Advice pls re F&F settlements

Jamminella

Hi all,
I hope someone can help with this please.
I am finally in a position to offer F&F settlements to all my creditors (not for the full amount, but around 70-80% of my debt), due to my recent house sale.
I have spoken to them all and agreed good settlements with most. I'm not too interested in driving the settlement percentage down, as I do feel that I incurred the debts so it's fair that I pay them.

I have received identical letters from Lloyds and BLS (original debt: Lloyds). However they have stated 'we are prepared to accept the partial offer of £xx in partial settlement.... your account will be closed and your credit file updated to show the account as partially satisfied"
Nowhere do they mention that they will not sell the debt or pursue me in future. I didnt' notice this, and have paid the agreed amounts. Have I been tricked??

On the same subject: I am also dealing with Moorcroft, re another Lloyds debt. I agreed a figure with them over the phone, and they tried to bully me into paying immediately with a debit card, which I refused. I insisited on receiving a letter confirming they will not pursue me for the debt in future. They sent a letter, but sent it so late that it didn't give me the 4 working days needed to make an online payment, and the letter stated "the payment must reach our offices no later than 10am on 5th august otherwise this offer will be withdrawn and further action will be taken to recover the full balance" As I know that the money would not get there in time, I haven't paid them yet, and have requested an updated letter, however they have sent me an email with more unreasonable time limits which I can't reach. I don't know what to do now, as they seem to be pushing me into making the payment by phone so it goes through straight away.

I'm due to give birth in 8 days and really wanted this sorted by then. I'm willing to pay my settlements, but need the reassurance that they WILL be 'settled'.
Also I keep reading on here that the debt must be marked Full and Final; everyone I have spoken to (5 companies in total) are only marking it partial. Is this adequate? I realise my credit history will be bad for 6 years but as I have defaulted (i was until recently on a DMP with CCCS), this would be true in any case...

Any advice please?
Sorry for the extra long post!


Thanks
Jamminella

fermi

You need to understand the difference between having a company say that the debt will be "settled", and how that can be recorded on your credit files.

Regards your liability: You should always get in writing that the debt will be settled, and the account closed. Preferably with some statement saying that the debt will not be sold on or chased.

Regards your credit file: It is acceptable for the company to mark your credit files as a "partial settlement" as long as they zero the outstanding balance. Basically that distinguishes between what you have done and someone who has settled by paying the full amount.

So it sounds like the Lloyds settlement is not ideal, but should OK.