Full and Final settlement

NG7

So i'm planning on taking up a few offers and i've asked for it in writing which they are 'apparently' doing.
But what should it say on there?
I'm a bit concerned about being conned and then them coming back asking for money when i think i've got things sorted. So any phrase or text that has to be on the letter to ensure they can't come back? what happens on my credit report if i pay a f&f settlement?

Thanks in advance

Tixy

Hi

There is a factsheet from national debtline which might help you - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

If you look at what the sample letter says then you need the same terms in the letter from them.

NG7

So if they don't mention my credit file are they not obligated to update it?
The letters i had ages ago make no mention of the credit file, just the amount to pay. If the new one is then same, what is the best next step to make sure its genuine?

bottleofred

Hi,

Normally on your credit file it will say satisfied Partial Settlement or words to that effect. However, in the letters you receive, be sure it says the amount offered is as full and final settlement to avoid someone else coming after you for more cash in the future. Also keep all receipts of payment.

Deep_In_Debt

Ensure that they say that neither they, nor any associate or third party will chase you for the remainder and that it is F&F and that you are released from any further liability.

As above poster has said, they will often sell on the remainder. It happened to me a few years ago before I found this site and had a DCA chasing me for a debt I thought had been cleared a couple of years before.

wobblymummy

Hi

I have one of these offers from 1st credit offering to reduce the balance by 90% does this mean they will just sell it on to someone else ?

I have borrowed the money to pay from my Dad, it seems too good to be true. What should I do ?

WRINKLES

Do what Deep In Debt says he is correct