First Step to my Debt Free Life - Full & Final Settlements

January2015

StevenHendy94 wrote: »

Capital One still refusing to show my balance as Zero on my credit file. So as of yet still outstanding.

They keep mentioning a Partial Settlement and wont seem to understand I am looking for a full and final settlement.

My next step is writing my demands in a letter with a cheque enclosed for the preagreed amount with a note saying if cashed all these terms are accepted.
But that could also back fire.

If you want FULL and final settlement - that means you will pay the full amount owing. You want PARTIAL and final settlement. You want to negotiate paying an amount less than the full balance owed. This is 'partial payment'. You want this partial payment as settlement of the account, i.e. the creditor will not chase any further payment of the account once this partial payment has been paid.

This is what happens. People call it full and final settlement but in reality everyone on this forum is aiming for a partial and final settlement.

sourcrates

January2015 wrote: »

If you want FULL and final settlement - that means you will pay the full amount owing. You want PARTIAL and final settlement. You want to negotiate paying an amount less than the full balance owed. This is 'partial payment'. You want this partial payment as settlement of the account, i.e. the creditor will not chase any further payment of the account once this partial payment has been paid.

This is what happens. People call it full and final settlement but in reality everyone on this forum is aiming for a partial and final settlement.

Yes January is correct, it should probabley be renamed "partial final settlement" as the term "full" tends to mis lead people.

Your balance won't show as 0 unless you pay the full amount outstanding, so what they say is correct.

StevenHendy94

Ombudsman it is for the VW debt,

Cap one have finally (after waiting 3 weeks) sent out the settlement offer, so will settle that for £148.

Still awaiting Wonga / TDX group getting in contact, so far nothing - really annoying, want that one settled soon!

StevenHendy94

sourcrates wrote: »

Yes January is correct, it should probabley be renamed "partial final settlement" as the term "full" tends to mis lead people.

Your balance won't show as 0 unless you pay the full amount outstanding, so what they say is correct.

January2015 wrote: »

If you want FULL and final settlement - that means you will pay the full amount owing. You want PARTIAL and final settlement. You want to negotiate paying an amount less than the full balance owed. This is 'partial payment'. You want this partial payment as settlement of the account, i.e. the creditor will not chase any further payment of the account once this partial payment has been paid.

This is what happens. People call it full and final settlement but in reality everyone on this forum is aiming for a partial and final settlement.

I do understand the logic and I am not getting confused, but as it stands that is the offical name for the type of settlement i am doing, and so far all have agreed to reflect a ZERO balance, capital one have also now agreed too.