Partially or Fully Satisfied? Which is best? 26 February 2019 at 12:18PM in Credit File & Ratings 6 replies 404 views

lizferris1984

I am in process of paying off one of my default debts. I have have owed the money for over a year, almost finished paying.

I was offered a discount from the debt collector- I have almost paid up to this amount & can complete today. Should I go for this today, or should I wait longer and pay the whole amount?

Will it look better if I finalise this now with a Partially Satisfied debt, or if I take longer and pay the whole amount for a Fully Satisfied debt?

zx81

Fully satisfied will look best, but once you've defaulted, settling it is the key thing.

Take the discount.

lizferris1984

zx81 wrote: »

Fully satisfied will look best, but once you've defaulted, settling it is the key thing.

Take the discount.

Thank you - I'm desperate to get it out the way! So I think will phone now and make the final payment. It's been hanging over me a long time.

Willing2Learn

It is nearing the end of the financial year and DCAs want to clear debts from their books. Now is a good time to make a counter-offer.

It does not make much difference whether your account is marked as 'partially satisfied' or 'settled'. A defaulted account just looks bad on your file and nothing can be done about the toxic nature of it.

lizferris1984

I've just phoned and paid it now. So it's done and out the way!

The clarification on this has helped a lot so thanks to both of you. It's good to know I wasn't making a bad situation worse - it will just remain bad. Until the 6 year expiry of course.

It is a big help that this is dealt with now, so I can focus my energies on other things.

Willing2Learn

Well done on settling the account. It feels good when you can do that

lizferris1984

Willing2Learn wrote: »

Well done on settling the account. It feels good when you can do that

Yes it does - plus, I can now filter the money I was spending on that one, onto the other default. Which speeds up paying that one off. The one I've just paid is the smaller one, so it will take more effort to clear the larger one. But now I can focus on it.

So it's all steps in the right direction for sure!