Outstanding balance but settlement made

laurajaynestewart

Hi All,

I have an account listed on my Credit Report that states it has an outstanding balance of over £6k. This is from a credit card I had which I then couldn't pay due to redundancy while on maternity leave. I did eventually make a settlement of £3500 which HSBC accepted (thanks to my sister) and I paid in order to close down the account and have the debt put to bed. So why is it still showing on my credit report? and why is it showing that I owe over £6k when I've made this agreement (the original outstanding amount was something like £7200)? Should it not show as closed and "satisfied" like my other credit card this happened with?

Thanks x

MallyGirl

It will depend on when these activities happened - there can be a lag in updating the data plus a lag in the CC company supplying data to CRA

laurajaynestewart

It was just over 2 years ago now.

MallyGirl

in that case I would contact the CRAs and query

National_Debtline

Hi there,


When people settle debts in this way, they will normally show as partially settled and with a £0 balance. However, you will need proof that the money you paid was part of a settlement, so hopefully you have something in writing from the creditor.


Raise a complaint with the creditor and ask them to update the CRA as quick as possible and if they fail to do so then you can escalate the matter to the financial ombudsman service. Best of luck,


Laura
@natdebtline