Paying off a loan

violamay

Triton Credit Services have suggested I pay off a loan at a reduced amount. Should I get this in writing?

redpete

You need them to put in writing that £x will be accepted as a full and final settlement of the debt.

Angel4

YES, get as much proof as poss, names, ext numbers, line managers numbers, do not use emails as proof. good luck

Tixy

Suggest you get in writing from them that the payment will be in full & final settlement, that neither they nor anyone else will chase you further for this debt, and that they will mark your credit file as settled/partially settled.
Make sure you keep that proof and proof of your payment (its not unheard of for people to be chased a few years later and not have kept the proof).

Quite a useful factsheet and suggested letter template here http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers#chapter5

violamay

Thanks for reply. Is it a question of the credit services company getting something instead of nothing? I have always been told you never get something for nothing.............

paddyrg

I think it is the 'bird in the hand' concept - they have given up expecting you to ever settle fully long-term, or at least see many risks in the future - so if they can get back the bulk of the cash, they can just close the file and put it down to experience. They know interest rates will only go up from here, so it is probably an exercise in limiting liabilities for them