Full and Final by Phone

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elliechoc
elliechoc Posts: 38 Forumite
in Debt-free wannabe
Hi,

I have just chased a full and final letter I sent through to Paragon, I was told it had been taken over by Idem. They put me through and had no record of my letter so we went through my income and expenditure (quoting exactly what I have down with Payplan) and they accepted an offer of £6000 on a debt of £9800, which I am happy with.:T

As I have other debts I want to do full and final with, my question is, as long as I get a letter of confirmation from them, once we agree a figure, that it will be a closed account and I will not be chased for any remaining money etc, is it ok to just call the companies and offer a full and final?

Thank you.

Comments

  • sourcrates
    sourcrates Posts: 28,972 Ambassador
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    Yes negoatiating by phone is fine, as long as anything agreed is backed up in writing.

    Good luck.
    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-letter
  • elliechoc
    elliechoc Posts: 38 Forumite
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    Thank you, I am a bit over eager to get it sorted out :), will get onto the rest of them tonight!
  • elliechoc
    elliechoc Posts: 38 Forumite
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    Just following up on this with a few more questions. I have got final figures from my creditors. One of my debts, with Cabot, they advised it was running as a normal account on my credit history , showing up to date, and that if I went for a settlement they would mark it as a partial settlement which could affect my credit. Does this sound correct and how long does thst show on your file for? The total is 2671 and the lowest they went on an offer is 2187. Is it worth paying it all off (not ideal as I'll have to ask my relative for more money) they did however say if it causes me any problems in the future they can reopen the account for me to pay the remaining and they would change it to fully paid off.

    In addition they have all said they will send letters saying it will be partial settlement, won't be sold on and won't be chased for at any point. Is this enough?

    Thanks.
  • dieselv2
    dieselv2 Posts: 164 Forumite
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    I didn't think they'd agree to a full and final unless an account was defaulted.

    Regardless of what they say once you have it in writing your good to go.
    Debt As Of 19/3/2021: £16,973 | Current Debt: £9,322 | 54.9% Repaid
  • elliechoc
    elliechoc Posts: 38 Forumite
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    They've sent me the letter on email to check and are posting a copy too. Got agreements with capital one, Cabot, and only one with Idem and they wouldn't budge on the other.

    Is it worth having a partial settlement of the account is running ok though? Is it that bad on your credit?
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