Full and Final Settlement vs partial settlement

newman_1

My Wife and I have been dealing with 9 creditors for the last 12 months as we were unable to sustain min payments on our credit cards due to a business issue.

We owe approx £90,000 and have recently requested a full and final settlement figure from one of our creditors which we have been given although this is not without problems - (please see my other posting today for full details Full And Final Settlement Figure - Dml Success - Sort Of! )

Having been given a full and final settlement figure of £1551 from a balance of £6216 I requested in my letter that confirmation be given that if this figure was accepted that neither Barclaycard nor any associate company would pursue us further and that the debt would be marked as "satisfied in full" on all of our credit files.

Barckaycard have confirmed that the debt would be settled in full and that neither they nor any other debt recovery agents would pursue us further, however, they have said that once the payment they have agreed to is received that our credit reference agency data would be amended to reflect that my account has been settled in full, courtesy of a partial payment.

Is there any way I can get them to agree to mark my credit file as satisifed in full?

Any advice greatly appreciated

Crown

I think if they are willing to mark it as settled in full then thats a great result. I dont think ive ever seen them put courtesy of partial payment. I would probally accept this but if you arent happy then write back and and ask them to amend it.

When you say they have confirmed do you mean you have it in writing?

Burlesque_Babe

The only way to have your record marked as satisfied is if you pay the whole amount.

I had this exact situation a few years back. I was told if I paid a F+F it would be settled (in that they would not chase me for any more), but it would be marked on my report as a partial settlement,which to be honest, didn't mean very much when it came to applying for stuff in the future.

It was highlighted when I moved and when I spoke to the company (Capital One) they said they only way it would me marked as satisfied rather than partial satisfied was to pay the remaining amount (even though they would never chase it). I paid the remaining amount, and true to their word, it was marked as Satified the following month.

F+F just means they won't chase you for the rest, but your credit entry will always show the outstanding amount along with it marked 'partial'.

newman_1

Helo Crown & Keren29
Thanks for your posts -

Crown - yes they wrote to me in June confirming that once they have received a one off payment of the £1554.00 they would amend my credit file to reflect that the account has been settled in full

Keren 29 - Thaks for the suggestion as to paying the remaining balance but to be honest as they have agreed to reduce the amount down by £4662 from £6216 to £1554 , I think I can live with the partial settlement on my credt file.

Thanks very much again - much appreciated