full and final settlement amount

happy_bunny_2

kezzygirl wrote: »

I contacted them today and have agreed to pay £675 spread over 6 months- this is a 225 reduction on the amount owed.

He said it would be in full and final settlement etc but my credit file would say 'partially settled'. I asked if they could put it as 'satisfied', but he said no, they have to put a true reflection of the debt on credit files.

The default is due to drop off tomorrow, will this debt still show on my credit file? I am just conscious that its gonna say partially settled as I dont want it to affect future borrowing (if in the distant future we decide to borrow!)

thanks

Once it's fallen off your credit file its irrelevant.

Just get the offer in writing before paying anything.

HB

sourcrates

happy_bunny wrote: »

Just get the offer in writing before paying anything.
HB

This is something you MUST do, before you part with a penny, as without it, despite what they may say on the phone, they will sell on any remaining balance, and then you will have to do the dance all over again with another DCA.

It happens all the time as people mistakingly trust what there told on the phone, as verbal communication cannot be upheld in court.

kezzygirl

Oh....well that has rained on my parade. They have sent me a text with authorisation code of my first payment i made yesterday and it states 'your balance is 562.50'. The direct debit is due to come out on 1st may, He said i will receive all of the documents confirming our discussion and agreement in the post within the next few days, so guess I will wait!! Hope they don't try and do me over

happy_bunny_2

Well, in your case it's not too bad, as you can still cancel most of the payments. So less likely to screw you over.

It's also not the biggest discount in the world, so again, less likely to be messed around.

Inwould make sure you receive and are happy with the wording before paying the next instalment.

HB

kezzygirl

Update: i have not received said documents, only confirmation of the direct debit set up, which states £562.50 owing. I will call them tomorrow and ask where the letter is outlining the terms of our agreement.

B0B

I am trying to get a F&F from an alliance and Leicester loan as well.


I sent them my income and expenditure and just waiting to hear back.


Any advice on dealing with them ?


My default falls off in October with them so hopefully they will settle on a lower amount. Else they can have payments for the next 5/6years at £50 like I am currently paying them.

sourcrates

B0B wrote: »

I am trying to get a F&F from an alliance and Leicester loan as well.


I sent them my income and expenditure and just waiting to hear back.


Any advice on dealing with them ?


My default falls off in October with them so hopefully they will settle on a lower amount. Else they can have payments for the next 5/6years at £50 like I am currently paying them.

Same advise would apply to you as well, if its an old account, have you CCA `d them ?

if not, why not ?

Any problems with paperwork and a creditor will settle for much less than they normally would.

I would do that next.

B0B

Already cca them. Had all paper work. I was hoping when they were bought out paperwork would go missing. But that doesn't seem to be the case.

sourcrates

B0B wrote: »

Already cca them. Had all paper work. I was hoping when they were bought out paperwork would go missing. But that doesn't seem to be the case.

Don`t you just hate it when that happens !!!!!

B0B

Oh aye. Was worth a try.