Full & Final settlement

vantheotherman

Hi,

I'm new to the forum. I've been in a debt management plan for 5 years, paying about £50 a month on a £14000 total debt. Recently I inherited £8000. I wrote to my four creditors and made pro-rata offers of about 60%. But one of the creditors rang me and asked for a higher offer. I panicked and said I didn't have any more money and they finally agreed to accept the original offer. But I foolishly agreed to pay immediately by debit card on the phone as I was worried they would not accept if I asked for an agreement in writing. They said on the phone that the account would be marked closed and partially settled on my credit file. They also told me to cancel my direct debit to them.

Now I'm worried they will chase me for the balance as I did not get a written agreement.

What should I do?

sourcrates

vantheotherman wrote: »

Hi,

I'm new to the forum. I've been in a debt management plan for 5 years, paying about £50 a month on a £14000 total debt. Recently I inherited £8000. I wrote to my four creditors and made pro-rata offers of about 60%. But one of the creditors rang me and asked for a higher offer. I panicked and said I didn't have any more money and they finally agreed to accept the original offer. But I foolishly agreed to pay immediately by debit card on the phone as I was worried they would not accept if I asked for an agreement in writing. They said on the phone that the account would be marked closed and partially settled on my credit file. They also told me to cancel my direct debit to them.

Now I'm worried they will chase me for the balance as I did not get a written agreement.

What should I do?

You know you shouldn't of done this on the phone, so I won't bother going on about that lol.
Write to them asking for confirmation the account is now closed, that should be all you need to fend off any future trouble, oh, and don't agree to things over the phone again either 😉 !!!!!

vantheotherman

Thanks sourcrates,

I've written to the DCA today. Do you think I'll get a reply, and if not what action could I take?

[Deleted User]

You should get a statement of account, showing a nil balance. Keep it safe.

sourcrates

vantheotherman wrote: »

Thanks sourcrates,

I've written to the DCA today. Do you think I'll get a reply, and if not what action could I take?

If you don't get a response, just ring the FOS helpline number, explain the situation to them, and most likely the person you speak to will ring the DCA and remind them of the responsibilitys under the consumer credit act, that'll fettle em !!!!!

vantheotherman

Thanks to sourcrates & billbennett...

I wrote to Capital One two weeks ago offering full & final. I rang them tonight and they accepted my offer (This time I insisted on a letter of confirmation). They said my account would be closed and marked 'partially settled' on my credit report. But they also said that the outstanding balance would show on my credit report. Is this normal? I thought it would say £0.