The different effect of satisfied to settled

dumpyboy

What difference would a account be marked as satisfied to settled would have on your credit file ?

QuietOne

From what I remember.

Settled - Is when the account is settled in full.
Satisfied - Is when the account is settled on a agreed amount, lower than the full amount of the debt.

Sorry I misread your question.

I'm not sure what impact it has when the account is satisfied.

dumpyboy

The account was settled in full in September last year still being marked AR which I tried to get changed as other thread and lost, Saturday they phoned and said I broken the term as no payments have been made since September pointed out the balance is 0 , had a manger call back today who said as a gesture as good will will mark the account as satsfied, I said it should been marked as settled and closed , says it s inposiable as that do not represents breaking agreement

fermi

Satisfied = paid off and closed on a defaulted account

Settled = settled where no defult was recorded

dumpyboy

fermi wrote: »

Satisfied = paid off and closed on a defaulted account

Settled = settled where no defult was recorded

No default recorded but was suppose to be on a 12 year arrangement but paided of in full in 8 years loss case with ombudsman to get it changed to default said they could report for 12 plus 6 years in AR