Quick help needed with F&F's please!

sofa_bean

Hi all!

I am in the midst of making F&F offers to my creditors and have just received a letter this morning to say that the bank I owe the largest amount to has accepted my offer of just over 30% :j

The letter states - "Upon receipt of your cleared payment, your account will be closed and your credit file updated to show the account as 'partially satisfied' " Is this wording ok?

Also, they are asking for payment over the phone by debit card - is it safe for me to pay this way? (They have been paid for the last 4 odd years by CCCS so they don't know my current bank details)

Would appreciate any help on this so that, if it's all ok, I can get this debt paid off ASAP!!

sofa_bean

awayinchina

Start your negotiation at 20% then work up to 30% offer 30 from the start they will try to get 40% or wont accept your offer.

sofa_bean

Thanks for your reply awayinchina, but this creditor HAS accepted my offer of 30% - I just wanted to know if the wording of their letter and method of payment was ok......

sofa_bean

lindann_2

hi l would not pay by direct debit, then you hear horror stories that they taken more money, you can ask them to send you a bank giro so you can fill in what amount then pay cash also have a receipt for the said amount...
you maybe able to pay through cccs good luck

awayinchina

sofa_bean wrote: »

Thanks for your reply awayinchina, but this creditor HAS accepted my offer of 30% - I just wanted to know if the wording of their letter and method of payment was ok......

sofa_bean

if they have made an offer in writing just pay the 30% over the phone. but first make sure they put in words this is a full and final settlement.

fatbelly

Well done on getting a deal at 30%.

The partial settlement flag on your credit file is correct. However 'your account will be closed' is a bit vague unless they say elsewhere that they are accepting the sum in full & final settlement or they say that the account will be written to zero and no further action taken.

I recommend payment by cheque. Unless this was a creditor I trusted (and there's not many of them) I wouldn't pay by debit card.

sofa_bean

Thanks for the replies guys :beer:

fatbelly, I don't have a cheque book so what would be my best way of paying them? I'd like to get it all done and dusted as quickly as possible

sofa_bean

kaya64

how about paying the creditor by postal order ?

awayinchina

ok what I did was got them to email me this was the only payment and once cleared there would be no outstanding debt:
actual wording:



[FONT=Arial,Arial][FONT=Arial,Arial]Settling your account balance
[/FONT][/FONT][FONT=Arial,Arial][FONT=Arial,Arial][/FONT][/FONT]Thank you for contacting us about your Lowell Portfolio I Ltd account, and offering a lump sum payment.
Lowell Portfolio I Ltd are happy to agree to your payment of
[FONT=Arial,Arial][FONT=Arial,Arial]£ xxx.xx [/FONT][/FONT][FONT=Arial,Arial][FONT=Arial,Arial][/FONT][/FONT]to settle your account. However, they will only accept the payment as full and final settlement if the money reaches their account by 23 April, 2012.
If the money does not reach them by then, we will no longer be able to offer this settlement to you and we will be entitled to ask that you repay the full balance.



after I payed I made them confirm actual wording below:


YourBalance is clear

We are pleased to tell you that you have cleared your outstandingbalance of £xxx.xx. Your last payment of £xxx.xx was paid on 19 April,2012 and so long as this payment clears, you no longer owe us any money.

Yourcredit file
We will inform theCredit Reference Agencies that your account is now clear. We send updates tothem on a monthly basis and once they receive the information, they will markyour account as satisfied.


Happy days!!

sofa_bean

Thanks for all the help and suggestions :beer:

Think I'll write to them again and get them to confirm (in writing) that the balance of the account will be zero when the account is closed.

I shall also explain that I don't have a debit card (well...not one I'd be prepared to use ) or cheque book and ask them how I should make payment.

sofa_bean