How to settle an debt??

confusedprincess

post deleted

Tixy

Hi

Probably useful to read this about F&F settlements - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers and be clear what they have offered, if in doubt send a letter to them in response to make it clear that you need them to agree that neither they nor anyone else will chase you further for this debt etc.

carol01

confusedprincess wrote: »

Hi guys, hope someone can help.

Lowells recently wrote to me offering me the chance to pay 50% of my debt to ''settle the account''.
They go on to say ''once you have paid in full, your credit report will be marked as satisfied (where appropriate)''.
This was an old bank loan going back 8 years that i defaulted on 3 years ago.
My question is how do i go about paying this off without getting stitched up.?? eg. I dont want to pay half and then find they want the other half !!
Thankyou for reading, please help.

when was the last time you acknowledge the debt paying i mean if its near to 6 years i would leave it and go for statue barred if not. also the default would stay but you would have a satisfied next to the account hope this helps

confusedprincess

Ok thanks. Trouble is I only have like 4 days left to take them up on their offer.!!
Do i ring them?? Write back hoping they will extend the offer??

DVardysShadow

Write, ask for your clarifications and a reasonable extension. If they have a sniff of the money, they are not likely to turn it down. if you ring, they could try and extract a slightly lesser payment from you then claim it did not meet the criteria - all sorts of games.

confusedprincess

Thanks. Is there any wording in particular i should put in the letter??