Settled Debt or Sold Debt?

daveyadams

Hi, I started a DMP earlier this year, and I've just noticed that one of the Loans I had has gone from my Credit report.

If I check Closed accounts, it's showing there as settled.

Does this mean it's been sold on? Because I have had no contact from either the Bank that the Loan was with, or whoever has bought it, and there has been no new Debt appear.

I have a couple of accounts that are showing as defaulted, and I have a couple that I know have been sold on and to whom, but I don't know how all this will actually show up on my Credit Report so I'm not sure what I should be looking for.

Any advice would be appreciated.

Grumpelstiltskin

So you started a DMP before your debts defaulted?  Wrong thing to do, you should wait until they have defaulted.

daveyadams

Grumpelstiltskin said:

So you started a DMP before your debts defaulted?  Wrong thing to do, you should wait until they have defaulted.

I'll just get into my time machine and change that then...

Brie

How long ago did it get settled?  If it was fairly recent then the new creditor may simply not have appeared yet on your credit reports.  If it was a few months back then it may be that the creditor you are paying have decided not to chase the debt.

Either way if you stop paying that debt someone may come out of the woodwork and tell you to set up a new payment plan.  Preferably after the debt has defaulted.  

Are there other debts that haven't defaulted?  You might want to stop paying those until the defaults are showing.  Much easier than inventing a time machine in my opinion.

ManyWays

Yes a closed debt could have been sold.

This would be a good point to review the debts in your DMP and what has happened so far. Ignore people saying you shouldnt have started a DMP, lets see the actual situation, if you are getting defaults it is probably pretty good! But there may be ways to impove this.

Who is the DMP firm, and what are you paying a month? Is the payment comfortable, and have you accumulated a small emergency fund?

Could you list:
lender - balance (doenst have to be exact - defaulted/not defaulted 

Are there any debts that you are concerned about whether interest has stopped? 

sourcrates

Very likely it has been sold yes, now whoever has bought it, will have bought a batch of bad debts, so may take some time in getting around to writing to you.

DankVielen

daveyadams said:

Grumpelstiltskin said:

So you started a DMP before your debts defaulted?  Wrong thing to do, you should wait until they have defaulted.

I'll just get into my time machine and change that then...

When somebody kindly responds to your post, even if you explain you made a mistake it is for the benefit of others.

Hitting back at them with such comments does not help anyone, including yourself.

We all make mistakes, we have all been where you are, there is no judgment or shame and even if you made a mistake it can be rectified or you may decide a completely different approach.