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Help with full and final (partial settlement flag?!)
Mallowmarshmallow
Posts: 51 Forumite
Hello all
I have recently been corresponding with a creditor to try and sort a full and final payment, and although the amount they have come back with is much higher than what we offered, it may be worth it in the long run.
The letter states that 'The client will accept a minimum payment of £8835.00 in full and final settlement.' It then goes on to say 'your account will be closed when once your payment has cleared. Your credit file will show your balance as satisfied with a special flag of partial settlement' It is last part I am unsure about - what does it mean?
Is the wording of the letter satisfactory to ensure we are not contacted for the remaining balance?
I have recently been corresponding with a creditor to try and sort a full and final payment, and although the amount they have come back with is much higher than what we offered, it may be worth it in the long run.
The letter states that 'The client will accept a minimum payment of £8835.00 in full and final settlement.' It then goes on to say 'your account will be closed when once your payment has cleared. Your credit file will show your balance as satisfied with a special flag of partial settlement' It is last part I am unsure about - what does it mean?
Is the wording of the letter satisfactory to ensure we are not contacted for the remaining balance?
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Comments
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Hmmmm. Not something I've come across before. I would be very wary. Part of me is wondering if this would mean that that DCA accept it as full and final, but could they then sell it on to another company as your credit file would show partial settlement...Total 'Failed Business' Debt £29,043
Que sera, sera.
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Not sure if this helps..
http://experian.metafaq.com/help/Statutory/Glossary/partial_settlementTotal 'Failed Business' Debt £29,043
Que sera, sera.
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