short settlement confirmation

spoll_2

Hi,

My parents sent a letter offering a settlement figure re an outstanding debt (they are with CCCS and are only paying back a token amount on quite a large debt).

The creditors have accepted the offer but I wondered if anybody can confirm that the wording from the creditors will mean nobody can ask for the remainder to paid back in the future..:

"When the payment clears into the account a partial settlement will be registered with licensed credit reference agencies and a default will remain registered. Howeevr, you will not have to repay the remaining balance, and we nor any other third party will pursue the matter further."

This seems pretty watertight to me but would appreciate if anybody could confirm this is ok.

Thanks

Tixy

Hi

It would be okay with regards to the CRA bit but I think there is a word missing which makes it not suitable

and we nor any other third party will pursue the matter further

That needs to be

and neither we nor any other.......

Pott5y

Spoll

I am in the process of full and finals myself and I was advised by National Debt Line to ensure you get confirmation of the following points in writing before making any payments. This is a sample of the letter I have sent covering the points that need to be confirmed:
[FONT=&quot]
As advised by CCCS, I must have the following points confirmed by you in writing before I release the funds to settle this account:[/FONT]
[FONT=&quot]
1. [/FONT][FONT=&quot]This offer is made as an ex-gratia payment in full and final settlement of this account.[/FONT]

[FONT=&quot]2. [/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]3. [/FONT][FONT=&quot]I also request that, if accepted, you will make an entry on the credit reference agency file relating to the above account as having been “satisfied” in full and the account closed.[/FONT]

[FONT=&quot]Payment can be made within 14 days after I receive your written agreement of all these points. [/FONT]

[FONT=&quot]However if you are unable to accept these conditions then I will regrettably have to with hold my offer

[/FONT]I hope this helps and good luck