Full and final settlement acceptance

Bliss_Butterfly

Hi

Sent some letters off last week,have recieved 1 reply back so far accepting our offer. These are last 2 paragraphs of letter, do they seem fine to you and straight forward.

We confirm our clients are prepared to accept partial payment of £....... in fulland final settlement of the above debt providing payment is recieved within next 10 days.

Our client will update your credit file to reflect your partial payment and you will not be pursued for anyfurther monies in respect of this aacount. Alternatively, we confirm we will accept repayment of the full outsanding balance by instalments.


Just wondering if anyone knows what this will come up like on credit file,especially wording of last paragraph.

Thanks

FOURCANDLES_2

Not sure but I think the wording needs to be a bit more in detail ie they will not be selling on the rest of the debt

Bliss_Butterfly

Thank you.

The last paragraph is a bit on the vague side (confusing wording)

Bliss_Butterfly

Can they sell off remainder of the debt to another company then?

fatbelly

We confirm our clients are prepared to accept partial payment of £....... in fulland final settlement of the above debt

That's OK - give them credit for using the phrase 'fulland final settlement' - that cn only be interpreted one way.

Your credit file will be marked 'partial settlement'

Pott5y

Bliss_Butterfly wrote: »

Hi


We confirm our clients are prepared to accept partial payment of £....... in fulland final settlement of the above debt providing payment is recieved within next 10 days.

Our client will update your credit file to reflect your partial payment and you will not be pursued for any further monies in respect of this account.

Thanks

Seems ok to me. Have stated that it is in full and final settlement and that you will not be pursued further, so cannot sell the debt on.

Well done.