F&F Settlement - What to send with Payment?

Estateprincess

Hi there,

I am hoping someone on this board can help!

My partner has had a f&f offer accepted :jwe are now looking for advice on what to send with the payment.

We have written confirmation that the payment will be accepted as f&f and that my partner will not be chased for further payment. However we are sure we read somewhere that the payment should be sent from a third party (which would be me as the debt was prior to our relationship) and that the covering letter should again state that they are accepting the payment as f&f.

We cannot find the article that contained the third party information and were hoping someone on here may be able to confirm if this is the best way?

Any template letters to send with the payment would also be a big help.

Many thanks.

Tixy

Hi Princess

I think the thing you may have read is that people are often advised to say that the money they are using for the F&F is from a 3rd party (this is so that if they don't accept the F&F they can't then say but I know you have £2k in a bank which you should put towards your debts).

I don't think there is any need to physically pay the money from someone else. (someone will correct me if they think otherwise)

I would write a brief letter along the lines of

'Please find enclosed a cheque for X as full & final settlement of this debt as per our offer of xdate and your acceptance of Xdate.
Please ensure that my credit report is upated to reflect our agreement'

Numpty_Monkey

I've never heard of the "third person" thing

Nationdebtline have a good list of templete leters
http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6
if your in England?Wales

for Scotland
http://www.nationaldebtline.co.uk/scotland/debt_advice.php#6

as long as it is writing that it is a full and final settlement and addressed to your partner,
that they have recieved and accepted it, there shouldn't be any problems:cool::D:confused:

Numpty_Monkey

Tixy wrote: »

Hi Princess

I think the thing you may have read is that people are often advised to say that the money they are using for the F&F is from a 3rd party (this is so that if they don't accept the F&F they can't then say but I know you have £2k in a bank which you should put towards your debts).

I don't think there is any need to physically pay the money from someone else. (someone will correct me if they think otherwise)

I would write a brief letter along the lines of

'Please find enclosed a cheque for X as full & final settlement of this debt as per our offer of xdate and your acceptance of Xdate.
Please ensure that my credit report is upated to reflect our agreement'

Good thinking Tixy:T:T

fatbelly

From the debt advice handbook:

There will be a legally binding agreement if either

• an arrangement is made with all the client's unsecured creditors or
• the funds are made available by a third party and the offer is made by him/her on the client's behalf or
• the agreement is embodied in a formal document known as a deed

Hope that helps!

Estateprincess

Thank you very much for all your replies, they have helped us to clear a few things so we can now send the payment :jand get this one settled.

Many thanks again