Full and final settlement help thread

strawberryblonde

Hi All
Just need a bit of advice.
As I have posted before, my hubby and I are attempting to negotiate !!!!!! with our creditors.
So far, we have had 2 responses and managed to settle with Capquest for 30% of the original debt and have today received a letter from M and S bank to say they will settle at £941 for a £5672 debt!
The letter says they will accept the offer as partial settlement and this will be marked on our credit record as such. The letter also says they will close our account. Is this letter acceptable as proof that they wont go after us for any more money or do we need something else?

Many Thanks for your advice

fermi

TimeToDoIt wrote: »

I wonder if this is a computer generated letter where based on some data it calculates the percentage they assume I can afford. And in my case it's come out at 100%, or whether there's some really sarcastic worker over there typing that out!!

A very dumb DCA programme or employee, or a sarcastic employee are all very possible.

fermi

strawberryblonde wrote: »

Hi All
Just need a bit of advice.
As I have posted before, my hubby and I are attempting to negotiate !!!!!! with our creditors.
So far, we have had 2 responses and managed to settle with Capquest for 30% of the original debt and have today received a letter from M and S bank to say they will settle at £941 for a £5672 debt!
The letter says they will accept the offer as partial settlement and this will be marked on our credit record as such. The letter also says they will close our account. Is this letter acceptable as proof that they wont go after us for any more money or do we need something else?

Many Thanks for your advice

Partial settlement on credit files and closing the account is OK.

I would like to see an assurance that the debt will no longer be chased or sold on as well though.

Maybe run the terms by National Debtline?

TimeToDoIt

Fermi - you're a star.

strawberryblonde

Thanks Fermi-have been in touch with M and S and they are going to put in writing that they will not chase the debt. When we have received this we will then settle. Can't quite believe they have accepted our first offer!

TimeToDoIt

Lucky you. Wish mine had accepted.

Daisypop

Hi
I posted elsewhere but not sure if it was the right place. Checked noddle today to make sure accounts were defaulted so I can see if I can sort f & f's and CCA requests. 3 accounts aren't defaulted and are marked UC? Does that mean they could still mark as default meaning 6 years ahead before it drops off? They all say up to date too. I just don't want them to default now after so long and one of them is Cabot previously Marlin previously NRAM.
Thanks

Lauramar89

fatbelly wrote: »

It might be ok. Hard to tell when the grammar is so awful.

Ask them to send you a letter and to set out clearly that they will accept £x in full and final settlement of the account.

Thank you for working with AvantCredit!

We do apologize for the delay in response. At this time, acceptable payments are debit card or cheque.

Please note, for all payment by cheque:
a. Include your customer ID number in the memo field
b. Make payable to AvantCredit
c. Mail to AvantCredit

The total amount due under your original loan contract is £. AvantCredit has accepted a payment of £650.00 in settlement of this debt in full. This agreement settles finally and forever any and all claims, liability and damages of any kind, known or unknown, between you and AvantCredit of any nature whatsoever, in contract, and tort.

Once we receive your settlement payment, the fact that the loan will be settled in full will be reported to credit bureaus and your credit rating may be affected as a result.

Best Regards,



Any better this time? I have asked for this in letter form too!

traceydc49

Hi, I have recieved a letter back from Cabot this morning telling me they cannot be provided with the original CCA on my loan with RBS, the amount is for 1,925 Ive had the card for over 10 years. How much realistically can I offer to them as F&F payment? & can I email them or better in writing? Im still waiting for others to reply, but this is a start!!!! Advice off everyone on here is priceless! Thanks

traceydc49

Sorry, meant to add my income has gone down, I have secondary progressive MS & been paying off debts for over 10 years, hubby is my carer, would they take this into account?