Blair Oliver & Scott - partial settlement

sezmcd

Hi!

I'm after some guidance please. I'm in the process of clearing my debts as a family member gave us a gift. BOS accepted at 60% (less than we asked)! I emailed them asking for some R&C's before paying, & they have today sent me a letter.

The letter states that this will be a partial settlement of our debt, that they will now issue another default notice that will affect our credit rating for 6 yrs, & they will update our credit score with a "partially satisfied", but agree not to pursue us for the remaining balance.

I'm confused - they're writing the debt off, not pursuing us for the outstanding amount, but it's not a full & final?

So, can they:
A) issue a default notice now
what does a "partially satisfied" mean compared to a full & final

I can't help but feel wary, & a bit bullied

Thanks in advance

Sez xx

antonic

Yes they can.

If your going to make a F&F settlement you MUST ensure that its accepted and reported as "settled in full".

Anything less than that , as you have discovered , it will be reported as a partial settlement.

If BOS wont budge, dont settle, put the money away and save to be able to pay in full.

fermi

No. A partial settlement refers to how the credit files will be marked. ICO guidelines say this is an acceptable way to mark the credit files in a settlement.

As long as they say they will not pursue or sell on the remainder, then the offer could be OK.

sezmcd: Give National Debtline a call on freephone 0808 808 4000 and go through the wording of the offer with them to see what they think.

Lensman_2

+1 to Fermi's advice.

The important thing is not the partial settlement on your credit file but that the remainder cannot live on to be shipped on to a DCA to be collected at some point in the future. National Debtline can help you with the wording needed to avoid this.

The fact that they say they are going to issue a new default must be brought up with National Debtline too. This seems odd to me and something I thought they could not do - unless you have signed a new agreement for the debt?

fermi

I was assuming that any previous default notice had been remedied before a default was actually recorded on the credit files?

If that is not the case, then no, they cannot/should not record another default on the credit reference files.

Could also just be a standard worded letter that hasn't taken the exact circumstances into account?

National_Debtline

Hello there,

Give us a call if you would like further help with this. We've also a fact sheet which outlines the key aspects to Full & Final settlements. Here it is!

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=37_debt_relief_orders

Best wishes,

David @ NDL.

sickasachip13

Hi,

Just to echo the advice above. I used National Debtline to check the wording of the letter I received from creditors when doing two F&Fs. I can't recommend them enough - good, clear and straightforward advice :T
SAAC