Notice of Satisfaction?

Lodge

Hi Everyone - Happy Bank Holiday Sunday!!

I'm in the process of making full and final payments to a few of my creditors and have a couple of questions, if anyone can help please?

Once the debt has been paid off in full (by coming to an agreed full and final payment agreement figure) do I need to ensure the Debt Collection Agencies (CapQuest and Moorcroft) send me a full Notice of Satisfaction???

Also, how do the Credit Reference Agencies (Experian etc) know the debt has been paid in full? Does the Debt Collection Agency inform them OR do I need to do this somehow?

Thanks in advance Guys.

D.

andan

Hi Lodge, sorry i can't help answer your questions as i don't know how these things work out, but just wanted to say hey and well done on getting yourself sorted out and making full and final settlements. Am sure that will feel fantastic when you have everything sorted.

Hopefully others will be along shortly who may be able to answer your questions.

Enjoy the bank holiday weekend.

Sammy_Girl

Lodge wrote: »

Hi Everyone - Happy Bank Holiday Sunday!!

I'm in the process of making full and final payments to a few of my creditors and have a couple of questions, if anyone can help please?

Once the debt has been paid off in full (by coming to an agreed full and final payment agreement figure) do I need to ensure the Debt Collection Agencies (CapQuest and Moorcroft) send me a full Notice of Satisfaction???

Also, how do the Credit Reference Agencies (Experian etc) know the debt has been paid in full? Does the Debt Collection Agency inform them OR do I need to do this somehow?

Thanks in advance Guys.

D.

Hi Lodge :hello:

Congrats on your upcoming settled debts! I settled one with a DCA last year and asked them to send me written confirmation that the debt had been settled and they did. So do make sure that they send this to you so that you have proof.

The DCA will inform the lender that the debt has been settled, and then the lender will inform the credit reference agencies that it has been settled. I believe that lenders send their information once a month to the credit agencies, so it may take a couple of months to show. Keep checking your report online and if they are taking too slow, just chase them up.

What percentage of the debt have you agreed as a final settlement? I would be interested to know as I am hoping to do this maybe in about 3 months, and would like to see how low is realistically possible!!

Sammy x

Lodge

Anyone else have any info / advice for me?

waddy_2

hi lodge.
hope ur havin nice bank holiday. i agree with already mentioned. do get written confirmation as you will always have this to fall back on in case of query. think the credit report will show satisfied but give it a while. the companies involved update automatically but this can take a while. good luck and well done.:T

Lodge

Many thanks for the comments so far guys!

Just to clarify, I will be making full and final settlements to some of my creditors in the very near future. My concern is that even though they have agreed lower full and final figures (around 80% of the debt in most cases) will they actually admit the debt has been settled once they have received my cheque?!!

Are they legally obliged to inform the credit reference agencies that the debt has now been settled - or do I need to inform them I have paid in full?

For what it's worth the DCA's in question are CapQuest & Moorcroft & RMA Resolve.

I've heard the horror stories of people being chased for debts years after they have been paid off so that is the reason for this thread.

Thanks Guys!