Full and Final settlement

magpiecottage

That should be sufficient.

Send the cheque by 1st class special delivery tomorrow.

Make sure you go on line and get proof of delivery. Copy it and the letter, and the cheque and the covering letter.

Ask them for written confirmation that the debt is satisfied and the account closed.

Hang on to them all.

If they do not give the written confirmation within four weeks chase them for it. If it doesn't arrive within four weeks from then make a formal complaint.

If you don't get it within eight weeks after that go to the Financial Ombudsman Service.

thepedestrian

problem with sending a chq though as it will take 3-4 days to cash and the letter states provided payment is made by 24 March 2010

although on the back of the letter it does give provision to send chq ,internrt bank transfer or debit card ( we dont have a debit card )

never-in-doubt

Have they defaulted you? Out of interest?

If so then you need to reconsider before accepting - let me know.....

thepedestrian

Hi - sorry - how do you mean defaulted ?

never-in-doubt

thepedestrian wrote: »

Hi - sorry - how do you mean defaulted ?

Have you even seen your credit files yet?

Ok, sorry - i'll elaborate.

You're making a F&F settlement payment to barclays (whoever) - why though? Surely if a DCA is involved then you've defaulted somewhere or is it recent and they have not actually defaulted you?

On your credit file you'll have a status [D] which will hinder you.....

Have you seen your credit files? What stage is this at - i.e. why are you making a F&F offer?

Reason I ask is that if you accept this deal it may not be in your best interests..... By the way, I am not stirring trouble - i'm a little familiar with this area

thepedestrian

Im bound to have a bad credit score now and aiave other creditors as well - Im not working and will soon have to sell the house and rent anyways - so wont be after a mortgage ever again - Barclays put the debt to their inhouse Mercers then calders - and finally got this Fand f letter out of them ( details above ) which if settled would save me paying £1500
just checking out if the wording of the letter was good

never-in-doubt

thepedestrian wrote: »

Im bound to have a bad credit score now and aiave other creditors as well - Im not working and will soon have to sell the house and rent anyways - so wont be after a mortgage ever again - Barclays put the debt to their inhouse Mercers then calders - and finally got this Fand f letter out of them ( details above ) which if settled would save me paying £1500
just checking out if the wording of the letter was good

Ok, before you go any further - why are you making arrangements to pay? Have you considered unenforceability? Being your credit is screwed anyway, what have you got to lose?

This is, by all accounts the morally right way to go, but sod morals - they mean little in a court of law. I'd be looking to save what money you do have for when you need it and consider reading my thread here - Unenforceability & Template Letters III - if you want to go ahead with the F&F, then you need to be asking for more - usually a DCA will settle for 20% of value and also remove any default... My thread will explain if you spend a wee bit of time reading pages 1 & 2.

Unenforceability really should be your first option here - then as a last resort make offers. Although if the account was taken out after April 2007 then it will be harder to fight for unenforceability.....

The above counts on any credit account you have - as I say, its giving you options - something you evidently never knew you had, earlier....

Unenforceability & Template Letters III

The letter i'd be sending (if relevant) would include:

The Default Notice will be removed
The Status of the account will change from “Defaulted” to “Settled”
The Current Balance will appear as £0.00
The Default / Delinquent Balance will be set to £0.00
There will be no date in the “Defaulted Date” field (as it will be removed)
There will be no date in the “Date Last Delinquent” field on the report
This will apply to all 3 Credit Reference Agencies, namely Experian, Equifax & Call Credit

thepedestrian

thanks ! - thats brilliant - I wish I knew as much about this stuff as you do ! - it will take me some time to read your threads - but just checked my statements and the earlier ones are from 2006 - so guess that means it was taken out before April 07 ! ( that much I CAN work out by myself ! ) - so will be studying your other threads and flow charts now !

never-in-doubt

thepedestrian wrote: »

thanks ! - thats brilliant - I wish I knew as much about this stuff as you do ! - it will take me some time to read your threads - but just checked my statements and the earlier ones are from 2006 - so guess that means it was taken out before April 07 ! ( that much I CAN work out by myself ! ) - so will be studying your other threads and flow charts now !

Yea don't pay a cent before speaking to me unless you want to throw good money down the drain - plus i'll take the fight to them for you, so you can sit back and watch them squirm for once....

Its amusing to say the least!

thepedestrian

What a brilliant flow chart - wish I had seen it before - Im not sure ,what to do to be honest , I could stand not to have to pay out the £2200 to be honest as our car has just GONE out of MOT with a page and a half full of faults ( wont be going back there ! )

as you say "what have I got to loose ? - only thing is that they may or may not re offer the 60% full and final again ??