Does this mean my debt will be settled?

FunWithFlags

I've made an offer to settle my debt with a bank. Theyve accepted an amount at 75% ish of the debt. I'm waiting for a letter to confirm before I pay.

I asked the man on the phone if the letter will confirm that the debt is settled and he said that it will confirm my account with them is at zero and it will be marked as partially satisfied on my credit report.

Does this mean the other 25% that I couldn't pay could be chased in the future by the bank or debt collectors? Or does it mean it's done and dusted but just marked that way on my credit report as a heads up for the future?

I've confused myself googling so any help would be much appreciated

sourcrates

Hi,

Send them a letter saying something like,

"The offer of X amount in full and final settlement of my account is made on the clear understanding that the remaining balance on my account will not be chased by you, or your agents, and that I am released from all liability"

That will cover you from any future problems.