Just a bit of a niggle really!!

[Jarv1]

Hi all

 

First of all, this isn't really about an ongoing issue, just something that's been niggling me.

 

Had a debt with Natwest which was being collected by Moorcrap. To cut a long story short, after being told I was in arrears by Natwest (I wasn't!!) they sent me a statement showing the account was cleared. £3500 debt was suddenly gone due to a loan rebate and early settlement made by "Interbranch Payments". Have no idea what these are!! Heard nothing from Natwest or Moorcrap since.

 

Now the default on my Experian credit report shows it as "satisfied", not knowing exactly what this meant I went looking for an answer. According to Experian's own Q&A section I quote

The term “satisfied” indicates you were unable to pay the debt in full, which gives lenders concern that you might not be able to repay future debt, either.

 

At no point did I say to either Natwest or Moorcrap that I was unable to repay the debt in full and had fully intended to do so until these Interbranch Payments were made.

 

Although not a major problem as I don't intend applying for any credit anytime soon, I feel that having a default on my record as "satified" rather than "Paid in full" for the next 3 years could possibly cause problems in the future. Would it be possible to get it changed? Any thoughts would be appreciated.

 

PS. I think I'm getting addicted to this forum and may need to book myself in for therapy!!

[craigers]

to be brutally honest, regardless of whether the account shows as partialy settled or fully settled, the fact that the account defaulted is all a creditor will see.

[BRIGADIER2JCS]

I would advise you to get a full explanation

from the bank as to what has been done,

this default will remain for six years and

will be damaging, you may need to do a

subject access request to get all the data

the bank holds but it would be worth the £10

fee imo.

[Jarv1]

Cheers for the replies

 

I can see your point craigers but the next paragragh of their explanation seems to suggest otherwise

Because the term “satisfied” represents lending risk, it will also negatively impact credit scores. Positive terms and phrases such as “paid’ or “paid as agreed” or “paid in full” are what lenders look for and that will have positive influence on credit scores.

 

Not sure how accurate that info is!

 

Was considering the SAR Brig, although it's a bit late in the day to change much it would be interesting to see if they did everything by the book. Like most people who find this site I was totally clueless about how these companies should/do operate.

 

 

Third time of asking to post this thanks to my wonderful internet connection!!!!!

[BRIGADIER2JCS]

They key word on files is SETTLED, which applies

when an account for a loan for exaample has been

paid of within the time allowed.