Default v settled account

Heisenberg01

Checking my credit file tonight to see if any more defaulted, they haven't. Tesco is showing as defaulted and Wescot is sending letters, offer sent.
However, Aqua account is showing under settled, not defaulted, anyone explain the difference?
H

fatbelly

The Aqua account may have been sold. The Tesco one hasn't

Heisenberg01

Wescot are chasing me for the defaulted one, on behalf of their client it says, but does it mean wescot now own the debt?

sourcrates

Heisenberg01 said:

Wescot are chasing me for the defaulted one, on behalf of their client it says, but does it mean wescot now own the debt?

Well in a way, it means they have been assigned the debt to collect on the owners behalf, in this case, Tesco.

This is referred to as an "Equitable Assignment".
In these instances, the purchasing company cannot enforce the debt and the original creditor will still retain their original rights and responsibilities. 

Say, for example you ignored Wescott completely, after running through their supply of contact letters with you, they would simply return the debt to Tesco.