Full and Final Settlement Acceptance Letter

Pott5y

I have today received a letter from Independant Finance accepting my full and final offer to them.

'They confirm they will accept my offer of £**** as full and final settlement of the loan. Once this payment has been made you will be released of any liability for this loan and your credit file will be marked as account satisfied'

Is this enough clarification for me to make the payment to them?

Any advice would be appreciated.

Many Thanks

Pottsy

Pott5y

Just bumping this to see if anyone can offer me some advice.

Many thanks

DarkConvict

I would probably say yes.

It is stated as full and final, You are released from liability, credit file marked as satisfied.

The only term missing is "neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever", however I think this can be implied by released from liability. Because if you are released, you owe no more so no one can chase you anyway.

Any letter you do accept, keep it safe for at least 6 years.

The NDL sample letter is here - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

Pott5y

Thanks Dark Convict,

I will get my family friend to send them a cheque and I will make reference to the
"neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever"
in my letter to them just to clarify it.

Yippee 1 down several more to go!! :j

mr.ton

The thing is...once you start making payments, they will then see you as a cash cow and will bully/harass you into paying more.
I wouldnt trust them to mark your credit file either.

DarkConvict

If they have agreed to mark it as such, they have to do it. Its in the terms of the offer.

mr.ton

Oh i agree that they have to do it - but i wouldnt past the sleezeballs in the industry to not do so.

DarkConvict

Which is why the OFT/TS/ICO all exist. If it is not updated within 30 days, ask the company to update it in accordance with the settlement agreement. if they refuse or fail to update it (report to OFT/TS), then move onto the credit reference agency. Only if they fail to update it aswell would you report it to the ICO to force the change.

So long as you have it in writing, whether they want to or not, it has been agreed upon, it will be changed.

Pott5y

Thanks a lot for the info guys.

Believe you me I will be keeping my eye on them like a hawk.

I have just received another letter accepting from Wescot. They are much more vague and have only accepted the amount as a full and final offer. You can be rest assured that I will not be sending them a penny until they confirm everything as per my letter:

'[FONT=&quot]I want to re-offer this as an ex-gratia payment in full and final settlement of the account. [/FONT] [FONT=&quot] [/FONT]
[FONT=&quot]This offer is made on the clear understanding that, if accepted, neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that I will be released from any liability.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]I also request that, if accepted, you will make an entry on a credit reference agency file relating to the above account as having been “satisfied” in full and the account closed.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]As advised by CCCS no lump sum will be available until I have received written confirmation of all points in the above offer.
[/FONT]
[FONT=&quot][/FONT]
[FONT=&quot]However if you are unable to accept my offer then I will regrettably have to withdraw the offer and continue paying my monthly re-payments via Payplan.'[/FONT]


Wonder how long it will take them to confirm.


Anyway thanks again for all the advice
[FONT=&quot][/FONT]

jackiebear_2

Sorry I'm new to all of this, hopefully I'm in the right place!
Can anybody help, I've had a letter from connaught collections offering me an 'if you pay £xx before 31 july' it will be accepted in full and final satisfaction of the above debt.
[EMAIL="I@m"]I'm[/EMAIL] desperate to try and clear my debts and this offer seems to good to be true!
Thanks for reading and I hope someone can help.
Yours Sincerely
Jackie

bottleofred

Hi Jackiebear,

You'd probably be better starting a new thread. However, what was the debt for?, how long ago is it from?, how much was the original debt compared to the full and final settlement figure? Apologies for all the questions, but more info is needed. However, if your not comfortable giving the information, make sure the letter contains the words "full and final settlement" to ensure nobody can come at you later down the line for more cash.