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Short Settlement. Will we still be chased by DCA?
fuzzgun19
Posts: 7,767 Forumite
Hi all,
My husbands Abbey account (overdraft) went to a debt collector, and they offered us a 50% reduction, which we were able to accept and paid them by cheque (we used money we received from getting bank charges back).
We have received the following letter from them to confirm this.
My question is, does this mean the debt is over and done with now?
..or later down the line will another DCA try to get us to pay the remainder 50%?
My husbands Abbey account (overdraft) went to a debt collector, and they offered us a 50% reduction, which we were able to accept and paid them by cheque (we used money we received from getting bank charges back).
We have received the following letter from them to confirm this.
My question is, does this mean the debt is over and done with now?
..or later down the line will another DCA try to get us to pay the remainder 50%?
I Hate Jobsworths!!!
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Comments
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I'm sorry, I don't know the answer, but I know people people on here usually advise asking for confirmation that any amount paid represents a full and final settlement. I know that's not particularly helpful to you, but at least it will bump your post to give someone with more knowledge chance to see it!"I wasn't wrong, I just wasn't right enough.":smileyhea97800072589250
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I would imagine that the letter finishes the debt off really. Obviously, keep that letter safe and sound and wheel it out if someone decides to be naughty, but I think you're sorted with this one.
Well done!Chuffed to be member 11 on the DMP mutual support thread.
Unanimously voted 'Quotation King' by members of the club. Woo-Hoo:D
Lost my 2 star virginity to smilealot and teecee. And no other two could have been better!0 -
Thanks,
I'm wondering what's the difference between 'Short Settlement' and Full & Final Settlement'?
How the letter is worded, would a DCA be able to say short settlement is different?
Maybe I'm just thinking the worst, but would like clarification, as we're not fluent in legal-ese!I Hate Jobsworths!!!0 -
I actually read 'short' simply as 'quick', instead of lengthy monthly payments, but you're possibly right to be wary.
Give them a call and see.
The thing is that in the letter it does say that the file is closed, so it does sound final, but if only to put your mind at ease, I'd have a word!Chuffed to be member 11 on the DMP mutual support thread.
Unanimously voted 'Quotation King' by members of the club. Woo-Hoo:D
Lost my 2 star virginity to smilealot and teecee. And no other two could have been better!0 -
I hope so, as I know old debts can be dragged up years later...I Hate Jobsworths!!!0
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I hope so, as I know old debts can be dragged up years later...
Hi Fuzzie,unsucured debts dont go on forever,if you have not paid any money to your creditor for 6 years the debt becames statue barred,which means in lay mens terms they can not get there money back.hope this clears up any matter you have.
regards
danno0
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