advice wanted.

pretzelgirl

my oh has recieved a letter off cabot financial stating that they will accept £1600 as a full and final settlement of the account on a debt of £2360,what they did not include in the letter that the company will not enforce or persue the remainder of the debt and that i will be released from any liability.while i am happy to settle at the agreed figure,is was is stated in the letter sufficient to send payment or do i need the liability issue to be included in the letter?????
they have given me until july 31 st to settle at that figure.
what to do now?

beanielou

There s certain wording you need to use in your letter of acceptance,someone will be along with it soon.

OberonSH

I was under the impression that 'Full and Final' settlement is just that. Payment in full, and a final payment. I would insist on it having something to the efect that they will have the debt marked as satisfied on your OH's credit record, but other than that, I think the current wording pretty much settles it, doesn't it?

pretzelgirl

we too felt that the wording was sufficient but we were advised by national debtline that it wasnt,cabot did say though that once they had recieved the money that they would mark the debt as fully settled
not sure who is right??
what to do next?/
pay or hang on??

anniecave

I would send payment by cheque and enclose with it a letter saying that you are paying this in full and final settlement of the debt as per their letter (and enclose a copy). If it is a debt that is on a credit record, you could also put in the letter that you need for this to be marked as satisfied, although they should do this anyway without you having to ask.

pretzelgirl

thank you all.its very confusing as i felt the letter was worded as it should be ,but national debtline said that, as it didnt state that they would not persue in the future ,we should proceed with caution.ie not pay..
i was under the impression full and final was just that.
we used the template letter off the nat debtline,so that was correct on our end.
thanx again for all advice given.
sorry for being a nag,but it sometimes seems like we are hitting our heads against a brick wall,with conflicting advice etc.

RAS

Hi

If NDL say it is not enough, then I cannot believe they are wrong. It would be much better to go back and check what needs altering with them.

pretzelgirl

hi
cabot have stated that they will amend my oh credit file and put satisfied on it......................... after they have recieved payment.
also ndl say we should ask them to confirm in writing that they will not persue the rest of the money in the future.
this is all so confusing as i always mistaken believed that a full and final was just that.
seems i was wrong tho.
my oh is worried that if this is not resolved by the deadline that cabot will pull the plug and accept no further offer.
i just dont want to do the wrong thing.
my oh just wants to get the matter resolved,he thinks that once one is off his back it will some how the the ball rolling with the others,i just dont want to dismiss what we have been told by ndl..............