Full finals problem!

yellowpinky

Hi all,

I'm getting nowhere with this particular F & F. The creditor is refusing to make any amendments to the confirmation letter they have sent me before I pay - it's basically one line and only refers to a settlement, not full and final. They say they only send proper letters out after payment is made. The payment date is towards the end of next week - what is my next move ? They are not based on the mainland so any letter take up to a week to get to them. Any help much appreciated!

fermi

Can you give us the wording of the offer letter?

yellowpinky

Thanks, Fermi, it just says "I can confirm that (this company) have agreed for you to settle this card for £xxx." Then it gives the deadline for receipt of payment. That's it! They are adamant they will not change it or add anything until after I've paid.The amount was agreed on the phone.

fermi

Well, that isn't even CLOSE to being acceptable.

Can you email them? I would not accept extra terms if they agreed to them via email, but at least you could contact them quicker? Maybe get them to extend the time as well.

Honestly, if they want the money then they are going to have to budge.

fermi

You need to see in any offer in writing that:

- The sum is accepted in settlement of the debt.
- You will not be chased for the remainder, and it will not be sold on.
- You credit files will be updated to show a zero balance and marked in some way to show that the debt is settled. (partial settlement marker is acceptable)

Anything less than that 100% clear in writing isn't worth a damn!

yellowpinky

I don't have an e-mail for them, which is annoying. I'm getting so anxious with these deadlines now, I suppose the next thing would be to write to them, send it equivalent of Special Delivery? Ask if they can extend the deadline? I'm just worried they'll pull out of the whole thing.

FireWyrm

Dear Sir/Madam

I am in receipt of your latest letter confirming your intention to accept a full and final settlement of the outstanding debt, but unfortunately, I have been advised that the letter is inadequate. I am very keen to meet you in resolution of this matter, but I have some reservations and I would require clarification from yourselves. In order to comply with current laws, please would you forward to me an ammended letter stating the following information for my records and to mitigate any further enforcement activity.

1) The full sum of money to be paid by myself in full and final settlement
2) A written assurance that your next correspondance represents assent to a full and final settlement of this debt and that the company will not sell or otherwise remit this debt to a third party for collection
3) A written confirmation that my credit rating will be expunged and that the outstanding balance to yourself will show as £0 outstanding.
4) The correspondance from yourself to clearly show that this offer and your assent to it clearly represents a full and final offer under the law.

As I am sure you can understand, the previous letter could be contrued as open to interpretation and I do not wish to leave myself liable to further enforcement of this debt when it could be made clear that you have agreed to my offer. In case of any future misunderstanding between us or a nominated third party, I require the normal form of words indicating that this matter is now closed as far as you are concerned. I obviously understand that you have explained your [STRIKE]proceedure[/STRIKE] procedure but in this case, I find this process to be inadequate and liable to interpretation as far as the law is concerned. I wish to avoid this unpleasant outcome and ask for your kind understanding and assistance.

I trust this meets with your approval and I hope that we can resolve this issue to our mutual satisfaction in the near future.

Yours Sincerely.....

MrsTUS

Sorry, procedure only has one 'e' in it - I'm not part of the spelling and grammar police (I promise!! ), but I always find it better to have correct wording/spelling in a letter so as to be taken as seriously as possible

FireWyrm

MrsTUS wrote: »

Sorry, procedure only has one 'e' in it - I'm not part of the spelling and grammar police (I promise!! ), but I always find it better to have correct wording/spelling in a letter so as to be taken as seriously as possible

Good written English is nothing to be ashamed of. Spelling fixed, but the OP should run it through a spell checker all the same.

yellowpinky

Thanks for your replies everyone. I'm going to send this letter (have taken a few ideas form Firewyrm's), and have requested an extension to the deadline. I've also mentioned that I can't actually have the money from my family until the letter is received.

I write with reference to the money which you are claiming on the above account.

Thank you for your letter dated xxxx, received xxxx, regarding the settlement offer on my account.

On advice from National Debtline I wonder if it would be possible to make some additions to the text of the letter as I am concerned that as it stands it is not sufficient regarding our agreement.

Please could you confirm in writing –

That the £xxxx agreed would be a full and final settlement of the account.

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 for any liability.

That you will make an entry on a credit reference agency file relating to the above account as "satisfied" in full.

That you will send me a letter after payment is received showing the balance of the account as zero.


My family will not allow the funds to be released until I have the above points in writing – I am keen to settle this account so would be grateful if you could send this as soon as possible.

I also request that if possible, the deadline could be extended by a few days to allow for posting times – payment can be made within fourteen days of receipt of your letter.

I appreciate your time and look forward to receiving your reply.


Does that look ok? Do I need to put Without Prejudice at the top?

Many thanks once again,
YP

FireWyrm

Hmmm....dont 'wonder', tell. You will not be satisfied with anything less than a full and final settlement offer letter which has the correct form of words. I suggest that you take a slightly tougher line than you have since it is possible for them to take your payment and then come to collect again later claiming that you payment was merely a 'partial' payment of the outstanding balance. You are after something that will stand up in court as a full and final settlement which they have agreed to. It's basically a contract, not just a nice finishing letter.

You dont need a 'without prejudice'. Ordinary people are not expected to understand the legal implications of this sort of correspondance in full so allowances will be made if this ever went sideways on you, but all you need to do is prove in writing that your settlement was full and final and that they agreed to it knowing this.

Remember, they may be your creditor, but you are not beholden to them and they do not own you. This is a business transaction. Treat it as one, dont beg or request, ask politely and firmly. This is what you want, this is why you want it. Dont waffle and bullet point your requirements. The staff will have read a hundred of these each day (some worse than others) and they want to see what you want and how you want it quickly and with the minimum of fuss or effort on their part. Dont make them work to understand your requirements.

Ultimately, what you are after is a swift resolution to this business arrangement and you are willing to work with them to achieve this.