Full & Final Settlement Questions

xxsalxx

Hi All,

Just looking for some advice - I previously posted about doing a full & final settlement with Moorcroft Debt Recovery over a defaulted overdraft I had with barclays bank.

The original balance was £1303, and the current balance is £933.25.

I had originally offered them 50% of £933.25 to settle, and after a few negotiations, the lowest they will accept is 75% of the oustanding balance, so have asked for £720.

I'm seriously considering paying this off and have asked Moorcroft several times to send me confirmation in writing about the account being settled/them not chasing me again if I pay this off, but they haven't, and keep blaming it getting lost in the christmas post. The Adviser then said she could email it over.

Would an email from them be enough if this was to ever come back to bite me in future?
They also said using a debit card over the phone is the best way to pay ... what are your thoughts on this, is this the most sensible way, or would a cheque be better?

Thanks

atomic7431

I would want a hard copy myself but nowadays emails are traceable but if it were me I would push for paper and in regards to the percentage most places will take 60 percent or less but you do sometimes have to push to get this. Hope this helps.

sourcrates

I would also push for it in writing, but an email will suffice, as you can print it out.
I would not pay by debt card, especially over the phone, ask for there bank details, or send a cheque.

xxsalxx

Thanks both for your responses. I received an email from them today, see below :

Dear XXX
Re: Barclays Bank Plc Balance: £933.84
Further to your recent communication, we write to confirm we and our client are prepared to accept
£720.00 as partial settlement of your account and provided that payment is made in accordance with
this letter, neither we nor our client will take any further steps in relation to recovery of the remaining
balance. Once the payment is cleared we will inform our client of this settlement so that if appropriate
they can update your Credit File with the various Credit Reference Agencies and mark the account as partially settled.
If you wish to accept this offer please call us on the above telephone number within the next 10 days.
After this period it is important that you contact us so that we can provide you with any revised figures.

Do you think this letter is suitable & covers everything? Also where it says about updating my credit file to show as 'partially settled', does this mean it will show as green but just marked with a partially settled flag once my file has been updated? They have sent me a PDF version of this letter on company headed paper so I can print it off.

Thanks

sourcrates

xxsalxx wrote: »

Thanks both for your responses. I received an email from them today, see below :

Dear XXX
Re: Barclays Bank Plc Balance: £933.84
Further to your recent communication, we write to confirm we and our client are prepared to accept
£720.00 as partial settlement of your account and provided that payment is made in accordance with
this letter, neither we nor our client will take any further steps in relation to recovery of the remaining
balance. Once the payment is cleared we will inform our client of this settlement so that if appropriate
they can update your Credit File with the various Credit Reference Agencies and mark the account as partially settled.
If you wish to accept this offer please call us on the above telephone number within the next 10 days.
After this period it is important that you contact us so that we can provide you with any revised figures.

Do you think this letter is suitable & covers everything? Also where it says about updating my credit file to show as 'partially settled', does this mean it will show as green but just marked with a partially settled flag once my file has been updated? They have sent me a PDF version of this letter on company headed paper so I can print it off.

Thanks

I'd be happy enough with that.

Your credit file will show as partially settled, but the default will remain until six years have expired.

atomic7431

I agree I would be happy with that.