First ever Full & Final offer accepted

Legacy_user

Hello all!

I'm really pleased to report that after several failed negotiations one of my creditors have finally accepted a full and final offer from me! I am just waiting for confirmation in writing before I send any cash!

I read that the agreement is more legally binding if the cash comes from someone else so am transferring the money into my bf's acount for him to pay. My only worry is that I am now away for athe week so won't be able to follow up things until I get back after the bank holiday. The credit card company said that they must receive the money within 14 days of receiving the letter, but with a week's delay I am worried that a cheque won't clear in time. They did say the payment can be made by telephone, but could this make it less binding in any way?

Thanks all for all the great advice, without which I wouldn't have got this far!

xxx

saltnvinegar

Hello

First of absolutely great news on getting one of your creditors to accept a full and final offer, well done you!

:T

However.......... I don't want to rain on the parade but could I suggest you post the content of the F&F acceptance on this board when you receive it (obviously removing any identifying references name, address, account numbers, settelment amounts etc)

The reason I suggest this is creditors are very sneaky and have been known in the past to accept a F&F offer but then only mark this as a partial payment and then either pursue you for the rest or sell the rest of the debt onto a DCA.

The wording of the acceptance is important as it will determine their intention.

Fingers crossed for you though it is genuine!

SNV

Pott5y

Its a great feeling when you finally get them to accept. Good on you!! :beer:

I completely agree with saltnvinegars post make sure that you check the wording of any letter carefully before sending the money.

I would ensure they confirm in writing that:

1. the payment is in full and final settlement
2. that they nor any other company will pursue this debt further
3. that you will be released from all liability
4. they will update your credit file with a credit reference agency to state that the account has been 'satisfied' in full.

I would not worry yourself too much about the payment deadline. As long as they receive the money (cheque is best) in their offices by the date specified then that is ok. I would make sure the payment is sent by recorded delivery too just to be safe.

You should also request that they confirm in writing that they have received your full and final payment and that the account is closed.

Good luck and have a great holiday