Full &Final Debt Offer Letter Template

Amberelli

How does this look for wording?

Dear Sir/Madam,

Without prejudice

Account No:

Your account or reference number (required)

I am writing about the money which you are claiming on the above account.

I can confirm that due to my ongoing financial situation, I am unable to pay more than the token £1 a month arrangement that has been in place for a number of years. The pandemic had an additional detrimental impact on my finances and I am yet to recover from this.

However, I can raise £x which my partner has offered to gift to me as a one time offer to allow me to settle the account with you.

I want to offer this as full and final settlement of the account. I am making this offer on the clear understanding that, if you accept it, neither you nor any associate company will take any other action to collect or enforce this debt in any way and that I will be released from any liability.

Based on my circumstances, and because these circumstances are very unlikely to improve in the future, I feel a full and final settlement is the best way to resolve the outstanding debt.

If you accept this offer, please confirm that you will mark my credit reference agency file to show that the above account has been paid and closed.

I can pay the amount I have offered within 3 days of of receiving your written agreement of this offer.

Please provide details of how I can pay.

I look forward to hearing from you.

Yours faithfully

Include your full name (required)

Grumpelstiltskin

Do not mention any amount you have got to pay them, say something like ' a small amount ' or if it is the £900 debt say something like ' 20%' of the total.  

See what they say and if they won't come down enough just leave it at £1 monthly for another 6 months.

Also say family member rather than partner.

RAS

Yep, be vaguer about the source, family member is better than partner. Partners are easier to squeeze for more money.

Decide before you start what's the maximum you will offer and start low.

Better still have they sent F&F offers previously? What did they want? Offer under half and aim for about 60% of what they wanted.

bcs7

Offer them £200 (about 22%) and see what they come back with.
You may get lucky and they accept or they may counter with a reasonable discount.

Amberelli

So, an update on this one.  I offered about 20% (£175), they came back saying there was a current offer (that I was aware of), on the account for a 60% reduction at £355.86. 

I politely responded (on behalf of my partner) saying I was aware of the discount offer but was currently unable to raise that amount. If the £175 was not acceptable, please leave the current arrangement of £1 a month in place.

They've now accepted £177.93 which I've paid to clear his debt.  

THANK YOU ALL SO MUCH FOR YOUR HELP AND ADVICE 🥰🤩

Now I'm just going to reply to the 2 outstanding that are unenforceable saying that payments will therefore stop 😀

Is there any guidance on wording for those letters at all? Ie the ones to the 2 that have confirmed no CCA and that the debt is unenforceable?

tigergambit

Dear Parasite,

Ref XYZ

I acknowledge receipt of your letter of ddmmyy  informing me that the above account is unenforceable. 

I will not be making any further payments and request that you immediately remove any contact numbers you may hold from my details and cease contact unless there is a change of status.

Up yours

Amberelli's Partner

Rob5342

And just ignore them after that unless they do provide the cca. They often come come out with rubbish like "although we've classed it as unenforceable it does remain valid and collectable", if they can't provide the cca they can't enforce it and anything they say is a desperate attempt to get money from you. 

Winkflower

Hi there congrats on settling,  please can I ask if it was link, lowell or Cabot who settled- just as have debts with 2 of the 3 and thinking about offering f & fs.
Thanks for your help
Wx

Amberelli

Winkflower said:

Hi there congrats on settling,  please can I ask if it was link, lowell or Cabot who settled- just as have debts with 2 of the 3 and thinking about offering f & fs.
Thanks for your help
Wx

Thank you - apologies for the delay in replying - it was Lowell.

Darkcloudleaving

Congratulations Amberelli, that seems a good result.

I am in exactly the same position with Lowell for a similar amount on an overdraft (16 years ago).

My question is, how did you correspond with them, was it by email as I can't see anything on the webpage