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ADVICE NEEDED *URGENT*debts showing as satisfactory/settled

niclaw
niclaw Posts: 33 Forumite
in Credit file & ratings
do debts shown as satisfactory or settled on your credit report actually mean this or could it just be that they have been sold on?

Comments

  • Quimoi
    Quimoi Posts: 128 Forumite
    Could mean either...

    Have you made a payment agreed as partial or full settlement for the debt? If so then it probably means what it says.

    If you haven't made a payment then it's probably in the process of being sold on and the new owner hasn't reported to the CRA's yet.
  • GunWharf
    GunWharf Posts: 308 Forumite
    100 Posts Uniform Washer
    Depends if you have settled them or not. Have you?
    (Debt Jan 2014 LBM £34,000) Current 2016 "Problems" as follows:

    C Cards 1,2,3,4 WAS £18,333 NOW£0 :j...Overdraft WAS £2700 NOW£0 :j
    Secured Loan     WAS £4113 NOW£0:j.......Loan WAS £8864 NOW £6,000

    DEBT TODAY = £6,000     (£28,000 PAID OFF SO FAR!)
  • niclaw
    niclaw Posts: 33 Forumite
    no,
    its mortgage debt from house repossession. house was sold last year and its showing as settled in Aug 2013
  • Tixy
    Tixy Posts: 31,455 Forumite
    Have you checked all 3 credit reference agencies?

    Could be that it has been sold on but that the new creditor only reports to a different agency to the original lender.

    Or it could just be an error on the original lender's record that they have reported to the credit reference agency (in which case it could be altered when they spot the problem).

    Are you making payments towards the debt?
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • niclaw
    niclaw Posts: 33 Forumite
    hi tixy,
    no only checked Experian on the free trial, not had any correspondence regarding the debt as moved and never gave forwarding address, not making any payments towards it
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    niclaw wrote: »
    no only checked Experian on the free trial, not had any correspondence regarding the debt as moved and never gave forwarding address, not making any payments towards it

    If you've simply disappeared. Then the debts will be very much alive. As you'll be on the GAIN register.
  • Quimoi
    Quimoi Posts: 128 Forumite
    Maybe a stupid question but was there definitely a shortfall when the house was sold by the lender?
  • niclaw
    niclaw Posts: 33 Forumite
    hi,
    looked on the GAIN register that's accessible through Experian and not on there?
    not sure Quimoi, wouldn't have thought so but not 100%
    OH has spoken to CCCS who has said that its saying settled/satisfied so not to worry as they must have been happy with what they got for it?
  • fermi
    fermi Posts: 40,542 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Rampant Recycler
    As said, it could mean either.

    If no assignment flag on the entry, then apart from asking the lender there is no way of telling.

    Just be aware that if there was a shortfall it could pop back up at some point down the line. Not uncommon for that to happen a few years later.
    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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