Barclaycard full & final settlement question

goaten2000

Hi

I posted this in the credit cards forum but think I should have asked here instead.

To cut a long story short, Barclaycard have agreed my wifes offer to settle our balance for £800 less than the full balance. The only sticky point is around how they're going to mark her credit file.

We challenged how they were going to mark it and to quote the letter they've sent us:-

Does this sound right? they've confirmed in writing that they will not pursue us for the balance (and if they do, I can refer them to this letter they've sent) but is the credit file part right? I want to make sure this is in place before we pay the balance.

Thanks in advance for your help

ampafc

You haven't actually qoted what they have said, as far as I can tell. If you do that, someone should be able to help.

goaten2000

apologies, not sure what happened there!

The wording on the letter was:-

You spoke to an advisor who agreed to accept your offer of payment as a full and final payment to your account but that any full and final payment will show on your credit file as satisfied with a balance and we will record a flag (P) with the credit reference agency. This indicates to other lenders that there was a partial settlement of the account and would remain on your credit file for 6 years and that we would not pursue you for the outstanding balance.

goaten2000

Does anyone know if the way they've worded their reply seems ok? and will this clear the debt in the correct way?

Thanks in advance for your help.

fatbelly

Seems OK to me.