CONFUSED Full and final NOT WITH zero balance?

[Deleted User]

You need to be wary of this

mattymoo2014 wrote: »

The man on the phone said the balance would still show on my credit file but that Nationwide would not pursue it.

Just because Nationwide won't pursue it, doesn't mean they won't sell the debt on to someone else, who will pursue it.

DogandBone_2

Bedsit_Bob wrote: »

You need to be wary of this



Just because Nationwide won't pursue it, doesn't mean they won't sell the debt on to someone else, who will pursue it.

Exactly :T

DogandBone_2

glentoran99 wrote: »

I see what your saying but if an account balance reaches zero then there is no debt so nothing for anyone to chase Im happy that it's paid off and there is enough evidence of such if by some fluke someone else decides they want the same money

You really need to understand that an account & a debt are not the same thing.

When an account balance reaches zero it just means there is no more money owed to that particular firm. The debt dosen't just suddenly disappear.

I hope you aren't put in a position where you have to try & contractually defend your position i really do.... We all need to be completely clear on this though as that is the only way to stop this happening, by providing our own protection through knowledge.

glentoran99

DogandBone wrote: »

You really need to understand that an account & a debt are not the same thing.

When an account balance reaches zero it just means there is no more money owed to that particular firm. The debt dosen't just suddenly disappear.

I hope you aren't put in a position where you have to try & contractually defend your position i really do.... We all need to be completely clear on this though as that is the only way to stop this happening, by providing our own protection through knowledge.

Nothings disappearing, its been paid, they have recorded it as being paid therefore no more debt, If the letter states something is regarding as "paid in full" then there is no debt

as i said i see what your saying but as i said id be confident that its been stated there is nothing owed to that company they would have nothing to sell to another company and that it would stand up

DogandBone_2

glentoran99 wrote: »

Nothings disappearing, its been paid, they have recorded it as being paid therefore no more debt, If the letter states something is regarding as "paid in full" then there is no debt

as i said i see what your saying but as i said id be confident that its been stated there is nothing owed to that company they would have nothing to sell to another company and that it would stand up

But the full debt hasn't been paid has it & it hasn't been recorded as being fully paid. You didn't pay the debt in full & your credit file is marked that you 'partially satisfied' not 'satisfied' the account... which means a debt still exists as Aktiv Krapital (UK) Ltd only closed the account as it took your payment in satisfaction of the account not debt, it didn't actually discharge the debt.

The debt is still on their books as an asset.

I agree with you that stating 'paid in full' in a letter sounds like enough, but the letter dosen't mention debt or liability & thats what a court would probably want to see :-/

glentoran99

DogandBone wrote: »

But the full debt hasn't been paid has it & it hasn't been recorded as being fully paid. You didn't pay the debt in full & your credit file is marked that you 'partially satisfied' not 'satisfied' the account... which means a debt still exists as Aktiv Krapital (UK) Ltd only closed the account as it took your payment in satisfaction of the account not debt, it didn't actually discharge the debt.

The debt is still on their books as an asset.

I agree with you that stating 'paid in full' in a letter sounds like enough, but the letter dosen't mention debt or liability & thats what a court would probably want to see :-/

its not though, its marked as satisfied, they said it would be marked as partial but its marked as fullly, only halifax marked as partial, I have a letter with a big 0 for amount owed from aktiv, so they would have a hard time convincing a court that they had an amount to sell on or any debt owed to them.

If i paid the full amount owing i wouldnt have got anything else from them other than what i already have

the last paragraph also says ' thank you for your cooperation in bringing this matter to a close'

DogandBone_2

glentoran99 wrote: »

its not though, its marked as satisfied, they said it would be marked as partial but its marked as fullly, only halifax marked as partial, I have a letter with a big 0 for amount owed from aktiv, so they would have a hard time convincing a court that they had an amount to sell on or any debt owed to them.

If i paid the full amount owing i wouldnt have got anything else from them other than what i already have

the last paragraph also says ' thank you for your cooperation in bringing this matter to a close'

Ah right ok, so Aktiv did mark as fully satisfied & so did BOI.

So whats your take on Halifax then?

Why do you think Halifax wanted to hold on to the debt as an asset & the contractual right to sell it on?

glentoran99

DogandBone wrote: »

Ah right ok, so Aktiv did mark as fully satisfied & so did BOI.

So whats your take on Halifax then?

Why do you think Halifax wanted to hold on to the debt as an asset & the contractual right to sell it on?

Im dont think they have though as they are the ones that said that the flag states "that a debt has been settled"

again they would have hard time selling any of that on, although the credit file says partially settled the credit file shows zero amount owed, which actually takes us back to start of the thread.


further confirmation came when after settling with them I had a complaint regarding the default date, and as such they refunded interest and charges, but they said "only to the account", I said "hang on a minute i dont owe you anything so they should be coming to me" they said "but you didnt pay the full amount so it will go off your remaining balance" I took it to the FOS and within days they agreed that there was no remaining balance to deduct it from. So a nice little bonus into my bank account

DogandBone_2

glentoran99 wrote: »

Im dont think they have though as they are the ones that said that the flag states "that a debt has been settled"

again they would have hard time selling any of that on, although the credit file says partially settled the credit file shows zero amount owed, which actually takes us back to start of the thread.


further confirmation came when after settling with them I had a complaint regarding the default date, and as such they refunded interest and charges, but they said "only to the account", I said "hang on a minute i dont owe you anything so they should be coming to me" they said "but you didnt pay the full amount so it will go off your remaining balance" I took it to the FOS and within days they agreed that there was no remaining balance to deduct it from. So a nice little bonus into my bank account

So to clarify, how do you explain the fact that when an original creditor has defaulted you & charged off/written off the balance & zeroed your original account, it can then sell a remaining debt to a DCA, which in your case it did to Aktiv Kapital?

If you think that writing a balance off & zeroing the account means there is no longer an outstanding debt then how did Aktiv Kapital manage to purchase something that didn't exist?

glentoran99

DogandBone wrote: »

So to clarify, how do you explain the fact that when an original creditor has defaulted you & charged off/written off the balance & zeroed your original account, it can then sell a remaining debt to a DCA, which in your case it did to Aktiv Kapital?

If you think that writing a balance off & zeroing the account means there is no longer an outstanding debt then how did Aktiv Kapital manage to purchase something that didn't exist?

who did that? MBNA didnt zero my account, they sold the account to Aktiv with an outstanding balance, Aktiv kapital effectively paid off the account with what they paid mbna, then it was recorded as Debt assigned, with that payment aktiv bought that debt, now that debt no longer exists as the amount outstanding to activ is now zero so nothing to sell to anyone else