Letter from HSBC today!!!! wording???

pinkie_pie

Letter says
'We confirm we are prepared to accept £700 in settlement of this acount.

A bank giro credit slip is printed blah blah blah....

You must ensure this payment reaches us as follows :-

£700 by the 28/09/09

Failure to make this agreed payment may result in the offer of settlement being withdrawn.'


This is from DG solicitors.

Is that enough? Doesn't mention 'full and final' or 'we promise not to hound you for the rest' does it?

GeorgeUK

I wouldn't accept it - as you say, no mention of F&F and they don't state that they won't pursue you for further payment or sell the debt on.

Morgan_Ree

All you have to do is call them, ask them if this offer would be F&F, if they agree ask for it in writing and when you get the letter if you have the means of paying then do it!

I wouldn't ignore it
It could be the starting point in the negotiating a F&F offer on your terms

pinkie_pie

I phoned DG back and the lady on the phone said that it WAS a full and final settlement, and it's standard letter sent out.

So I said that it doesn't say full and final or credit file marked satisfied, or won't be chased, and she just argued that that was what 'settlement' meant, and that's the only letter and it's a standard letter and any third party will be happy with it.

So I said I wasn't happy with it and she pretty much said tough! And that phone calls were recorded and she could give me her name so I had proof it was full and final???

Tixy

I'm sure someone had a very similar letter and problem in the last day or 2 - can't find the thread though now and not sure whether they got a solution?

They certainly could send out another letter but doesn't mean they will. Did you send a letter first with your offer before you received the 'we confirm we are prepared to accept....etc etc'
I assume your letter had all the relevant blurb on it? Maybe the 2 together would count as evidence?

Perhaps when you send the cheque you could include something about 'this cheque is sent on the condition that (blah blah blah) and by cashing this cheque you signify your agreement to these conditions'
or something better written but to that effect?

(just some suggestions, not saying they will count as proper evidence - what does anyone else think?)

GeorgeUK

A phone call is not proof - you cannot take this to court, only they could.

I would not bother phoning them as you are just getting fobbed off. Write a letter stating what you require or even an email would be acceptable. Either the person you spoke to has no idea that partial settlement exist or they couldn't care less about customer care.

Only agree to it once you get written confirmation. Don't rely on hollow promises - it wouldn't do you much good if you were contacted by a DCA in 3 years time.

pinkie_pie

I have written them a letter asking to readjust the wording. I tried phoning again and got someone even less helpful. Fingers crossed!

gfplux

Hello snowedunderitall,
Do not look a gift horse in the mouth!

"We confirm we are prepared to accept £700 in settlement of this acount."

Apart from the spelling of account this means full and final, pay the money NOW and get it done.

pinkie_pie

Don't say that I've already posted the letter!

fermi

With any F&F settlement offer I tend to think it is best to run the wording of any offer past a professional debt advisor.

That way you will have some confidence over any decision to accept or not.

National Debtline are free and impartial and have a freephone number to call. Tel: 0808 808 4000

GeorgeUK

gfplux, there are plenty of posters here who have assumed they were making a full and final settlement only to be told later that it was a partial settlement and the remainder of the debt was still outstanding.

If it doesn't state that it is a full and final settlement or that you will not be pursued for the remainder of the debt, it would be wise to assume this is a partial settlement.