Full and final settlement

onthebreadline

Does anyone know what should be offerred to clear credit card debt of 2,500 which has been passed over from original credit card company to another. many thanks. PS money coming from relative to try and help me out. thanks

Dave101t

looking at your posts, id probably have to say they wont accept a settlement figure as you ignored the debt and didnt contact them immediatly when the problem arose.
good luck tho

onthebreadline

didn't ignore debt as was still paying basic monthly payment, but this covered interest payment, and have been in contact with them since letter came in saying another company had taken the bdebt over.

nomoneytoday

42 - the answer to everything

[Deleted User]

deleted as the spam has now been removed

onthebreadline

Hi all, new update - have just received a letter from debt recovery agency saying they would accept F & F figure of around 1,954.00 pounds, meanwhile I was on the phone to them saying 1,700 pounds may be gathered together by all my relatives to get me out of this mess, what I need to know is 1.. was this the right offer and what would you now do in my place and 2. the letter states '' Please note, should you settle your outstanding debt by paying the amount offered which is less than your full outstanding balance, your account will be closed once your payment has cleared. Your credit file will show your balance as satisfied with a special flag of partial settlement". Is this enough or should I be looking for anything else on the letter to clear the balance? Any help would be appreciated.

sharpy2010

Well put it this way, you won't get credit again in the next 6 years if you pay only a partial settlement.

Assuming thats the route that you wish to go down, then I think your offer is correct.

Good luck, and let us know what happens!

chattychappy

onthebreadline wrote: »

Your credit file will show your balance as satisfied with a special flag of partial settlement". Is this enough or should I be looking for anything else on the letter to clear the balance? Any help would be appreciated.

The only way to ensure the file isn't marked is to pay the full amount outstanding. In the end, the purpose of the file is to record people who ultimately don't pay what is owed.