Full & Finals - the future

Kunama

Hi all,

I am just looking for a little informationa as to the future implications of Full and Final settlements. Myself and my partner have been on a DMP for nearly 3 years. Over this time I have closed two of my debts using F&Fs however they have both mentioned something about possibly requiring the rest of the debts to be paid in the future.

My question is: If I close a debt using F&F how long after can they require the remainder of the debt to be paid. I am worried that in 10 15 years time I may suddenely start getting letters from these old debts requiring that I pay up the rest of the money. If this is the case I would rather pay the full amount now and have it finished with. When this DMP is finished I want to be able to close the door and not spend my time worring about old debts coming back to haunt me.

Many thanks for any help you can offer

Kat

Kunama

Sorry just a little Bump

fermi

The point of a full and final is that before you part with any money, you get it in writing from the creditor that:

- You are no longer liable for the remainder of the money.
- You will not be chased for the remainder, and it will not be sold on.
- You credit files will be updated on some way to show that the debt has been settled, and that nothing is left to pay.

If you didn't get the above in writing, then any settlement is pretty worthless.

If you did, then they can take a hike if they try to chase the remainder. No matter how much later.