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Experian Credit Report Default as Satisfied & £0

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Hello I hope someone can help. I have just received a copy of my Experian credit file.

In late 2013 I defaulted on a mortgage. The bank then sold the property and there was a shortfall of around £80,000

The banks Solicitors have been chasing me for the shortfall since the property was sold in late 2013 but I have been in dispute due to a negligent valuation. However, my credit report is now showing as:
Current Balance: Satisfied
Default Balance : £150,000 (total mortgage)

Account status it states £0 balance last updated 14 May 2014. Above the balance is a red circle with a number '8'

Can anyone explain why it would say "satisfied" and £0 balance. I do owe them the money although I haven't acknowledged this to the bank.

I have spoken with Experian and they have said that according to their information on file I don't owe anything, but I'm afraid I know better than that as banks don't write this level of debt off.

Comments

  • fermi
    fermi Posts: 40,542 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Rampant Recycler
    One common reason for that happening is that the debt is in the process of being sold or transferred to another company to collect.

    In those cases the original credit file the original credit file entry is often marked as satisfied with £0 balance to the original lender, in preparation for it to be recorded as outstanding to the new owner of the debt.

    Could also be an error, but the above is perhaps more likely.

    Whatever the reason, the record on your credit report does not affect whether the debt is actually legally owed, which you know it is, so it is going to pop up again somewhere owed to someone.
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • Sooty1975
    Sooty1975 Posts: 5 Forumite
    fermi wrote: »
    One common reason for that happening is that the debt is in the process of being sold or transferred to another company to collect.

    In those cases the original credit file the original credit file entry is often marked as satisfied with £0 balance to the original lender, in preparation for it to be recorded as outstanding to the new owner of the debt.

    Could also be an error, but the above is perhaps more likely.

    Whatever the reason, the record on your credit report does not affect whether the debt is actually legally owed, which you know it is, so it is going to pop up again somewhere owed to someone.

    Thank you and Yes I thought this would be the case…I guess I need to wait it out now until I hear from them. I have been offered by the bank a very very reasonable full and final settlement but as these problems occurred through their errors I want to pay less.
  • Sooty1975
    Sooty1975 Posts: 5 Forumite
    Actually forgot to ask. If a debt is sold on (this is a mortgage shortfall debt) how much do they sell it on for?
  • fermi
    fermi Posts: 40,542 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Rampant Recycler
    Not possible to give a % I'm afraid. Would vary too much on whether it;s being sold on in a job lot, which is likely, and what the average status and history of it or they are.
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
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