Full and final settlement letter - advice needed.

oggers85

Hi people,

I have received a written acceptance letter of my settlement offer. The outstanding balance was originally with Nationwide and has been handed over to KPR.

I was hoping someone could advise me if the wording is sufficient to be 100% sure that they or no one else will be able to pursue me for this in the future, and that it will indeed be completely 'settled'.

Any help/advice greatly appreciated.

Cheers,

Ian.

__________________________________________________________

Dear XXXX

A/N: XXXXXXXX
Outstanding balance: £755.02

This letter confirms the agreement has been made with KPR Debt Collection to settle the above Nationwide Credit Card Account.

A/N: XXXXXXXX
Payment Due(£): £280
Payment Due Date: 31st

Payment should be made by the agreed date.

Cheques should be made payable to Nationwide CC Services followed by your name and sent to the above address, quoting the A/N.

On receipt of payment, your account will be closed and an update sent to Credit Refererence Agencies to reflect the partial settlement agreed.

If you are unable to keep to this arrangement please contact me immediately on XXXXXXXXXX

If this arrangement fails we may refer the account to a solicitor to commence legal action or, alternatively, the debt may be passed to a specialist Debt Collection Agent who will collect the debt on Nationwide's behalf.

Yours sincerely

XXXXX

lornz23

Hello,

I would push back on this one as they have said that it will be recorded as Partial settlement so I would write back to ensure that they will record it as a settlement in full otherwise it will go against you in the future. Other than that they shouldn't be able to chase you for any more money after this as they say your account will be closed.

Good luck!

fatbelly

A partial settlement mark is the correct mark according to the ICO.

They haven't used the phrase 'full and final' but have said 'On receipt of payment, your account will be closed'

I don't think they are deliberately being underhand in any way and intending to pass it to a third party to pursue (KPR are in-house I believe) but mistakes do happen. You may want them to explicitly add the phrase 'and the balance written to zero.'