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Unregistered
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Hi
I was just wondering what it actually means when a debt has been passed to a debt collection agency. Does it mean that the debt has been sold on or are these agencies just representatives used by the lending institution. I had a bad student debt which resulted in a debt collector calling to my parent's home. I'd actually forgotten about debt (approx €400) and paid it to collection agency within a couple of days. How will this be reflected on my credit record? I'm worried that it will look as if the debt is still outstanding to the bank , even though I have paid it in full. Is any information from debt collection agencies passed back to lending institutions/ICB.I know I probably should have asked the collection agency about this but I was just mortified by the whole thing.
Thanks.
I was just wondering what it actually means when a debt has been passed to a debt collection agency. Does it mean that the debt has been sold on or are these agencies just representatives used by the lending institution. I had a bad student debt which resulted in a debt collector calling to my parent's home. I'd actually forgotten about debt (approx €400) and paid it to collection agency within a couple of days. How will this be reflected on my credit record? I'm worried that it will look as if the debt is still outstanding to the bank , even though I have paid it in full. Is any information from debt collection agencies passed back to lending institutions/ICB.I know I probably should have asked the collection agency about this but I was just mortified by the whole thing.
Thanks.