Partially Satisifed... is this ok

Wannabesaver_4

Hi All - we owe abbey national £15,000 (original loan was for 10,000 but hey) anyway i send them a full and final offer for £6000 and they accepted and said they woudl mark the credit file "partially satisfied" and that the moral obligation to pay the debt in full if we ever can will remain.

I know we woudl ideally wanted Full Satisifed but its an amazing opportunity to get rid of half our debt!!!!
OH spoke to Abbey and teh woman assured him that no one will ever come after the money its just the way they phrase the letter and that as far as they are concerened we wont owe them any money.

CCCS said it was a problem but i feel like just doing it and being rid of it - any advice woudl be VERY grateful!!!

immoral_angeluk

Noooo don't do it! What abbey told you is rubbish when something is partial settled they can come back and demand the rest from you at any point... only do it if it's going to be fully satisfied and don't accept anything less!

southernscouser

The Abbey are there to make money from you. They will do this anyway possible.

The CCCS are there to help you, not make money from you.


Who would you believe?

Wannabesaver_4

Thanks - i knew this deep down - just got excited at getting rid of half of it!!

Wannabesaver_4

feel awful - just asked OH to ring Abbey again and see if they will mark it as fully satisfied and he got cross and said he had asked them before and they said no. He wants to pay it and "be rid of it" but i am feeling more cautious.

I know Abbey were about to send it to a DCA before we sent the offer so shoudl we wait and do you think Abbey woudl change their mind.

xgingerx

Hi, I can only speak from my personal experiance a number of years ago.

I owed Barclarys 10k and they sold the debt on to Regal (Debt Collection Agency)

I offered full and final settlement of 5,500 and on my the CCJ for this was marked as satisfied.

Dont know if this helps but thats what happened in my case.

Tootsie_Roll

Wannabesaver wrote: »

feel awful - just asked OH to ring Abbey again and see if they will mark it as fully satisfied and he got cross and said he had asked them before and they said no. He wants to pay it and "be rid of it" but i am feeling more cautious.

I know Abbey were about to send it to a DCA before we sent the offer so shoudl we wait and do you think Abbey woudl change their mind.

I have done dca work for Abbey in the past and they will only ever mark the file as partially satisfied if you don't repay the full amount. I have never once in over 10 years EVER heard of them chasing again once they have agreed to the partial settlement.

Hope this puts your mind at ease.

fatbelly

Hopefully they're going to confirm this in writing.

I'd want to see some phrase like 'we agree not to pursue...' or 'all collection activity will cease.'

Wannabesaver_4

Tootsie roll - THANK YOU SO MUCH!!! :j it really has made me feel better. My OH did call them again and they said the same thing. Have put the cheque in the post and am quite excited as debt will have gone from £30K to £12,000 now which seems infinetly more managable!

Thank you so much everyone who replied to me!!!

southernscouser

Wannabesaver wrote: »

Tootsie roll - THANK YOU SO MUCH!!! :j it really has made me feel better. My OH did call them again and they said the same thing. Have put the cheque in the post and am quite excited as debt will have gone from £30K to £12,000 now which seems infinetly more managable!

Thank you so much everyone who replied to me!!!

Did you get my PM? :undecided

fatbelly

And what have you actually got IN WRITING from Abbey?