Advice Please

wormy_2

Hiya everyone

Just had a phone call from my debt management company informing my that RMA are offering me a settlement figure of £220. Now I actually owe them £710. Now I can borrow the money to get rid of this debt.

Do I settle this debt?

It would be nice to see the back of one of them :T

immoral_angeluk

Ask them to confirm in writing that the settlement will be FULL AND FINAL. If they won't confirm or try to push for partial then don't pay a penny.

rog2

Totally concur with I_A - for more information on 'Full and Final Settlements' have a look at the following NDL link:

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

Many dcas will attempt to disguise a 'partial settlement' offer to look like a Full And Final Settlement offer, lulling you into a false sense of security, then re-surface and kick you where it hurts years later when you least expect it.

Given RMA's lack of 'pedigree' you would be right to be suspicious of their 'motives'.

wormy_2

thanks guys, will contact them in the morning, will let you know how it goes:D

fermi

I should just point out that it is acceptable for the creditor/DCA to mark the entry on your credit reference files as "partially settled" or "partially satisfied" AS LONG as there is no balance outstanding.

And as already said, you must have it in writing that the money is accepted in "Full & Final Settlement" and that your liability for the remaining balance is ended.