Credit file after being discharged
Hi there Kevin
Thanks for your reply well this has been resolved we checked his credit file and they have changed it to closed and satisfied and balance is zero . So we are getting there one of the remaining creditors however have sent a email saying the following about his debt with them and what it will say on his file about it going forward
This is what it says
can confirm that our system is up to date and reflects the correct details regarding the completion of your Trust Deed on 02 August 2023. We have also made manual amendments and updated your credit file to show as partially satisfied with a current default balance of zero with TransUnion and Equifax and a request has also been sent to Experian for the above account.
Experian and Equifax define a "Partial Settlement" special instruction indicator as:
"The lender has reported that:
- the debt was included in a voluntary arrangement which has now ended.
- the debt was included in a bankruptcy order which has now been discharged.
- the lender has accepted a smaller amount in full and final settlement."
In your case, as the account in question was included in your Trust Deed it is correct for our client to add the partial settlement flag to your credit file entries.
To clarify the default date should always reflect the date which you entered your arrangement or prior to this, this being the date you entered your Trust Deed (14 June 2019). The satisfied date is the date on which you completed your Trust Deed (02 August
I am not sure what the above means partial settlement is this correct ? All the other debts are all showing satisfied as status.
Sorry for all these questions it’s just we are all not sure about all of this