Full and Final Settlement Offer

JOHNSTONE1

Really hope someone can me with this.

My husband had a debt with royal bank of scotland for £27k. This was for his overdraft and 2 loans. It was taken on by a DCA called tennon recovery. They sent a letter to him in september saying they would accept 12k in full and final settlement. I got out a loan to pay this and also used my bonus as the amount we would pay for a loan was much cheaper then what we were having to pay them each month plus the debt would be settled. We paid in september and got a letter form tennon saying the amount had been recieved and the debt had been settled and that rbs would update their files accordingly.

It is now december and we got a copy of his credit report and only one account is settled the others still have a defult on. He called the bank who said they had recieved the payment but they have to close down each account seperatley and only then will it show as settled. Does this make sense to anyone?
I'm really worried that we've paid this money for nothing and got ourselves nowhere!

Please help xx

edinburgher

If the bank's confirmed that the accounts are settled, I wouldn't worry unduly (keep all letters and assorted paperwork).

It does take time to update the records and remember that your husband's credit report will show the defaults for six years (even if they are marked as settled or partially settled). They aren't going to disappear.

stapeley

edinburgher wrote: »

If the bank's confirmed that the accounts are settled, I wouldn't worry unduly (keep all letters and assorted paperwork).

It does take time to update the records and remember that your husband's credit report will show the defaults for six years (even if they are marked as settled or partially settled). They aren't going to disappear.

I am sorry but you can NEVER trust a Debt Collection Agency . What paper work have you agreeing this settlement ? This is a prime example of a DCA misleading you . I fear what you have in fact done is settle on only one account. It is very rare for a bank to lump a overdraft debt and a loans together and pass them on to the same collection company . When you first heard from this DCA ,did you get a notice of assignment from the bank saying this company had the right to collect on these debts ? I think you need to call the bank again and check what the position is . For a bank to settle for half of a debt is very unlikely . And as you said they have marked only one as settled .

Peter_Simon

The debt collection agency may not be doing anything neferious, it could just be confusion on part of the agency and the bank. First thing you should do is talk to the bank and make it clear that you informed that his payment would settle the debt.

JOHNSTONE1

I have got a letter from tennon recovery with all the account numbers for all accounts and the grand total of 27k which is the ammount for all loans and the overdraft.

It said that Royal bank of scotland had considered his situation and would accept 12k in full and final settlement of the abouve accounts. It said that once this had been paid his credit record would be altered to show this and that we had 21 days to take up this offer.

When we paid we got a letter saaying they had recieved the payment and that it would be sent on to RBS who would ammend the credit file. I also have recipt from the bank when we paid it.

The over draft was only for 5k so the 12k couldnt of been just to cover that surely??

I just thought it was odd that only one account seems to have been amended. When he called he was told they are closing each account indivdually and moving money around and that as soon as they had closed all accounts it would show up as settled.

stapeley

Okay that could be fine then. I do hope so . I am just very wary of DCA ,s. I PERSONALLY would also require the offer to be made directly by RBS. Other people may be able to confirm that Tennon are part of RBS . It is just that I know they often use Blair, Oliver and Scott. I take it you have not recieved any demand letters since the payment . I hope it is all sorted out . Let me know please .

shinyhead

Hi Stapeley, I understand RBS often use Triton as their preferred DCA. Blair Oliver & Scott are HBOS's in-house DCA.

My opinion is that these are settled and as usual it takes a bit of time for the records to get updated. Keep all the correspondence in a safe place though just in case.