Full & Final help! - Lowell

Joeler

Hi guys

Made a full and final settlement offer to Lowell on an old HSBC Account. Balance is £5,900.00 and offer has been accepted at £3717.00 which I can afford to pay back immediatley.

I got a family member to write the correspondance to them and will be getting them to pay the balance via cheque (I will transfer the money to them first). I heard this is a good way to go about it incase anything comes back to bite you in future?

Also I did request written confirmation that Lowell owns the debt and I won't be chased by any third party for tha balance. They confirm this in their letter, although I have not been sent any proof of ownership of debt. Should I have been?

I'm keen to get it wrapped up, but at the same time I don't want to just pay out nearly £4k and then be stung down the line.

Helpful feedback from anyone with experience will be appreciated as always.

Peace out,
Joeler

bottleofred

Hi Joeler,

It's always best to get the words "as full and final settlement" in the correspondence from the DCA regarding the settlement figure and definately before you pay them. I would do nothing until I've received the details of the settlement figure in writing and don't pay unless you are totally happy with the wording! This is just in case they or another DCA come after you in the years to come for the remainder! However, how old is the debt, as if it's anywhere near 6 years since you last acknowledged it or made a payment (5 in Scotland!), then it may be statute barred.

Joeler

Thanks, well the wording is in their letter and it's unfortunatley not Statute barred. But thanks for your advice I will keep you updated with how I get on