Partial settlent

Legacy_user

So today wescot have accepted a partial settlement. I had a loan with natwest in 2012 and defaulted in 2013. I have been on a dmp since and paying £10 a month to wescot. A few weeks ago i emailed wescot offering a partial settlement. After a few emails wescot agreed to it and stated that natwest will only accept settlements as ‘partial’. This would mean that the account will be recorded on your credit file as ‘partially settled’. Our client agrees not to pursue you for the remaining balance and will not pass on the remaining balance to anyone else to pursue. This information will remain on your credit file for 6 years from the original default date. If you were able to repay the balance in full your credit file would be recorded as ‘fully satisfied’.

Is this acceptable as proof if i pay the partial settlement. I mean if natwest was to have a admin error and tried to chase the rest of the debt would the emails i have cover me from liability. Naturally the emails are saved and i would have a bank statement showing the payment i made.

The emails are direct from wescot, they address my account number with them and the account number is linked to the the debt with natwest. I think i have covered all angles. I had a letter in the post this morning showing the account numbers, what the full balance is and the amount im going to pay in one lump sum. However the letter did not state that i would be released from liability. So i have emailed wescot again today asking for confirmation that i would not be liable after i have made the payment for a partial settlement. I thought maybe if i get wescot to confirm one more time by email then that would prove my last correspondence with them stated i would not be liable anymore. Any thoughts? I should be making payment by the 12th of February.

MovingForwards

When I've done partial settlements I always get a standard letter from them.

It thanks me for X payment, says it's accepted in full settlement and the account is closed. Plus the usual it may affect credit rating.

I would say you are safe to do your partial settlement.

Just keep all the emails and letters together. Print your emails in case anything ever happens to your email and they get lost.

January2015

Can I be nosy and ask what percentage you are settling at ?

I've done partial settlement with a creditor, negotiated and paid through Wescot. They are very good and it was all done via email correspondence. My credit reference agency files were appropriately updated with 2 months of the settlement being paid by me.

System

I offered 45% and two days later it was accepted by natwest. The debt is over 6 years old nearly. I will wait for a final reply from wescot by email and i will pay. I have several emails already confirming that i will not be chased up for the debt after i make the payment and that natwest nor any third party will pursue me. But because the last contact between me and wescot was by letter and that did not state the terms i thought it best to get confirmation one last time. Have to also admit wescot have been very helpful from the start. I have only ever contacted them via email.

January2015

michael32 wrote: »

I offered 45% and two days later it was accepted by natwest. The debt is over 6 years old nearly. I will wait for a final reply from wescot by email and i will pay. I have several emails already confirming that i will not be chased up for the debt after i make the payment and that natwest nor any third party will pursue me. But because the last contact between me and wescot was by letter and that did not state the terms i thought it best to get confirmation one last time. Have to also admit wescot have been very helpful from the start. I have only ever contacted them via email.

Thank you for that information. It's always useful to know the kind of percentages creditors will accept to settle a debt. I know it's different for each individual case, but it gives an idea of what is achievable.

Well done on getting this debt settled and out of your life :beer:

System

I have copied and pasted two parts of an email from wescot. Both emails are addressed to me and include there reference number. I always add my full name and address to my emails, so there is no denying who the emails are from etc. Letters in the post from wescot never state terms and conditions and only really cover themselves in regards to affordability. So the emails are my only confirmation that the partial settlement has been accepted. I need to make payment next week and finally call it a day with this debt. Here are the two parts i have copied from my emails

' We are pleased to advise that Natwest Retail have accepted your settlement offer of £1600.00. They have advised that this offer is valid for 28 days.
Wescot are happy to agree a payment date with you. Please can you confirm if you would be making the payment in a lump sum or if you will be making the settlement payment over 3 consecutive monthly instalments.'

2nd part

'Thank you for confirming that you will be making the payment of £1600.00 in one lump sum within 28 days. We can confirm that we have set this in place for the payment to be received to us on or before 12th February 2019.

Please be advised that our client will only accept settlements as ‘partial’. This would mean that the account will be recorded on your credit file as ‘partially settled’. Our client agrees not to pursue you for the remaining balance and will not pass on the remaining balance to anyone else to pursue. This information will remain on your credit file for 6 years from the original default date. If you were able to repay the balance in full your credit file would be recorded as ‘fully satisfied’

Should i act on this and make payment. I understand there could be some foul play and someone else will probably chase the remaining balance. But going by the emails its confirmed that i will not be chased by there client or have the debt passed to anyone else.

sourcrates

The wording of the emails is paramount, and it looks as though all the bases are covered.


Keep them in a safe folder for at least the next few years, just in case you need them.

System

Im going to make payment next Wednesday. I called wescot and asked them one more time to confirm by email but they said the department i want is busy. Ideally i wanted it on there headed paper. But the bottom of the emails are headed with there logo and all the names of money help and advice companies. Big move for me, just want to make sure all angles are covered.

System

Wescot are moving fast. I have received a letter in the post from them. They confirm the debt will no longer be chased by themselves, natwest and will not be passed onto anyone else. Im making payment in a minute and then removing wescot from my bank account. Its been quite a time. Occasionally i would not think about the debt, just make my token payment and forget about it. Sometimes it would play on my mind and wish it never existed.

sourcrates

It’s getting towards the end of the tax year, so banks, debt collectors etc will be looking to clear there books for the next year.

Could be some good discounts available in the next 8 weeks or so.

System

Possibly, i just paid the settlement. Deleted wescot from my payment contacts. I have completely overhauled my finances. No contract phone, just payg, cheaper car insurance, gas and electric fixed for two years, strict budget for petrol (20 liters a week for work) i add a little extra if i go out of the area. Cancelled sky, i pay £10 a month to brother in law for access to his sky go app (still get everything like before, just cant pause or rewind). One big saver is i learnt to work on my cars a few years ago, i now change all the brakes, service it and diagnose faults. 30 minutes on youtube and i managed to swap out the starter motor. I have a very strict budget on shopping, i found investing in a big freezer and a smaller fridge works well. I can fit a months frozen food in the freezer and buying it in one go means i can take advantage of the deals. Plus the smaller fridge is cheaper to run (fits milk, yogurts, cheese etc weekly consumables). For a family of 3 i can spend £120 a month and fill the freezer, replenish the cupboard and fridge, re stock the bathroom and buy cleaning products i.e bleach. I then set a side £20 a week for milk, bread etc. I found tesco to be cheaper than aldi. Although i have been told aldi is cheaper if you can adjust to there layout. One main thing i guess is not getting caught up in this keeping up with the jones rubbish. Really its down to me figuring out what i actually want out of life.