settlement offer but email only

panny12

Hi

Having written then phoned a debt collection office enquiring about a settlement offer, they have agreed to a 50% discount but will only confirm this by email rather than letter, this seems to be down to them wanting the debt closed ASAP. Legally am i being careless by accepting this agreement via email or should i insist on a letter or is there no difference?
Also regarding my credit file, it will be recorded as a settlement figure, will that be seen as a negative?

Many thanks

Panny

bazzer86

wow 50% how you manage that , and i would pay with the email and once paid ask them to send a letter to confirm the account is closed and settled

DS4215

Are they sending you a copy of a letter in a PDF format through email or just and email with the details? A PDF copy of a letter should be ok, but just an email is dodgy - by its nature, SMTP (the protocol for delivering email) does not guarantee delivery and should not be relied on for delivery of any important documents.

Also email is easy to fake - I can easily make one with a spoofed address from anyone you want so cannot be relied on as proof.

panny12

its juts an email from their collections department stating account number and settlement amount agreed. No PDF letter attached.

panny12

bazzer86 wrote: »

wow 50% how you manage that , and i would pay with the email and once paid ask them to send a letter to confirm the account is closed and settled

Write them a letter and ask for a settlement figure, i started at 60% and was offered 50% but have heard of discounts as high as 80%. Google debt settlement letters, many templates out there.
Good luck

awayinchina

to be honest 50% is high I have settled 4 debts for between 25%-35% if they offer 50% you can knock them down as there is nothing in writing I would attempt to knock them down. If they have already emailed and it says "FULL AND FINAL settlement with outstanding debt = Zero go for it"
you have to get the wording of "FULL and Final Settlement with outsentading balance set to zero" otherwise they can and will sell the remainder on to another DCA.
get them to put it on headed paper IE word file. Most banks and DCA's use word to type a letter and then convert to PDF.
I make them put it into a word document then convert to PDF so it cannot be altered.

panny12

25-30% is very very good, some of the companies i am dealing will not budge from 50% and to be honest i am happy tp pay them off and forget about them, i will take note of your wording point, great tip.
thanks.

PhishFood_2

My friend settled a few debts with a 75% discount. The company sent emails but then followed up with a real letter, she decided to trust the emails and it worked but I guess it could be viewed as risky. If they are happy to accept a settlement figure then I don't see why they wouldn't wait a few days for a letter to reach you.

panny12

the company im dealing with is wescot, has anyone managed to get a better deal than 50% with these guys or have your percentages been with other firms, might be a good idea to list as a guide for others!

Loubylou2

We settled by email and its all worked out fine. Just make sure you get the wording correct from them ie

That this figure is a settlement and the account will be closed and that you will not be chased by anyone for the remaining balance. If they want to settle then they will do this.
As has been said before there are templates showing the wording needed.
Unfortunately you may not get them to agree to marking it as a 'full & final settlement' as you are not paying fully.

One of our creditors has marked our account as settled and the other as partially settled which is accurate as we did only partially settle.
We did ensure we got in writing afterwards that our accounts were closed.
I can't speak about your particular creditor. Our debts were with Nat west Triton & Buchannan Clark & Wells (Post Office)
good luck:)

taffy056

Get everything in writing with letter headed paper, honestly if something hits the fan you are knackered. Follow standard MSE advice and do things properly. And start with an offer of about 20%-25% or lower.