When you have paid the full amount outstanding and the payment has cleared, your account is settled and closed. This is the outcome we are working toward together, and it marks the end of the recovery process.
What happens on your end:
- Recovery activity stops — no further letters, calls or reminders will be sent in relation to this account.
- We update our records to show the account as settled and closed.
- We notify the original creditor so their records reflect payment in full.
Written confirmation: Many people like to have a written record that the account is settled — particularly for business accounts or if there is any chance the debt might be relevant to future credit applications. You can request a settlement confirmation letter from us after your final payment has cleared. Contact us and quote your reference number, and we will issue it to your contact address.
Credit file: Whether and how the resolution of a commercial debt affects a credit file depends on whether a default was listed, and by whom. Merion does not operate as a credit reporting body — if you have questions about your credit file, contact a credit reporting body directly (Equifax, Illion or Experian) or speak with a free financial counsellor through the National Debt Helpline on 1800 007 007.
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