partially satisfied CRA

zacco

hi all,
ive received a full and final settlement of the debt owed to NatWest credit card by triton credit services.
i owe £3998 and they have gave me a f+f settlement figure of £1600.
i have this in black and white,
what i need to know is they are saying on phone and will confirm soon in b/w, is that they offer a" paritally satisfied " CRA .
does this mean they will/can sell on my remainder debt to other DCA's ?

the letter is worded ...
" National Westminster bank PLC is prepared to accept your offer of £1600.00 in full and final settlement of the debt owed to them, provided that we receive your payment within 14 days of the date of this letter.

this offer is subject to clearance of the above payment by your bank, after which time we will close our file on this matter.

It is important that you honour this agreement. should the payment not be received by the due date, legal proceedings may be instigated against you, without further notice, for the full balance due together with interest and legal costs

your sincerely
blah "

NDL have advised me not to go ahead till they mark my CRA " fully satisfied" on b/w ?
thankyou for any help here

DarkConvict

You are looking for 2 additional terms in writing before paying

The credit report will be updated to satisfied and balance set to £0/nil
The offer is in full and final settlement on the debt, the remainder will not be perused by the original creditor or 3rd parties for the remainder of the debt as the debt is considered settled in full.

zacco

havent the second term "The offer is in full and final settlement on the debt, the remainder will not be perused by the original creditor or 3rd parties for the remainder of the debt as the debt is considered settled in full" already been stated in the " accept your offer of £1600.00 in full and final settlement of the debt owed to them" ?

zacco

also they have sayed the will mark the CRA with " partially satisfied " and on balance to nill £0 in writing, on its way.
this is no good " partially satisfied " .... i need .... " fully satisfied "CRA ?
but they said they wont offer "fully satisfied" CRA

fatbelly

zacco wrote: »

also they have sayed the will mark the CRA with " partially satisfied " and on balance to nill £0 in writing, on its way.
this is no good " partially satisfied " .... i need .... " fully satisfied "CRA ?
but they said they wont offer "fully satisfied" CRA

The Information Commissioner says this is OK. There's a long document here - the relevant bit is around para 51

Make sure you retain the letter that quotes 'full and final settlement' for at least six years.

zacco

fatbelly wrote: »

The Information Commissioner says this is OK. There's a long document here- the relevant bit is around para 51

Make sure you retain the letter that quotes 'full and final settlement' for at least six years.

thankyou it does say its ok here " " a lender may be
reluctant to mark the entry as ‘satisfied’ or ‘settled’. However the entry
must record the position adequately, for example, by showing that no
further monies are expected and the account was partially paid. "

so as long as they state on new updated letter,
1. f+f
2. balance nil £0
3. partially paid/settled on CRA ,
im clear of more DCA'S after the same loan, but gotto wait 6 yrs for it to clear ?
thanks guys:T

zacco

this explains f+f too,
"Where there is a default but a lender has formally accepted in full and
final settlement a smaller amount than was owed under the terms of the
original agreement, then it would be unfair to process personal data to
record an outstanding balance on a default when the matter had been
formally and finally concluded"

fermi

Correct.

zacco

fermi wrote: »

Correct.

thankyou, one CC down it seems then, 1 more to go, then debt free, thankyou soo much again for info, BRILL.:beer::money: