Letter to send full & final settlement

freeofdebt_3

Hi all!

My 1st post on here, so I do feel very bad that this is a request! but...
I've had a hellish few months and I've been reading all your posts on here, and am finally at the stage where I am able to make full and final settlement to my creditors.
I have the cheques in my hand, ready to post, the thing is I want a watertight letter to send with them - a letter to ensure that the settlement is reflected on my credit file, and for them to ONLY accept payment on this condition (creditors have already agreed to these figures)

I just don't want to leave anything open ended!

GeorgeUK

First - NEVER send a payment unless THEY write to YOU confirming an offer of full and final settlement. If you send payment before they have agreed, they can just cash the cheque and will still expect you to pay the remainder.

Send a letter making the offer of F&F then wait for a reply.
http://www.nationaldebtline.co.uk/england_wales/temp/3915_99731.pdf

freeofdebt_3

Thank you George UK!
I have letters from them stating that it WILL be Full and FInal settlement, I just didn't want to pop a cheque in the post without a watertight covering letter!!! It all feels like a minefield, one wrong move....

freeofdebt_3

OK, I've put this together now....

I write with reference to the money which you are claiming on the above account.
Please find enclosed a cheque for £xxx as payment in full and final settlement of the account, as agreed in writing by you xxx. 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 I will be released from any liability.
I also request that, if accepted, you will mark any entry on a credit reference agency file relating to the above account as "satisfied" in full.
I look forward to receiving receipt of this payment.
Yours sincerely

Does this look to cover everything?

freeofdebt_3

OK, I've put this together now....

I write with reference to the money which you are claiming on the above account.
Please find enclosed a cheque for £xxx as payment in full and final settlement of the account, as agreed in writing by you xxx. 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 I will be released from any liability.
I also request that, if accepted, you will mark any entry on a credit reference agency file relating to the above account as "satisfied" in full.
I look forward to receiving receipt of this payment.
Yours sincerely

Does this look to cover everything?

GeorgeUK

Looks like everything is there. As long as you have the letter from them stating F&F, your credit history should show these debts as satisfied within about 3 months.

I would remove the "if accepted" part though - don't want to give them any ideas.

delboypass

Whats the difference between 'partially satisfied' and 'satisfied'...

if the lender says they are going to send you a letter to say you no longer owe them any money and accoutn now closed??

del.

GeorgeUK

The "partially satisfied" or "satisfied" will be shown on the credit report and other creditors will be able to see this when doing a credit check.

The difference between a "full and final" settlement and "partial" settlement is that although you may give the creditor a lump sum, if they have not agree to it being a full and final settlement then they can still chase you for the remainder of the debt or sell it on to a 3rd party.

freeofdebt_3

That's great, thank you ever so much for your help GeorgeUK