Lowells - Paying a debt off

arcs

Hi there

I've had a debt with Lowells for a number of years and have been paying off the minimum amount every month for some time.

They recently sent me an offer of 70% discount If I pay off in up to 3 payments.

I paid off some old debt many years ago and remember sending another company a letter making sure it's a "Full and final settlement", I realise that if I pay off the debt I have now it will be a "partial settlement"

Shall I go ahead and pay off the debt, or do I need something in writin first?

Regards

[Deleted User]

Partial settlement is fine, as long as it's still full and final.

Get it in writing first.

Willing2Learn

Deleted_User wrote: »

Get it in writing first.

When you request confirmation in writing, you want it to say that the account will be settled, closed and you won't be chased further on down the line. You want them to say that they will update your credit files to show the account as being partially settled.

Edit: And welcome to the forum

sourcrates

Deleted_User wrote: »

Partial settlement is fine, as long as it's still full and final.
.

Its actually a contradiction in terms isnt it, it cant be both full and final, and also a partial settlement, it must be one or the other.


I would change the terminology used, as full and final can only be attributed to a full settlement, a partial settlement should say just that, with the stipulation the remaining balance will not be chased by the creditor or their agents.


As long as you have words to that effect in writing, then your good to go.

[Deleted User]

Not really. Once defaulted, a full settlement is virtually impossible, due to suspension of interest.

Full and final to my mindl just means 'enough to settle it once and for all'. It will always be partial compared to the agreement.

Anyway, it's semantics. As long as it settles the account, that's good enough.

arcs

Ok thanks

Is the offer letter then sent me enought, or shall I still get them to post something in writing?

PixelPound

It will be a settlement offer where they will agree to mark your file as partially satisfied with nothing owing. The letter should be enough, but call them - assuming they record their calls, and confirm you will receive confirmation once paid that it is settled with nothing left owing.