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Full and final letter wording
hippychick1
Posts: 593 Forumite
I offered Lloyds an amount for a full and final settlement, and they have agreed. I just want to make sure that I cannot be chased by anybody else for this money. This is the letter I have received:
Following our recent conversation of paying at a reduced rate, we can confirm that we will accept £5100 in full and final settlement.
To avoid missing the opportunity of paying at a reduced rate, we must receive your payment no later than 29th March. Once this deadline has passed, the settlement will become void and the full balance due.
As this letter states it is in full and final settlement, do I need any further confimation from Lloyds, do I need to get them to mark it on my credit file?
I just want to make sure I don't pay this amount, then continue to get asked for more money.
Thanks
Following our recent conversation of paying at a reduced rate, we can confirm that we will accept £5100 in full and final settlement.
To avoid missing the opportunity of paying at a reduced rate, we must receive your payment no later than 29th March. Once this deadline has passed, the settlement will become void and the full balance due.
As this letter states it is in full and final settlement, do I need any further confimation from Lloyds, do I need to get them to mark it on my credit file?
I just want to make sure I don't pay this amount, then continue to get asked for more money.
Thanks
Proud to be dealing with my debts
0
Comments
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You want the terms
Full and final settlement
The amount is being accepted in full settlement of the account, neither lloyds or a 3rd party will chase for the remainder as the debt is considered settled in full.
You want your credit file updated for the account to show satisfied and balance as £0/nil.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
Thanks very much for this!
I've sent an email requesting this in writing, so hopefully they will do this for me. I thought it was enough to have a letter saying full and final settlement. I did phone them, and they have said once they have received payment they will clear the entry on my credit file. Does this sound right? I'm so hoping this offer is credible. It clears such a large debt.
ThanksProud to be dealing with my debts0 -
bumpty bump - ( contains issus Im inerested in )As Martin says - please be nice - there is no such thing as a stupid question !
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Use the templete leter on http://www.nationaldebtline.co.uk/england_wales/debt_advice.php
look at section 5 "smple leters" that link is for England Wales onlyPROUD TO BE DEALING WITH MY DEBT NERD #869
DFD 5/1/16Numpty,Not sure why but I'm crying
. Of all the peeps on this board you're the kindest & most supportive of all & I'm :mad: & 
for you all at the same time . Wish I was there to give you a big :grouphug: & emergency hobnobs
xx0 -
Hi Hippychick
It's good they've used the term 'full and final settlement.' I can only interpret that phrase one way and I would hope that any judge would do likewise. I hope they didn't head the letter 'without prejudice.'
You haven't said what percentage that is (it would be useful for others to know)but if you're happy to go for it, go for it!0 -
Hi Hippychick
It's good they've used the term 'full and final settlement.' I can only interpret that phrase one way and I would hope that any judge would do likewise. I hope they didn't head the letter 'without prejudice.'
You haven't said what percentage that is (it would be useful for others to know)but if you're happy to go for it, go for it!
Hi FATBELLY - what difference would the 'without prejudice.' phrase make please ?As Martin says - please be nice - there is no such thing as a stupid question !
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http://www.andrewjackson.co.uk/legal-resources/legal-fact-files/how-to-use-without-prejudice-to-protect-your-interests/
Protects it from been brought up in court, but only work if there is a dispute in progress. So it would work ion defaulted accounts a at guess. It wouldnt have any bearing on a credit card in good standing you are currently paying, to say 1 month ill pay 1/2 my bill and close my account.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
Hi Hippychick
It's good they've used the term 'full and final settlement.' I can only interpret that phrase one way and I would hope that any judge would do likewise. I hope they didn't head the letter 'without prejudice.'
You haven't said what percentage that is (it would be useful for others to know)but if you're happy to go for it, go for it!
I have recieved an email from the company stating they have sent a letter out to me stating it is full and final, and that my credit file will be adjusted accordingly. Hopefully I will get this letter Monday, and I can pay this debt off!
The total debt is around £13800, so its around 37%, which I think is an excellent deal. I have been on a DMP for three years, and this is my largest creditor. I feel like a weight has been lifted!!!Proud to be dealing with my debts0 -
Good result Hippychick!!YOUR = belonging to you (your coat); YOU'RE = you are (I hope you're ok)
really....it's not hard to understand :T0 -
If you get the letter, keep it for at the very least 6 years incase anyone tries to follow it up.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0
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