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partially settled debts
forumman_2
Posts: 37 Forumite
A&L have offered me a fantastic f&f at £1000 for a debt of £3200 but the wording of the offer states about credit reference agencies that 'details of this settlemente will also be submitted to show that the debt has been partially settled.'
I am worried that the wording is ambigious and will therefore come back to haunt me in the years to come. But on the other hand they describe the payment as 'full and final settlement of your liability under the personal loan agreement.' so I don't know.
I don't want to miss an oppurtunity to reduce me debt by 70% but also don't want to be taken for a ride.
Anybody have experience of this?
Cheers.
I am worried that the wording is ambigious and will therefore come back to haunt me in the years to come. But on the other hand they describe the payment as 'full and final settlement of your liability under the personal loan agreement.' so I don't know.
I don't want to miss an oppurtunity to reduce me debt by 70% but also don't want to be taken for a ride.
Anybody have experience of this?
Cheers.
0
Comments
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Seems strange - if they agree to a FULL AND FINAL SETTLEMENT it must be just that.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
Don't worry that wording is standard, all it means is that your credit file will show the debt was settled at a reduced amount and that you won't be pursued for the remaining balance.
WG xAll comments and advice given is my own opinion and does not represent the views or advice of any debt advice organisation.
DFW Nerd #1320
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