We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Is an email as good as a letter?
Comments
-
Just to clarify it's not a full and final agreement I'm agreeing to but a partial agreement. I have been told that it will show on my credit file that I did not pay the full balance but the debt is clear.0
-
Ofwolfandbiggs wrote: »!
I have made MBNA an offer of £1000 to settle my £3200 debt. I have asked for a letter assuring me the remaing balance is closed and won't be passed on to a third party but they will only send me an email due to time restraints..
If they are willing to accept £1000 for a £3200 debt and to confirm that no more money is owed, then the cheque for £1000 is offered (and accepted) in full and final settlement of the debt. That is exactly what F&F means and this should be clearly stated in the correspondence, otherwise they can still continue to pursue you for the balance.I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.0 -
They will sell what is remaining to another DCA do not be connedGRADUATED FIRST CLASS WITH HONORS FROM THE SCHOOL OF HARD KNOCKS RECOMENDED READ IF BY RUDYARD KIPLING0
-
You want to be very careful. Partial settlement has 2 meanings.
1) The debt is partially satisfied, the creditor has agreed to take a settlement offer to cover the debt. The debt is considered to be paid with no amount owing, it will not be chased by the original creditor or 3rd party. The credit file is marked as partially satisfied. <-- This is the difference between F&F and partial, its just how the credit file is marked.
2) The one to be careful of. A creditor accepts a partial settlement to cover part of the debt. The creditor will no longer pursue the debt themselves, however may/will sell on the remainder of the debt to a 3rd party or return the debt to the original creditor, whom will continue to pursue for the remainder of the debt.
Basically you pay a lump sum on your debt. The remainder is still owed and needs to be paid.
You must seek out the term, that neither the original creditor nor 3rd part will pursue the remainder of the debt as it is considered to be paid and settled in Full.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
DarkConvict wrote: »You want to be very careful. Partial settlement has 2 meanings.
1) The debt is partially satisfied, the creditor has agreed to take a settlement offer to cover the debt. The debt is considered to be paid with no amount owing, it will not be chased by the original creditor or 3rd party. The credit file is marked as partially satisfied. <-- This is the difference between F&F and partial, its just how the credit file is marked.
2) The one to be careful of. A creditor accepts a partial settlement to cover part of the debt. The creditor will no longer pursue the debt themselves, however may/will sell on the remainder of the debt to a 3rd party or return the debt to the original creditor, whom will continue to pursue for the remainder of the debt.
Basically you pay a lump sum on your debt. The remainder is still owed and needs to be paid.
You must seek out the term, that neither the original creditor nor 3rd part will pursue the remainder of the debt as it is considered to be paid and settled in Full.
The first time I spoke to MBNA about it they said the debt would be cleared. The second time when I pressed for more details I was told that the debt wouldn't be passed on to a third party. I think they are offering the first example but I want a letter to cover my back just in case.0 -
Wolf is there anything written down at all yet?I refuse to be afraid of the big bad wolf, spiders, or debt collection agencies; one of them's not real and the other two are powerless without my fear.
(Ok, one of them is powerless, spiders can be nasty.)
As of the last count I have cleared [STRIKE]23.16%[/STRIKE] 22.49% of my debt.
0 -
-
Do not trust anything they say on the phone, it it allways best to deal with them by recorded letter.GRADUATED FIRST CLASS WITH HONORS FROM THE SCHOOL OF HARD KNOCKS RECOMENDED READ IF BY RUDYARD KIPLING0
-
This cut off point is a tactic to make you act without thinking things through ,send them a recorded delivery letter asking for your offer to be taken as a full and finalGRADUATED FIRST CLASS WITH HONORS FROM THE SCHOOL OF HARD KNOCKS RECOMENDED READ IF BY RUDYARD KIPLING0
-
Verbal agreements will not stand up. Even if you have it recorded it will not stand up as they can be vague and given a different interpretation. You need it in writing otherwise you are taking a risk!Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards