Partial Settlement? - Some advice needed please

Runnybabbit

Hi All, I have today received a letter from a creditor saying that they will only consider Partial Settlement and NOT F&F as I wanted. I have offered just over 50% of the total debt. They are quoting "Should we reach such an agreement the remaining balance would register as a Partial Settlement with the Credit Ref Agencies. However, we do not take any action to recover the remaining balance".

My main concern is that although THEY do not take further action to recoup the money, there is nothing stopping them selling on the debt to someone else. They've asked me to phone them (as if!), I'll stick to writing thanks!. :rolleyes:
Should I hold out, or do I need to send another letter, this one is already the 2nd one I've sent.
Your advice would be greatly appreciated along with any 'standard letters' that you may know of. :beer:

Jules

I had one of these "partial settlement" offers just a few months ago and the CCCS advised me under no circumstances to accept as the creditor was likely to come back for the rest of the money at a later date or sell it on, also it wouldn't be marked as settled!

It was Capital 1 and they too asked me to phone, no chance. I wrote back and thanked them for their offer but it would have to be a full and final or nothing and I haven't heard from them since.

Runnybabbit

Hi Jules, thanks for that post and that CCCS advised against accepting it too!. I think we both need to wait and watch this thread as someone may well advise us on what type of letter to send back to them - by the way it wasn't Capital 1 so maybe they are using it then.

Horace

Sorry cannot offer any advice as I have no experience in these matters. Hope you find some answers soon.