Full and Final Letter

mikejleeds

I have a joint DMP with my partner. There are 5 accounts one is mine one is joint and 3 are his. I have been made redundant and our monthly income will be less than £800 which does not cover our priority payments. I intend to send this letter to my partners DCA's and wondered if anyone could make a comment on its suitability or if they could make any recommendations for any alterations. Thanks in anticipation

Re: Card Account
I write with reference to the money which you are claiming on the above account.

I can confirm that I am unable to offer to pay the money which I owe in full as my partner has been made redundant meaning that our household income does not now even cover our priority payments. I have instructed my DMC that I will not be able to continue with my current repayment plans to my creditors, and despite wanting to make payments to my accounts from now on will only be able to make a token payment of £1 per month to each of my creditors.

However my partner has offered me some money left from his redundancy to help me make full and final settlement of the accounts.

Therefore I would ask for your to advise a figure for full and final settlement.

Any offer that is made is on the clear understanding that, if accepted, neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that I will be released for any liability. I also request that, if accepted, you will make an entry on a credit reference agency file relating to the above account as "satisfied" in full.

Payment can be made within 14 days of receiving your written agreement of this offer and method of payment.

I look forward to receiving your reply.

Yours faithfully

fatbelly

The main problem is that it doesn't make an offer. Replace

Therefore I would ask for your to advise a figure for full and final settlement.

with

I offer £X as an ex-gratia payment in full and final settlement of the account.

Personally I'd start the £1 token offers and let them get used to the idea that it is going to cost them more to maintain the account than you are paying them. Then try F&F in about 6 months.