partially satisfied !

Grubs1

I have  just settled a full and final settlement agreement and received a confirmation email to say that the account is closed with a "partially satisfied" marker but it says there is a closing balance of the amount after the settlement figure  has been taken off . I have been told that it should have a zero balance does this happen immediately or does it take a while . I have emailed a response and pointed it out to them or am i being impatient.  

cymruchris

Do you mean on your credit reports? If you've just settled a credit agreement, it'll take time, possibly a month or two, before it gets reflected in your CRA reports. They don't update when each account is settled - they send batches of data usually once a month, so if you just missed this months submission, you might have to wait nearly 2 months for the data to reach the CRA before it updates on your phone screen. So yes, you are likely being a bit impatient.

sourcrates

No, you have been mis-informed, it’s partially settled, so the outstanding balance will still show, it just won’t be chased.

It will only show as zero, if you settle the debt in full.