Full and Final Settlement figure agreed

Kms

Hi All,

i have come to an agreement with a DCA about an outstanding account,

i have managed to agree a figure of 52% of the defaulted balance which i'm happy with, however they say they cannot mark my Credit file as Fully satisfied due to me not actually fully paying back the full debt,

they say, my account balance will return to zero, no outstanding balance will be sold on nor will they chase me for it and they will mark my credit file as Partially satisfied, as i have partially paid the debt.

am i ok to accept this offer? i have them putting it in writing to me.

also is it safe for me to use a Credit card to pay? i dont want them taking more than we have agreed and me having a fight on my hands to get the remaining balance back!

Thanks in advance!

Kris

sickasachip13

Sounds good. But when you get the letter you can always ring the National Debtline - a free service - and they will advise. This is what I did with my F&Fs.
SAAC

Kms

Good idea, i have spoken to them in the past but TBH i never even thought of them this time!

Thanks for the Reply!

Kris

Kms

What about paying the debt with a credit card... will this leave me open to a possible risk of them taking more?

or am i safer paying balance from a bank account with a debit card thats not used for anything?

sickasachip13

Ooh, I don't think I'd like them having my credit card (not that I have any anymore)! Have you a cheque book? If not, I'm sure the debit card would be fine - one of ours was paid by debit card and it's not been a problem
SAAC

Deep_In_Debt

I wouldn't risk credit or debit card as they could help themselves to more. I'm very wary of DCAs - really don't trust them at all. Pay them by cheque if you can or what about a postal order?

Bosniavet96

I've managed to clear 2 of my debts with a reduced settlement, admittedly not with DCAs, I personally advocate paying via BACS......
Congratulations on getting a settlement agreed.

Kms

Thanks for the advice on this,

i have a "Spare" current account with a nil balance, so have decided to use this to pay and just transfer the amount to that acount beforre the phone call.

one other question, Lowell will not alter my credit file to "Fully satisfied" but only to "partially satisfied", i have said to them about this and they say it is the law to do that, but the other DCA is quite happy to show "Fully satisfied" even with a F&F of only 52% of the defaulted balance.

its obviously not the law in this case am i better to push and push to get a "fully satisfied" marker from lowell or just sit back, pay them and move on from this?

i do not need any credit within the next 12-18 months (mortgage) hopefully and currently have a healthy credit card with halifax so should ijust pay these companies and concentrate the next 12 months or so controlling my finances to have a positive effect on my credit file?

Thanks in advance,

Kris

drowninginunpayabledebt

Couple of years ago I ran up some debt and I got help from family to pay back some of it in full and some of it was listed as "partially satisfied". It does make a difference - it is better to completely pay all of your debt from the view of your credit file however "partially satisfied" does save you money.

If they accept a "partially satisfied" then they *cannot* change their mind and demand the rest of the money - neither will they just take it our of your account without warning. Partially satisfied or fully satisfied their business with you is over. Very smart to have them put it in writing but if they have accepted the agreement then pay the 52% and get working on getting your credit rating back on track!

Good luck