Full and Final Settlement Question

teknoteacher_2

Have had great success helping a friend with her debt management. Got some DCAs to accept about 60% of amount she owes on final settlement. :j

However one, DLC (Brackley) has written "Our client reserves the right to pursue any other borrowers for the remaining balance".

Does anyone know what this means exactly? I can't make any sense of it.

Larumbelle

I would presume it means either:

1) that the debt was originally held by two or more people (was it borrowed by a couple, even if there has been a subsequent relationship breakup etc.) and they will still chase the other party for the remaining 40% (joint loans are mostly 'jointly and severally liable' meaning they can chase one OR both creditor for the full amount)

or

2) That they are the usual lazy good-for-nothing DCA offering and couldn't even be bothered to adapt their own form letter.

Sorry if this isn't helpful, I have no experience with this DCA but I'm sure that someone who does will be along soon

GeorgeUK

Are you sure they are offerring full & final settlement?

Edit:
OK - silvercharming makes more sense. The only thing i found like this was a reference to a DCA and one of their dodgy letters. Someone was just being lazy, but i'd get confirmation that they are accepting F&FS before paying the money - just incase they try to say it was a partial settlement.

teknoteacher_2

I'll quote the letter she received...

"WITHOUT PREJUDICE

Balance outstanding: £5717.82

Further to previous correspondence we write to confirm that we will accept £3785.00 in full and final settlement of your liability.

Our client reserves the right to pursue any other borrowers for the remaining balance.

We look forward to receiving your remittance by ##/##/##."

My friend was the only one who borrowed money, not joint!

I'm just a bit cautious of the middle sentence - it doesn't seem to make sense.

Broken_hearted

Sounds like they just printed of a standard letter. As long as it says full and final and you are no longer liable then pay it. Put it together with proof of your payment and keep it filed safely away just incase they do try anything later but I think you will be fine.