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F&F settlement letter
Ben75
Posts: 59 Forumite
I made an offer to a creditor, with the account being managed by Robinson Way and got the following letter back:
Dear XXX
Your offer to pay the above account by settlement has been accepted and your balanced reduced accordingly, on the understanding you pay the remaining balance as follows:
the first payment of £XXX is to be be paid by 05/06/16 and the final payment of £0 should be paid by the 00/00/00
Once the reduced balance is paid, if listed on a credit file, it will be updated as partially settled with a zero balance outstanding and not as settled or satisfied.
It is vital you contact us if you are unable to make agreed payments, as the reduction may be withdrawn.
Your Faithfully
etc
Is this letter sufficient? It seems to be that if they added a sentence on not having any third party pursue me for the remainder of the balance then it would be.
Dear XXX
Your offer to pay the above account by settlement has been accepted and your balanced reduced accordingly, on the understanding you pay the remaining balance as follows:
the first payment of £XXX is to be be paid by 05/06/16 and the final payment of £0 should be paid by the 00/00/00
Once the reduced balance is paid, if listed on a credit file, it will be updated as partially settled with a zero balance outstanding and not as settled or satisfied.
It is vital you contact us if you are unable to make agreed payments, as the reduction may be withdrawn.
Your Faithfully
etc
Is this letter sufficient? It seems to be that if they added a sentence on not having any third party pursue me for the remainder of the balance then it would be.
0
Comments
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Mm sounds dodgy to me, what's to stop them coming back next year and asking for more ?Debt -it's a fight that I'm winning, dealing with debt one day at a time.
Estimated DFD August 2018 - 2031 - now 2027 :T
Guide dog Tess, missing Scotland 2 years
DMP support no438.0 -
I agree it could be better worded. The phrase
'Once the reduced balance is paid, if listed on a credit file, it will be updated as partially settled with a zero balance outstanding'
seems unambiguous to me. However they need to state what the reduced balance is if the letter is to be worth anything later.0 -
The reduced balance is £XXX, the same as I offered and the same as they are asking for. Does that mean if I pay it I can use the letter in court as a defence if pursued for the remainder?0
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I think it's OK in that there's only one interpretation.
It could be difficult to use in court if headed 'Without Prejudice'
Otherwise, run with it.0
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