Full & Final Settlement Help

Financialhelp

Hi,

Hopefully this is in the correct place.

I have written to all of my creditors with Full & Final Settlement offers (one I have sent a CCA request to - this is now with a debt company).

All of my loans are in default.

Sainsbury’s have replied, asking for income and expenditure (which I have completed) and asked for a list of my other creditors are and how much I offered them and how much is on offer, which, again, I have completed minus how much is on offer as I’m sure they can add them up. I did put on the income and expenditure that my priority bills are not up to date but then explained which ones are behind and that I have a payment plan set up, the amounts outstanding and that my family member is willing to settle them (so hopefully that doesn’t stop them accepting?)

They have also said the following ‘we only offer partial settlements on accounts. Please note payment of a partial settlement will result in this account being recorded as ‘partially settled’ on your credit file. This information will remain on your credit file for 6 years from the date of default. If you are in a position to repay the full balance your credit file would be recorded as fully satisfied for this account.’

So I have replied with the following ‘I’d also like to confirm the £1200 offered will be accepted as full and final payment to settle and close the above account and the balance to show as ‘£0.00’ on my credit file. Furthermore, neither you, any associates or any third party will hold me liable or chase me for any further funds and I will not be held liable for any further monetary amount.’


My question boils down to:
1. I’m concerned about the ‘partial settlement’ wording and have read conflicting information about this...I don’t want to think I’ve settled the debt, only to be chased down the line.

2. Have I used the correct wording, provided the correct information and done everything correctly?

I haven’t posted the letter or income and expenditure yet, so any amendments and advice would be greatly appreciated.

Thank you in advance.

boo_star

As long as you get written confirmation that the debt will be satisfied by your payment and will not be pursued or sold on you're fine. It's not a "full" settlement if you, well, don't pay the full amount due.