Discussions on life after your bankruptcy discharge.

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By clarkeee5
#72622 i have just finally looked at my experian file and have noticed a few things which I hope someone can clear up for me.
There is a default balance and a current balance and most of them are different figures, not by much but which one do I go by , what do they mean??
One credit collection has marked satisfied on the current balance, but has a note of 'Partial settlement' - what does this mean??

can anyone clear this up for me

Thanks
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By Yogi Bear
#72646
clarkeee5 wrote:There is a default balance and a current balance and most of them are different figures, not by much but which one do I go by , what do they mean??
One credit collection has marked satisfied on the current balance, but has a note of 'Partial settlement' - what does this mean??


I'll have a go at answering this for you, but I'm not by any stretch of the imagination an expert at interpreting these.

Looking at my own file....When an account falls into arrears and the creditor issues a default notice, then unless it's brought up to date within the stated period, your Credit Reference File will have a default registered with the balance that was outstanding at the time. If any payments or part-payments are subsequently made, these will then be deducted, so that the 'current balance' is the figure still owing after the most recent payment has been notified to the agency.

I'm not sure about 'Partial Settlement', because I haven't got actually got one on my file. I would assume it occurs as a result of the creditor accepting part-payment in lieu of the full outstanding balance. Satisfied accounts are retained on file I think for only three years after the date of last payment, but I've honestly no idea whether a 'Partial Settlement' would count as adverse information or not.
By jonnie000
#72679 Partial Settlement is how some creditors mark an account when the debtor has been made bankrupt. Others mark it as Settled. Some mark them incorrectly as still in default.

The default date should be the same as your bankruptcy date, and once discharged from bankruptcy the accounts should be marked as settled in some way with a Zero balance. No money should be showed as outstanding since you don't owe that creditor anymore.
By clarkeee5
#72699 All of the dates of default are when I defaulted on payment which is before I went Bankrupt, should i ask for these to be changed to Bankruptcy date or leave it, and does this mean it will fall off file earlier than the 6 yrs that bankruptcy stays on file - does that make sense??
By jonnie000
#72876 If the default dates are earlier than Bankruptcy date then leave them. But ensure the accounts are marked as satisfied on the bankruptcy date (or is it discharge date? It'll be on this forum somewhere as to what the rules are) and show a Nil balance, otherwise to future potential creditors it would look as if you still owe money to those ex-creditors showing an outstanding balance, which of course you don't anymore.

All of the information you need can be found here:

http://www.debtquestions.co.uk/debt_for ... php?t=7901

thanks to Mel.