Is this a legally watertight settlement?

Orville

jonesMUFCforever wrote: »

I thought so daddy pays off my bills and I get to start again.

What a to55er you are....

jimmylesaint

Not sure what happened there but looks like the same person again who claims to read T&C's for everything but clearly hasn't done that for this site.
Perhaps a monitor could come along and give the old heave ho?
Reading what you have put OP it seems they have contradicted themselves, but claiming you have a partial settlement means to me they can still chase for the rest, i.e it is not a full and final settlement. I would request those words, full and final settlement. Go further and request no defaults or bad credit to be applied(unless of course your credit can't get any worse) after all they want some money rather then waste more on legal action and collection.

chattychappy

jimmylesaint wrote: »

Go further and request no defaults or bad credit to be applied(unless of course your credit can't get any worse) after all they want some money rather then waste more on legal action and collection.

You expect them to record false information by saying that an account is in order when it isn't?

AndreaE

Thanks everyone for your comments.

The point is I can see why they won't call it a 'full and final settlement' because it isn't. It is a 'partial settlement' but also a 'final settlement' but full it isn't...

The word partial though does sound like there is more to come and I don't want to spend the next 6 years waiting for this debt to suddenly come back to life.

I keep reading that I must ask for the wording 'f and f settlement' but given that is isn't really that - can I actually expect mbna to do this?

Curt.

Wait...

How do you know they haven't already sold off the rest to debt collectors and whether you go for the partial settlement or not they're not going to chase you for the rest one way or another? (They say "further" action, but what is to say they haven't taken that action already?)

Multi-agency sale of debt is one of the toughest ways lenders get their money back...

AndreaE

I just spoke to mbna and they have said that there is no way they will add the wording F&F settlement to the letter as it is clearly not that.

I have spoken with National Debtline who have agreed that the wording on the letter:

"we confirm no further action from either ourselves or other collection agencies will be taken to recover the remaining balance"

is good enough as this basically implies F&F without actually using those words and on that basis they say I am OK to go ahead and settle.

Andrea