PRA full and final settlement offer letter

M_CP

Hi!

I’m finally in a position where I can start making offers to my creditors. I have been on my DMP 4years and I still have 5y left on it.

this is the letter I’m thinking of sending PRA group regarding my account. This is 30% of the total. Would you add or take away from it?

“Dear Sir/Madam,

I am writing to you regarding the money you are claiming payment for, on the above account.

I am unable to repay this amount in full due to my maternity leave and unable to return to work after the maternity leave ends. Which will make the monthly repayments impossible.

I can instead offer the total amount of £1,140 as a full and final settlement. This has been kindly provided by a family member and it’s a one time offer.

If this is accepted, you agree that you or any associate company can take no further action against myself to enforce or collect this debt and that I will be released from all liability.

Please also confirm that you will also mark my credit reference agency file to show that you have accepted the above amount as the full and final settlement and that the account is closed and paid.

I am able to pay the amount I have offered within 2 working days once you have accepted my offer and I have received written agreement of this.

Please confirm where to make payment to.

Yours faithfully,

[Your full name]”

Grumpelstiltskin

Have you requested a CCA if appropriate?

If they can't provide one you need not pay anything.

M_CP

https://forums.moneysavingexpert.com/discussion/comment/82160548#Comment_82160548

hi, yes I did with all of my creditors and they have provided the CCA

sourcrates

The letter is fine, just one minor point, they won`t accept it as "full and final settlement", it will be "partially settled", and marked as such on your credit file.

To achieve full and final settlement, you would have to pay the full outstanding balance.

ManyWays

I agree with @sourcrates, it will be parked as a partial settlement and there is no point trying argue about this

fatbelly

Stick with the National Debtline wording for 'If you accept this offer...'

https://nationaldebtline.org/get-information/sample-letters/full-and-final-settlement-offer/

RAS

Bear in mind that regardless of whether account is defaulted, fully or partially settled, it is removed 6 years after the default date.

I'd also suggest offering less than you are willing to pay. Because you offered, they'll ask for twice as much. Hopefully you'll meet in the middle, or they are desperate for cash.

sammyjammy

I echo the comments above, PRA are notorious for limited settlements, they are more likely to go with 10% off and stick to their guns so definitely don't offer what you are willing to settle on