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Full and 'FINAL' Settlement Letters
keith_lard
Posts: 517 Forumite
Hi all,
Want to ask who of you have had settlement letters from DCA and Creditors offering you 75% - 60% - 50% of the ballance to close the account?
What do you do to do this, I have read they will accept the payment but the rest can be sent on to a third party (another DCA) and the debt is not cleared even when you have gone out your way to clear it!
Does anyone have a format letter I can use?
Capital One are offering me a 50% Final settlement offer
What and How do I go about doing this????
Thank you to all that reply!
K.:A :A :A :A
Want to ask who of you have had settlement letters from DCA and Creditors offering you 75% - 60% - 50% of the ballance to close the account?
What do you do to do this, I have read they will accept the payment but the rest can be sent on to a third party (another DCA) and the debt is not cleared even when you have gone out your way to clear it!
Does anyone have a format letter I can use?
Capital One are offering me a 50% Final settlement offer
What and How do I go about doing this????
Thank you to all that reply!
K.:A :A :A :A
If you want to see a rainbow, you have to get used to the rain.
0
Comments
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The key point here is that any FULL & FINAL settlement offer should be made from, and paid by a 3rd party, and not directly by yourself, in this way the settlement will be legally binding, and no further sums will become due.
Many DCA’s / creditors will offer a full and final only to chase for the rest at a later date, therefore always ensure that you received a letter of acceptance for the 3rd party settlement before any payments are made:rolleyes: It’s hard enough remembering my opinions - without remembering my reasons for them :rolleyes:0
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