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Just Agreed F&F - Question?
Nutty_Tart
Posts: 252 Forumite
Hello all,
I have just agreed over the phone a F&F settlement for the Tesco debt. The outstanding balance is £2529.66 and they have offered £1370 as F&F so long as its paid by the 14th. This isn't a problem as I can transfer it to c card 2 - I will be saving a whopping £1159.66 :j . I did say that I wanted it in writing from them that this is F&F and they will not come back at a later date demanding the balance and that my credit file will be marked as paid/cleared/satisfied (whatever it says). He said that the letter will say F&F, but after payment they will only mark the file as partially satisfied, and they won't come after me again.
Is this right? Are they saying one thing and doing another? (all in the same breath it seems?) I did a quick search for a template letter to send with the cheque, but with no luck (unless I missed it or, most likely, looked in the wrong place - doh!).
I'm sure I'm just having a 'moment' (have a lot of those :rotfl: ), but would appreciate your input.
Thanks in advance,
NT x
I have just agreed over the phone a F&F settlement for the Tesco debt. The outstanding balance is £2529.66 and they have offered £1370 as F&F so long as its paid by the 14th. This isn't a problem as I can transfer it to c card 2 - I will be saving a whopping £1159.66 :j . I did say that I wanted it in writing from them that this is F&F and they will not come back at a later date demanding the balance and that my credit file will be marked as paid/cleared/satisfied (whatever it says). He said that the letter will say F&F, but after payment they will only mark the file as partially satisfied, and they won't come after me again.
Is this right? Are they saying one thing and doing another? (all in the same breath it seems?) I did a quick search for a template letter to send with the cheque, but with no luck (unless I missed it or, most likely, looked in the wrong place - doh!).
I'm sure I'm just having a 'moment' (have a lot of those :rotfl: ), but would appreciate your input.
Thanks in advance,
NT x
C Card £5218.68 (Feb 2011)
£2 coins (No 085) - £190
Mort overpayments 2011 - £418.06
0
Comments
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Bumping this for night crew
CCCS DMP:Feb 07
Total:£37,016.47 now £0 DEBT FREE FEB 14
2022 Decluttering Campaign 49/10110 -
Here's what the letter we got from Debt Busters quoted as the correct terminology.
WITHOUT PREJUDICE:
Dear Sir/Madam
Re: 4563210025897412
We write with reference to the money which you are claming on the above account.
We can confirm that we are unable to offer to pay the money which we owe in full. .
However, I can raise £775 and I want to offer this an ex-gratia payment in full and final settlement of the
account. This offer is made on the clear understanding that, if accepted, neither you nor any associate
company will take any other action to enforce or pursue this debt in any way whatsoever and that we will be
released for any liability.
We also request that, if accepted, you will make an entry on a credit reference agency file relating to the above
account as "satisfied" in full.
Payment can be made within 2 weeks of receiving your written agreement of this offer and method of
payment.
We look forward to receiving your reply.
Yours faithfully0 -
Thank-you for 'bumping' me Sea78.
Cleopatra55 - Thank-you. When I have received their letter, I will adapt this one to suit.
It doesn't make sense that they are saying F&F, but only stating partially satisfied - surely, if they are offering F&F and I pay, this is final and fully satisfied??
Oh, my head is spinning! lolC Card £5218.68 (Feb 2011)£2 coins (No 085) - £190Mort overpayments 2011 - £418.060 -
Whats an FF? Sorry i'm kinda new to all this
20p Savers Club total £67.00:T
Red pen club member no 140 -
pinkydinkydo wrote: »Whats an FF? Sorry i'm kinda new to all this
Short for "Full & Final Settlement".
See: http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offersFree/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
thanks :beer:20p Savers Club total £67.00:T
Red pen club member no 140 -
I made F & F's on a couple of my debts and the credit report does say "satisfied" - but also states "partial settlement".0
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I made F & F's on a couple of my debts and the credit report does say "satisfied" - but also states "partial settlement".
I was looking at some guidance from the Information Commissioner the other week, and from what I remember that is OK as long as the file is also marked that the accounts closing balance is zero.
The principle being that although the creditor has acknowledged that they no-longer consider that anything is owing on the account (having settled for a %), it should also show somehow that full payment was not received. That would distinguish between an account that was genuinely settled in full and one that was a F&F for any organisation checking your CRF's.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Ahh - thats interesting floss2, thanks for that.
Thanks also to Fermi (I think our posts crossed)C Card £5218.68 (Feb 2011)£2 coins (No 085) - £190Mort overpayments 2011 - £418.060
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