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  • FIRST POST
    FieryBlondeScot
    Full and Final Settlement Letter
    • #1
    • 5th Oct 08, 3:57 PM
    Full and Final Settlement Letter 5th Oct 08 at 3:57 PM
    Am finally at the stage of F&F, partly as i am now unemployed. Have been with the CCCS since August 05. Is this the correct letter to send out ? i dont want to screw this up by leaving out something important! I also had the student loans co. in my DMP but as they have refused any negotiation stating it is Govt money, i have left them out of the calculations and it also gives each creditor more money back.

    Dear Sir/Madam
    RE: ACCOUNT NO -**************
    WITHOUT PREJUDICE
    I write concerning the balance outstanding on the above account.
    I am unable to continue to make payment on this account as I have become unemployed due to my contract at work ending (proof can be supplied).
    However in order to assist me with this, my grandmother has offered me a lump sum of 1000 to settle my debts (proof can be supplied). I will divide this equally between my creditors.
    As you can see from the table below I can pay Barclaycard 35.00 and I offer this amount in full and final settlement of this account.
    This offer is made on the understanding that if accepted neither you nor any company associated will take any further action to enforce or pursue this debt in any way whatsoever and that I will be released from any liability.
    I also request that if any offer is accepted you will mark any entry on any credit reference agency regarding this account as satisfied in full.
    Payment can be made within fourteen days of receiving your written agreement to this offer.
    I would also like you to note that since beginning my Debt Management Plan with CCCS in August 2005 that I have made consistent payments and also increased payments where possible on several occasions in order to repay my debts.
    I look forward to hearing from you

    **********

    Table of offers worked out according to following full and final settlement offer formula provided by CCCS: Amount owed to creditor x lump sum available/total owed
    Creditor
    Calculation
    Offer




    MBNA
    1118.91x1000/1937
    577.65




    Barclays 1
    194.37x1000/1937
    100.34




    Barclays 2
    179.29x1000/1937
    92.56




    Egg
    379x1000/1937
    195.66




    Barclaycard
    67.81x1000/1937
    35.00




    Total

    1001.21





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