Loan Settlement Figures

Mike_A_2

Rosalynd wrote: »

I have a question for people if they can lend me you opinions?
I had a customer who offered to repay a debt with a settlement figure as this was in dispute.

What is in dispute, the settlement figure or the loan itself, and why is it in dispute?

Unfortunately my client returned and said no to this, however, he had already sent a letter with a cheque for £700 (the debt was £900) and included in the letter this was full and final and he considered the matter now closed.

Why did he send a cheque for £700. Where did he get this figure from? Who did he agree a short settlement with?
Why did he presume that sending a cheque for £700 would mean "the matter now closed"?

One of my collegue in my absence banked the aforementioned cheque and never replied to the gents letter to advise him this was not accepted.

If a customer sends a cheque then the creditor will bank it. The main question here is, did "the gent" make an offer of full and final for £700 an include this in a letter along with the cheque?

I am having difficulty seeing why he can do this as i am adament if this is a mistake it is my collegue mistake and therefore the gent should not have to repay the funds however i seemed to be overuled in my work and it is really annoying me because i know i'm right.

Why should the customer suddenly not have to pay what he owes? He sent in a cheque for £700 which was paid to his loan, but its not enough to settle the loan, therefore he still owes more.

Can anyone lend me there views and expertise here?:wall::wall::wall:

This is a very confusing post, you need to explain with more detail but from what I can see the customer is trying to make a short settlement without first discussing this with the creditor, and therefore still has more funds left to pay.

Mike

I presume you work for the creditor who has loaned "this gent" funds as Personal Loan?