Wording of full and final acceptance letter

turtlemoose

Hi, I've negotiated with a creditor for f+f using the templates on national debt line, we have reached an agreed amount but I just want to check the wording on their letter is ok before I pay. It says:

I write to confirm that we can agree to close account XXXX if you pay the settlement figure of XXXX.

Is this wording ok, to mean nobody else can chase for the remainder of the debt?

Is there anything in particular I need to put in my response? I was going to pay by cheque, is that the best way?

Thanks in advance

bargainbetty

No, you need to see the specific phrase 'full and final settlement of the account/debt'.

The debt must be marked as satisfied on your credit file and no further action can be taken. Without those assurances, it means very little to 'close the account'. Others could buy it and re-open it.

Good luck

awayinchina

letter something like:

Dear Sir/madam,

I agree to settle my outstanding account (ref) as a full and final settlement. I would request that you confirm to me that the following actions will be undertaken in regards my credit reference as soon as the full and final payment has cleared:
1) Outstanding balance set to zero
2) Account marked as settled

kind regards