Urgent help needed for F&F offer.

Bliss_Butterfly

I have today received acceptance of a full and final offer to settle an account, it is with a DCA acting on behalf of another DCA managing a debt originally incurred with Natwest (Credit Card). (I have not tried to recover any charges on this account yet as I also have my main current account with Natwest). On my Credit file I have a default registered and and Charging Order judgement.

The letter I have received accepts the offer stating 'our client, strictly without prejudice, is prepared to accept the sum of £xxxx.xx in respect of your liability for the sum outstanding on the above account. It states nothing else.

I have drafted a letter stating;

We write in reference to your letter dated XXthXXXX 20XX.

We would like to confirm that we intend to pay the agreed sum of £XXXX.XX offered as an ex-gratia payment in full and final settlement of the above account. This offer is made on the clear understanding that, by acceptance neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever, and that we will be released from any liability.





By accepting, you agree to the following changes in relation to my credit file;

• The Default Notice will be removed
• The Court judgement No:XXXXXXX will be removed
• The Status of the account will change from “Defaulted” to “Settled”
• The Current Balance will appear as £0.00
• The Default / Delinquent Balance will be set to £0.00
• There will be no date in the “Defaulted Date” field (as it will be removed)
• This will apply to all 3 Credit Reference Agencies, namely Experian, Equifax & Call Credit

Payment will be made by XXth XXXX 20XX subject to receiving your written agreement of the above on formal headed notepaper. Can you also provide account details to make a direct bank transfer unless another payment method is preferable, if so please provide details.


We look forward to receiving your reply

Could anyone provide any advice on content, format or any other points I should include or amend.

Thank you in advance.

Bettingmad

How much was the offer compared to the size of the debt?
TBH I would be looking at calculation all the charges incurred on the account with a view to offsetting this amount against the debt prior to any offer.
I think you will struggle to get them to remove the default and CCJ info however it's worth a try. You have nothing to lose they can only say no.
I think you have hit all the salient points within the letter. I would probably be a little sneakier myself and say that a third party is prepared the agreed amount on the understanding that the debt is cleared in full. I would reinforce on the rear of the cheque from the thirty party 'Only to be cashed in full acceptance of the agreed offer'

Bliss_Butterfly

The accepted offer is approx 50% of the debt and is my third offer.

Do you think it is worth trying the tactic that I would like them to place the case on hold if they cannot agree to my offer whilst I formally dispute and attempt to claim unreasonable charges. I would rather use this as a tactic to force acceptance of the above and resolve the whole thing than really try and offset it against the debt.

Any more views and thanks so far.

Bettingmad

Bliss_Butterfly wrote: »

The accepted offer is approx 50% of the debt and is my third offer.

Do you think it is worth trying the tactic that I would like them to place the case on hold if they cannot agree to my offer whilst I formally dispute and attempt to claim unreasonable charges. I would rather use this as a tactic to force acceptance of the above and resolve the whole thing than really try and offset it against the debt.

Any more views and thanks so far.

You would use it to offset against the 50% offer thereby reducing it even further not the full amount.

Bliss_Butterfly

Sorry I dont think I explained myself clearly. I am ready to pay the 50% that they have accepted I just want to be sure it will lead to them agreeing to the points I have asked for in the original post.

neverbefore2011

Are the charges billed separately?

I would have assumed that the 'outstanding balance' would include all charges imposed so far

Bettingmad

Bliss_Butterfly wrote: »

Sorry I dont think I explained myself clearly. I am ready to pay the 50% that they have accepted I just want to be sure it will lead to them agreeing to the points I have asked for in the original post.

As I said earlier I would find it highly unlikely that they would remove the adverse credit markers ,nothing ventured nothing gained I suppose.

MoneyMagic01273

One question in my mind is whether they are even able to agree to just remove the CCJ?

I thought once it goes to court and a judgement is made - if its not paid within 28 days, it was entered into the Register of Judgements, Orders and Fines and that was were the Credit agencies pulled the data from. I didn't think the creditor managed this data or could just reverse delete it on a whim.

Can the CCJ can be simply removed after that, or only marked as settled? (unless the judgement is formally set aside)

I really don't know if its as simple as someone - even the original plaintiff - saying "can you take this out as otherwise she won't pay us"....

I'm sure someone more knowledgable than me will know for sure... I'm just throwing this out there...

MoneyMagic01273

sorry - scratch that, I just realised you are talking about a charging order (on a property?) Which I guess can and would be removed if a creditor reports a debt is settled F&F...

Bliss_Butterfly

It is a Charging Order and I am assuming that if there is no longer a debt then there can no longer be a charging order, thanks for your thoughts.

I am looking for a steer on the technical content and layout of the draft letter I have posted. Have I missed anything obvious that could come back and bite me when I pay.

neverbefore2011

I think you should add a proviso that, in addition to the credit reference agencies, Shoosmiths, Arrow and NatWest should all clear their records of any reference to you or your failure to pay more than 50% of your debt.

Then you will be able to immediately apply for a new credit card with, say, a £3000 credit limit, and go through the whole process again, thereby giving yourself £1500 to spend on shoes!