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Credit report shows a debt 'settled' June 2019 - but since the company has been asking for money?
ThelmaHorse
Posts: 9 Forumite
This is on behalf of a friend.
Experian credit report shows the debt for £17,589 l
Last update - 09 Jun 2019
However, showing settled 14 Jun 2019.
However, for 12 months (ending the end December 31st 2020) the company has been taking a monthly £5 payment - this was set up Jan 1st 2020. The friend has only recently signed up to the credit report and doesn't understand how the debt it showing as 'settled' when as far as she is aware it is active and obviously since the settled date they have been taking the £5 a month agreement.
Can anyone explain a little more here - what does the 'settled' list on and Experian credit report mean? What should my friend do?
Experian credit report shows the debt for £17,589 l
Last update - 09 Jun 2019
However, showing settled 14 Jun 2019.
However, for 12 months (ending the end December 31st 2020) the company has been taking a monthly £5 payment - this was set up Jan 1st 2020. The friend has only recently signed up to the credit report and doesn't understand how the debt it showing as 'settled' when as far as she is aware it is active and obviously since the settled date they have been taking the £5 a month agreement.
Can anyone explain a little more here - what does the 'settled' list on and Experian credit report mean? What should my friend do?
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Comments
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The debt is still owed either way. Is it defaulted? Do you mean "satisfied?" I'd be surprised to see a debt settled with a balance.ThelmaHorse said:This is on behalf of a friend.
Experian credit report shows the debt for £17,589 l
Last update - 09 Jun 2019
However, showing settled 14 Jun 2019.
However, for 12 months (ending the end December 31st 2020) the company has been taking a monthly £5 payment - this was set up Jan 1st 2020. The friend has only recently signed up to the credit report and doesn't understand how the debt it showing as 'settled' when as far as she is aware it is active and obviously since the settled date they have been taking the £5 a month agreement.
Can anyone explain a little more here - what does the 'settled' list on and Experian credit report mean? What should my friend do?0 -
The debt is still owed either way. Is it defaulted? Do you mean "satisfied?" I'd be surprised to see a debt settled with a balance.
On Experian there are 3 lists.
Active
Default
Settled
This debt is showing under settled only. Under ways to improve your score it explains and lists how the 'settled' debts can improve your score but only if a balance of zero.0 -
Doesn't make much sense. It should be reported as defaulted. I can't see how a £17.5k debt being paid at £5 for a month would be anything other than that.ThelmaHorse said:
The debt is still owed either way. Is it defaulted? Do you mean "satisfied?" I'd be surprised to see a debt settled with a balance.
On Experian there are 3 lists.
Active
Default
Settled
This debt is showing under settled only. Under ways to improve your score it explains and lists how the 'settled' debts can improve your score but only if a balance of zero.
0 -
This is exactly my thinking, but the debt was dated as 'settled' before the £5 agreement was in place. It makes no sense.
Doesn't make much sense. It should be reported as defaulted. I can't see how a £17.5k debt being paid at £5 for a month would be anything other than that.0 -
Well, they could get them to amend it, but it'll almost certainly get changed for a default. Probably one of those times when it's best left alone.ThelmaHorse said:
This is exactly my thinking, but the debt was dated as 'settled' before the £5 agreement was in place. It makes no sense.
Doesn't make much sense. It should be reported as defaulted. I can't see how a £17.5k debt being paid at £5 for a month would be anything other than that.0 -
It’s possible the debt has been sold, you need to clarify this with the original creditor.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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