If I make a Full and Final Settlement to a Creditor and they accept...

ShinyPinkShoes

...can I ever be chased for the remaining balance?

I will soon have the funds to be able to offer all my Creditors Full and Final Settlements but am worried that even if I have in writing that they accept the amount offered it still won't clear the debt 100%. Can the remaining debt be sold onto another Debt Collection Agency for them to chase?

Any help would be appreciated!
Thank you...ShinyPinkShoes x

Deep_In_Debt

Make sure that you get the offer in writing before making a payment and that it is in F&F and neither they, nor any associate or third party will chase you for the remainder and that you will be released from any further liability. And that your credit file is marked as "satisfied".

National Debtline has a very good template letter that you can use.

fatbelly

And keep the confirming letter safely for a long time - at least six years!

How the credit file is marked is secondary to confirmation that they will not pursue the debt.

Many creditors will only mark the credit file 'partially settled' and this has been confirmed as fair by the Information Commissioner's Office - para 51 explains. This is an interesting document on how CRAs are supposed to mark our files.