Another query on Full & Final's

2010Andy

Hello Everyone

Needing some advice on getting 'fully satisfied' on F&F's.

After sending letters back and forth for the last few weeks Nationwide have accepted our offer of £2500 on a just over £4000 debt which we are happy with:j, but they will only accept this as partial settelment of the debt and have confirmed that Nationwide will not pursue the debt further.

We are also in a similar situation with MBNA, who again will not give us fully satisfied!

My query is do you think it is ok to accept this, as we have tried several times to get fully staisfied but they won't agree, any ideas anyone?

Many thanks
Andy

SuzySu

I'm sure there will be someone a lot more knowledgeable than me along soon, but I think that if they are only calling it a 'partial settlement' they could (in theory) come after you again in the future and ask for the rest of the amount. I would be inclined not to do anything until you have their agreement to a 'settled' account in writing.

PNPSUKNET

As they say they that will not persue the balance its fair enough, they shouldnt have to mark if fully satisfied as it would be bending the truth.

Miss_Poohs

Hi Andy my husband is in a similar position with M&S Money (HSBC I believe), they have offered a partial settlement of £750 on £1800 balance, but I'm not happy with the wording and I'm worried to accept incase once they get their hands on the £750 they sell the balance on.

OH has learnt by his mistakes, Gawd we've all suffered for it - and he's already paid back a huge chunk, so I've said no to M&S as it's the "partial" part that worries me.

Good luck

Miss P

DarkConvict

Partial settlement has 2 means,

1# The debt is settled in full, but has been done via only a partial payment. You will not be chased nor owe the remainder.

2# The debt has had a chunk paid off the amount owing, and they will not pursue you further, but they reserve the right to sell on the remainder to a 3rd party to pursue you instead.

You must avoid #2.

To ensure it, get it in writing that that matches national debtline

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

I want to offer this as an ex-gratia payment in full and final settlement of the account. 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.

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 paid and the account closed.