Full and final settlement reply, Urgent help required

Barry1108

Hi, I have a default with Hillesden Securities for £644.93, this debt is being handled by a company called Direct Legal & Collections.
I made a Full and final offer of £230 which they rang me about and said they would accept £322.47 as full and final settlement.
I asked them to put this in writing to me stating it is final and that they would agree to mark it as satisfied on my credit report. They said they would send a letter confirming this and I must pay within 14 days of the offer.
I received the letter this morning and it looks a bit dodgy to me, but could someone offer me some advice. It reads:

Client: Hillesden Securities
Account No: xxxxxxxxxxx
Balance Outstanding £644.93

We confirm that we will accept £322.47 in full and final settlement of your debt.

Our client reserves the right to pursue any other borrowers for the remaining balance.

Your payment must reach us by 30-06-08

If your payment is not received by the agreed date this offer will be wihtdrawn and the full balance will be payable.

Yours sincerely

Blah blah

Now I dont know what the wording 'Our client reserves the right to pursue any other borrowers for the remaining balance.' means, but it sounds dodgy, plus they haven't stated that they will mark my credit record as satisfied!

What should I do?

Thanks for any help,

Barry

GeorgeUK

If it was a joint debt, then they would chase the other party for the remaining amount outstanding.

Sounds like they've just sent a standard letter. The important part is the have agree it is a Full and final settlement. When sending the cheque, include in your letter that this payment is on the understanding that it is in full and final settlement ofthe debt and that the debt will be marked as satisfied on you credit report.

This way if they bank the cheque, they are agreeing to this.
Doesn't sound dodgy to me - unless this is a joint debt you have with the missus?

Barry1108

No, it is a debt on my nae only.

I have just spoken to the National debtline and they advised me not to pay yet. I have drafted a letter requesting written confirmation that my credit file will be marked as 'satisfied' before I make a payment.

I will send this today and hopefully get the reply I hope for.

Thanks.