Moorcroft not accepting full and final settlement

socratez

Hi,

I recently emailed Moorcroft offering a full and final settlement (using a debt advisory template). They called me earlier to discuss and said they would settle, but my credit file would say it was partially settled. I said that I only wanted to do it if I got full and final but they refused saying they didnt offer this as an option.

How do I get Moorcroft to do a full and final settlement?

fermi

"Full and final" refers to them agreeing you will not be held liable or chased for what is left unpaid, not that they should mark your credit file as paid in full.

In fact in a F&F the CORRECT marker on your credit file is a partial settlement with that account closed and no balance left due.

The partial flag is there simply to show anyone checking that although settled, it was done for less than the full amount. i.e. distinguishing it from an account that was actually paid in full. Otherwise there would be nothing on your file to show the difference.

https://forums.moneysavingexpert.com/discussion/3172602

5. When an account is closed, the record should properly reflect the closing payment status of the account and any agreement between the parties

If you make a full or part payment and no further money is expected, the account should be closed unless you have agreed with your provider to continue your relationship.

If the account is to be closed, your record should be marked as fully paid if:

• You have paid the money owed in full
• A CCJ or decree was granted and you have paid in full the money owed as determined by the court

Your record should be closed and marked as partially settled if:

• The lender accepts final settlement of the account for less than the balance outstanding
• Your account is included in an insolvency such as a bankruptcy or IVA which is discharged / completed and less than the full amount is paid

The fact that the account was previously in default will remain on your credit file for 6 years from the date of default. If the account was not in default, the record would remain on your credit file for 6 years from the date of closure.