Settled and satisfied debts

[Deleted User]

Hi guys, so I’ve done a bit of research into ‘satisfied and settled’ debts, I’m under the impression, settled is ‘settled without the debt being in default.

Satisfied is settled for a smaller Ammount prior to a default.

Now, my question is, how much do these really matter in terms of ‘Lenders declining/accepting’, I’m aware that this will be 6 years before clearing off my credit file etc.

But does it really matter if I settle or satisfy?

Thanks

[Deleted User]

https://debtcamel.co.uk/settled-or-satisfied-credit/

Settled debts will drop off from the date of closure

Satisfied debts will have defaulted, and therefore will drop off 6 years from the date of default.

glentoran99

you cant settle a defaulted debt, will always show satisfied

glentoran99

and I doubt you'll find a lender settling for less than full amount without a default

sparkey1

[Deleted User] wrote:

But does it really matter if I settle or satisfy?

Not if you dont want a credit card, or rent a property, or take out a new mortgage or just simply borrow. If you can settle, why wouldn't you.

[Deleted User]

Valid point