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Full and final payments
Drastic1979
Posts: 5 Forumite
Hi All,
I have seen the above terms having read through some of the threads, how does it work exactly. If you owed £10,000 and offered 20% which was accepted would you have to pay £2000 right away to settle the debt ?
Many Thanks
Drastic
I have seen the above terms having read through some of the threads, how does it work exactly. If you owed £10,000 and offered 20% which was accepted would you have to pay £2000 right away to settle the debt ?
Many Thanks
Drastic
Reaping what I have sown ...
0
Comments
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That is correct.
If the creditor accepts this is a 1 off payment in full and final settlement of the account. The account is then closed and your liability ends.
If going down this route irt is worth using the correct letter form the NDL website. It is good and covers all points you need in writing before paying any money.adde parvum parvo magnus acervus erit
Add a little to a little and there will be a great heap
0
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