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Full final payment
fkelanne
Posts: 706 Forumite
I'm on the mission to clear my debts.
I have asked one of my collection agants if theey would take £800 for a debt that is £1120 as full and final payment. Which they have accepted. my question is on my report will this come up as a closed and satisfied account or will it still say I owe the rest? I do know it will stay on my report till it has been on for 6 years.
I'm looking at getting all my debts sorted so I can look into buying my council house next year.
I have asked one of my collection agants if theey would take £800 for a debt that is £1120 as full and final payment. Which they have accepted. my question is on my report will this come up as a closed and satisfied account or will it still say I owe the rest? I do know it will stay on my report till it has been on for 6 years.
I'm looking at getting all my debts sorted so I can look into buying my council house next year.
savings for 2012.. New year new me.. Going to save save save... and not spend spend spend. :rotfl:
WANT £7000 BY JAN 2012.
Jan -£80
Feb -
March-
WANT £7000 BY JAN 2012.
Jan -£80
Feb -
March-
0
Comments
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Do you have their agreement in writing? What does it say.
You need it in writing that they accept that as full and final and they or anyone else won't persue the balnce. Do not make any payment until you have written confirmation.
If accepted as full and final this should show once cleared on your credit report as zero balance and partially settled (or satisfied)£2 Savers Club for 2022 #120 -
Great they sending me one out in the post as soon as I have got it and had someone looking at it I will then pay the account.savings for 2012.. New year new me.. Going to save save save... and not spend spend spend. :rotfl:
WANT £7000 BY JAN 2012.
Jan -£80
Feb -
March-0 -
Always important to get agreement in writing before parting with any money.
Otherwise you leave yourself open to the creditor selling on the remaining balance, and having some new DCA chase you for the remainder.
Happens a lot unfortunately, so be aware.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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