Full and final settlement help thread

fatbelly

cdescort said:

fatbelly said:

cdescort said: contributes 

It's a bit picky of them but the scare stories about providing a signature are overdone. Just sign and return. Don't pay anything. See what comes back.

I would expect Tesco to come up with the goods, though. Are you looking for a settlement deal?

i am yes .. thought it was worth an ask on the off chance it wasn't available 

It's your right under the Consumer Credit Act - always worth doing before negotiations.

ruki_2

techno21 said:

Thanks fatbelly.

I have made an amendment of the ND to send to the DCAs who haven't provided a CCA:

Dear Sir/Madam

Account No: XXX

 

I am writing about the money which you are claiming on the above account following your letter on 26th March. I have been advised to stop repayments as you are unable to provide a valid credit agreement.

 

However, I would like to offer a full and final settlement offer of 5% as a gesture of good will. A family member has made a one time offer to gift me the money to pay off the debt once and for all.

 

I want to offer this as a full and final settlement of the account. I am making this offer on the clear understanding that, if you accept it, neither you nor any associate company will take any other action to collect or enforce this debt in any way and that I will be released from any liability.

 

If you accept this offer, please confirm that you will mark my credit reference agency file to show that the above account has been paid and closed.

 

I can pay the amount I have offered within 2 days of receiving your written agreement of this offer. This offer is valid for 10 working days.

 

Please give me details of how I can pay.

 

I look forward to hearing from you.

 

Yours faithfully

 

What do you think? Anything missing? I'm not sure if "If you accept this offer, please confirm that you will mark my credit reference agency file to show that the above account has been paid and closed." is necessary as she has already defaulted.

 

I got the following bullet points to add to the letter from the internet, does anyone have any thoughts on this? is it a good idea to include or will it hinder the negotiations?

To confirm, I am offering XXX to settle so long as you can agree to, and ensure that, the following actions will be carried out;

* The Status of the account will change from “Defaulted” to “Settled”

* The Current Balance will appear as £0.00

* The Default / Delinquent Balance will be set to £0.00

* This will apply to all 3 Credit Reference Agencies, namely Experian, Equifax & Call Credit

InDebted2U_2

Should a CCA request be sent recorded delivery or is proof of posting okay?

fatbelly

I guess, to avoid all possible excuses by the other side, send it signed for.

2babyboys

Hi, is there a guide to full and final settlement process anyone can refer me to please?  Thank you

User_060921

It’s like Bartering. There are no rules - it’s all informal

fatbelly

Some useful info and a template letter

https://www.nationaldebtline.org/fact-sheet-library/full-and-final-settlement-offers-ew/

katiepoppycat

Is this thread still active?  In any case, I thought I'd add our triumph.  4 separate accounts with Cabot, all admitted unenforceable.  They've been making offers at 25%, we've been countering at 12%.  They ramped up recently, requesting budget planners and starting to make phone calls.  Yesterday when they called my dad told them that it was unenforceable, if they weren't interested in his offer then he wasn't bothered and he just wouldn't pay them anything.  They agreed to accept 12% which has taken just about 12 months from requesting CCAs.  Huge thanks for the advice I got on here!, and I hope this helps anyone else dealing with Cabot.

ZeldaG_2

Hello, wondering if someone can help?

I’ve agreed a 26% settlement with the original creditor. I asked them
to confirm in writing before I pay so they sent me an email which says

“Upon timely payment in full of the agreed settlement amount, no further attempts will be made to collect the remaining balance and your credit file will be marked as partially settled”

I followed up by email asking them to confirm that

- after payment the debt will be closed and marked as partially settled

- neither they nor their associates will pursue me for the debt

- I will be released from all liability

I then received a call from one of their agents saying they couldn’t respond to my email but no one else would pursue me for the debt, can I pay immediately. Agreed payment date is still a couple of days away and they were quite pushy.

The debt is with a large well known bank. Am I being paranoid? Is the wording in the email they sent me enough?

Thanks

richardadc

ZeldaG_2 said:

Hello, wondering if someone can help?

I’ve agreed a 26% settlement with the original creditor. I asked them
to confirm in writing before I pay so they sent me an email which says

“Upon timely payment in full of the agreed settlement amount, no further attempts will be made to collect the remaining balance and your credit file will be marked as partially settled”

I followed up by email asking them to confirm that

- after payment the debt will be closed and marked as partially settled

- neither they nor their associates will pursue me for the debt

- I will be released from all liability

I then received a call from one of their agents saying they couldn’t respond to my email but no one else would pursue me for the debt, can I pay immediately. Agreed payment date is still a couple of days away and they were quite pushy.

The debt is with a large well known bank. Am I being paranoid? Is the wording in the email they sent me enough?

Thanks

I'd personally be happy with that.  Saying no further attempts to collect the remaining balance surely means they can't sell it on as that would be another attempt to collect the money.