Newsflash: Pilot for register of partial settlementsPrint publication
Currently there is no established process for the sharing of information where a creditor and debtor reach a settlement arrangement whereby a partial payment of the debt is accepted (perhaps in the form of a payment plan or a one-off transaction). This potentially impacts consumer credit records and the accuracy of personal data, credit services decision making and a full understanding of the economic landscape with regard to consumer debt.
Registry Trust Limited, the not-for-profit company which operates the Register of Judgments, Orders and Fines for England and Wales on behalf of the Ministry of Justice (as well as similar registers in other jurisdictions across the UK) is looking to plug that gap and is calling on stakeholders to join an initial pilot group to explore the idea of a register of partial settlements. For more information and to get involved, please see here.