Full and Final Settlement - What if they cash the cheque?

claref_2

If you offer a full and final settlement to your creditors (or an offer of repayment) and they cash the cheque you send, is it true that they have to accept the offer?

thumshie

I think not..

See: http://www.andersonsolicitors.com/Downloads/IRvFry.pdf

tango

thumshie wrote: »

I think not..

See: http://www.andersonsolicitors.com/Downloads/IRvFry.pdf

That was long winded..in a nutshell don't send off a cheque until you have a letter from the company saying that they will accept X amount in full and final settlement

Noz

If you take what happens in reclaiming bank charges:

Sometimes the bank will offer a sum less than what the claimant is asking for by cheque - what the claimant can do is cash that cheque but inform the bank that they are accepting this as a partial payment, not a full settlement - so I would think the same principle would work here.

Dylanwing

When I did it many years ago, I attached a letter with T&C's basically saying it could only be used for full settlement ,if the offer was not acceptable, cheque must be returned, and banking cheque will be taken as confirmation of acceptance. A couple banked the cheque and closed the account, the only one who banked it then wrote again were referred to my T&C's and they apologised.

Not sure if they will be so accomodating now as it seems that they are a bit less flexible thee days.