Full and final payment to Marbles - wording

fairybex

Hi,

I've had sucess with other full and final payments and now only have Marbles and Egg to deal with.
Egg are just ignoring me so I'm trying to deal with marbles first and they are not being helpful.

Having gone backwards and forwards for months trying negotiate a payment I got to 3,155 on a debt of over 5,000 which I can pay but the wording of the letter has me concerned...

"Unfortunately, we are unable to accept this payment in full and final settlement of your outstanding balance. In order for us to agree to your request to record this as satisfied... blah blah you will need to pay in full.

This agreement will result in the reminder of the balance being registered with the credit reference agencies as a default; we are agreeing not to collect on the remaining amount. The outstanding amount will not accrue interest."

What does this actually mean?

Thanks

bottleofred

Hi fairybex,

Most full and final settlements (probably all) go on peoples credit records as a partial settlement, but the creditor would normally use the words as a full and final settlement in the agreed amount, which in your case is the £3155. They appear to be saying in the final paragraph that they are going to settle, but I've never seen it worded this way before. I would wait until someone with more knowledge than me comes along and don't pay it just yet.

Red

barbiedoll

"We are agreeing not to collect on the remaining amount"

You may find that they sell the reamining balance to a debt collection agency who will then hound you for the rest of the debt :mad:

Send them a letter stating that you are willing to pay what you have offered in F&F settlement, that you accept that a default will be entered onto your credit record AND that they must agree not to sell on the outstanding balance. Do not pay until you get this in writing!

Keep trying, and good luck

fatbelly

If they can't bring themselves to use the dreaded words 'full and final settlement' then they must use a form of words that amounts to the same thing and is not ambiguous.

I agree with the others - 'partial settlement' is the usual mark on the credit file and so the ND factrsheet is not helpful in asking for a 'satisfied' mark.