Full and Final accepted but have a query

rachaelfleur

Robinson Way have just accepted a full and final offer from me, which I want to accept but they've stated that my credit file will state 'partially settled' instead of showing it paid, which I actually requested in my offer letter. Should I just accept this or write to them saying I will only accept if my file is marked as paid?

Tixy

A lot of creditors will only agree to mark your file as partial. As long as you have a letter from them to state that it is in F&F then you won't need to pay the remainder (keep that letter as proof).
The partial settlement won't look as good on your file as settled would but if this account has a default (which I assume it does) then the account will be removed from your file 6years from the original default date anyway, and probably won't make your file look any worse than the default already does.

hello2007

I would write to them again and say that you will only pay the money if they mark you your credit file as settled not partial settled. I have done full and final in the past and the creditors mark my credit file as settled and confirm it in writing.

If they mark your credit file as partial settled there is always the risk that they may come after you in the future for the rest of money.

rachaelfleur

Thanks to you both. I have now written a letter asking them to state that it's settled and not partially settled. If you don't ask you don't get! However, if they don't accept then I will just go ahead and pay it. Like you say partially settled doesn't make my credit file look any worse than the million defaults I already have

fermi

A partial settlement on your credit files is perfectly acceptable according the the Information Commissioner.

It does not mean that they can chase the remainder.

However, before accepting any settlement you MUST have it in writing that what you pay is accepted in settlement of the debt, you will not be liable for any remainder, and that remainder will not be chased or sold on.

What is recorded on your credit files is a completely separate issue.

There you need to have it in writing that the account will be marked as settled (partial settlement marker is OK), and the balance outstanding will be reduced to zero.

FredWhispers

"If they mark your credit file as partial settled there is always the risk that they may come after you in the future for the rest of money".

Er, no. 'partially settled' is a perfectly correct way to update an account where an F&F has been agreed. and IS a settlement. Please dont scare people!

Fred

jadex

hello2007 wrote: »

If they mark your credit file as partial settled there is always the risk that they may come after you in the future for the rest of money.

the clue is in the word "settled"
what is settled is settled regardless if it is a full or partial settlement