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Full and final settlement help thread

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  • fatbelly
    fatbelly Posts: 22,872 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    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
    ruki_2 Posts: 13 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    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
    InDebted2U_2 Posts: 379 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 24 April 2021 at 10:02AM
    Should a CCA request be sent recorded delivery or is proof of posting okay?
    2021 Targets
    find my smile again
    :money:
  • fatbelly
    fatbelly Posts: 22,872 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    I guess, to avoid all possible excuses by the other side, send it signed for.
  • 2babyboys
    2babyboys Posts: 117 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Hi, is there a guide to full and final settlement process anyone can refer me to please?  Thank you
  • It’s like Bartering. There are no rules - it’s all informal
  • ZeldaG_2
    ZeldaG_2 Posts: 9 Forumite
    Seventh Anniversary Name Dropper First Post Combo Breaker
    edited 9 October 2021 at 3:08PM
    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
  • 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.
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