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Making full & final" payments............
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I'm not experienced at this as I am just about to do the same myself, but I was thinking of asking for confirmation that it would be F&F before I payand then by cheque or bank transfer. Not sure how it works though so will be checking this thread to see what others suggest.Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free
Mortgage free since 20140 -
Deep_In_Debt wrote: »I'm not experienced at this as I am just about to do the same myself, but I was thinking of asking for confirmation that it would be F&F before I payand then by cheque or bank transfer. Not sure how it works though so will be checking this thread to see what others suggest.
You MUST ensure that the offer is accepted in 'Full and Final Settlement' and get this confirmed, in writing, before making any payment.
Accept no other wording - DCAs are crafty beggars - they will try to convince you that 'Settlement' or 'Partial Settlement' is okay, take your money and then, maybe a couple of years down the line when you are least expecting them to, they will hound you for more money.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
You MUST ensure that the offer is accepted in 'Full and Final Settlement' and get this confirmed, in writing, before making any payment.
Accept no other wording - DCAs are crafty beggars - they will try to convince you that 'Settlement' or 'Partial Settlement' is okay, take your money and then, maybe a couple of years down the line when you are least expecting them to, they will hound you for more money.
CapQuest sent me a letter offering me the reduced settlement figure to "clear this account with us".............. is that the correct wording I need?
Do I need to tell them to inform Experian etc that the debt has now been paid? Or is this done automatically?
Sorry for all the questions but, as you can understand, I don't want this dragged back up in the coming months/years.
D.0 -
CapQuest sent me a letter offering me the reduced settlement figure to "clear this account with us".............. is that the correct wording I need?
The wording used by CRAPQUEST is wrong - it has been specifically worded to make you think that you are making a full and final payment, whereas they could come back for the 'balance' at a later date.
You should write back to them and ask for written confirmation that this 'reduced settlement figure' will be accepted as 'Full and Final Settlement'.
Do not make a payment until they confirm this in writing.
The 'default' will usually remain on your file for six years, but it should be marked as 'satisfied' or 'partially satisfied with nil balance'. This can take a month or so to happen, and it is the responsibility of the creditor/dca to amend the entry, but if nothing happens you should inform the cra.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
If you should get an offer accepted in writing that is OK to go ahead with, then make sure you keep the paperwork to prove the settlement safely for at least 6 years.
If you are unsure of how to proceed with this, then it may be an idea to have a chat with National Debtline or CCCS.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
record the telephone call or get it in writing
I understand the concepts of cooking and cleaning
........ I Just dont understand how they apply to me!0
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