 2017 until all my bad stuff drops off.

OneLife_OneShot

Just a question if anyone knows, I have one default from Argos from April 2011, I have paid it in full, I know it won't be removed but will it drop off April 2017 or the date it was settled?

climbingoutoftheabyss

Just a question if anyone knows, I have one default from Argos from April 2011, I have paid it in full, I know it won't be removed but will it drop off April 2017 or the date it was settled?

Date of default, so April 2017

OneLife_OneShot

Cheers I have always thought that anyway

harveybobbles

wizzzbang wrote: »

Of course the up side is that the debt is settled and final between both party's.

ie Debt Free.

to be honest, there is no upside to a partially settled debt. It will still be in your CRA and is just as bad as havinga default there.

Settlements should always be full and final and marked as sattisfied in full.

owen_money

harveybobbles wrote: »

to be honest, there is no upside to a partially settled debt. It will still be in your CRA and is just as bad as havinga default there.

Settlements should always be full and final and marked as sattisfied in full.

There is an upside to a PS, you pay less money. You're not likely to get your file marked FS when you only PS. You can try but prob wont get it

harveybobbles

Yes you pay less money, but it will stile be in your CRA as partially settled, which when other lenders are looking at the info they will treat a PS as a default.

happyeverafter2011

Surely 'Partially settled' is better than Bankruptcy on your file??