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!!!!!! question

mbaz
Posts: 895 Forumite
Hiya
Had a letter from MBNA this morning accepting my !!!!!! offer and saying the account would be marked as "partially settled" for 6 years and closed. Is this right or do I need them to makr it as "settled"? If so, is there a template reply anyway?
Many thanks in advance.
Had a letter from MBNA this morning accepting my !!!!!! offer and saying the account would be marked as "partially settled" for 6 years and closed. Is this right or do I need them to makr it as "settled"? If so, is there a template reply anyway?
Many thanks in advance.
0
Comments
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Before you accept an offer you should have it in writing that:
a) Your/their offer is to be accepted a "Full & Final Settlement" and you will have no further liability for the debt.
b) The entries on your credit references should be marked in some way to indicate that the debt is settled/satisfied or partially settled/satisfied, with no outstanding balance.
I should just add that it IS acceptable in a "Full & Final Settlement" for the entry on your Credit Reference Files to be marked as "partially settled" or "partially satisfied" AS LONG as there is no balance outstanding.
Because there has been some confusion on this issue I checked this with both the Information Commissioner and National Debtline. Particularly with NDL, as their factsheet makes no mention of it.
The Information Commissioner's Office directed me to one of their publications in which the wrote:Where the lender has accepted as part of a negotiated settlement a payment that is less than the outstanding amount and the customer has agreed as part of the settlement how their credit record will be affected:
In these circumstances, we understand a lender may be reluctant to mark the entry as ‘satisfied’ or ‘settled’. However the entry must record the position adequately, for example, by showing that no further monies are expected and the account was partially paid.We note that you require clarification regarding full and final settlement offers because the information on our fact sheet and the Information Commissioner’s website seem to differ.
You are correct in thinking that it is important for you to have confirmation from the creditor that your offer is accepted as full and final settlement. You must also ensure that you keep this confirmation for at least 6.5 years incase the debt is passed onto another debt collection agency in error.
If the creditor will agree to mark the credit file as satisfied this would be an excellent result for you as it would look better on your credit file. However, your credit file should show an accurate credit history and to mark a debt as ‘satisfied’ when it has only been partially satisfied could be deemed to be misleading. Therefore the creditors are well within their rights to mark your credit reference file partially settled/satisfied.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0
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