Full and final settlement help thread

debtfree1ab · 1 November 2017 at 9:14PM

Hi, I’ve managed to negotiate a F&f settlement on one of my debts and have just received the letter confirming the details. Part of it reads :-

“Once you have made the payment we will send you a letter to confirm your account has been cleared.

Where your account is reported to the Credit Reference Agencies and a discount has been applied, we will update your record as ‘Partially Settled’ with a ‘nil’ balance outstanding. This will indicate the account has been cleared but with a lesser amount than the balance owed. Where the full balance is paid, the record will be updated as “Satisfied’ indicating that the full balance has been cleared.”

Is this sufficient, or do i need to go back to them and get them to specifically say the balance won’t be sold on?

Thanks in advance

HairyHandofDartmoor · 1 November 2017 at 9:22PM

That sounds fine to me.

sourcrates · 1 November 2017 at 9:32PM

debtfree1ab wrote: »

Hi, I’ve managed to negotiate a F&f settlement on one of my debts and have just received the letter confirming the details. Part of it reads :-

“Once you have made the payment we will send you a letter to confirm your account has been cleared.

Where your account is reported to the Credit Reference Agencies and a discount has been applied, we will update your record as ‘Partially Settled’ with a ‘nil’ balance outstanding. This will indicate the account has been cleared but with a lesser amount than the balance owed. Where the full balance is paid, the record will be updated as “Satisfied’ indicating that the full balance has been cleared.”

Is this sufficient, or do i need to go back to them and get them to specifically say the balance won’t be sold on?

Thanks in advance

That’s about as good as you can hope for yes.

HairyHandofDartmoor · 1 November 2017 at 9:35PM

My DH and I paid our final creditor yesterday and are now debt free. DH drew out his pension to make the offers.

We owed nearly £58,766 between us. We offered 50% of what we owed to all of our creditors as Full and Final offers, because this was all the money we had available. They all accepted eventually and have now all been paid.

The process we used was to write to them all using the template letter from the National Debtline website, enclosing our SOA.

After a week we rang them all to ask if they had received the letters.

Six of them said yes straight away and the debts were settled within three weeks of sending out the letters.

The final debtor who owned two debts said no and requested more information. We sent them all the info they wanted and eventually they said yes too and were paid yesterday. The final two debts took two and a half months to settle.

HairyHandofDartmoor · 2 November 2017 at 7:52PM

I should add that we didn't part with a penny until we had received letters accepting the Full and Final offers.

Those letters are our proof that we are debt free and as such are worth thousands of pounds to us. As a result I'm going to keep them forever and treat them like gold dust!

RW01 · 6 November 2017 at 3:30PM

I'm currently in a DMP (have been for about 9 years, with a further four to go). Always swore blind I'd never had ppi, anyway I found out about some on a NatWest loan i'd had by chance and wrote to everyone - turns out I had ppi and cleared one debt completely and waiting for a few replies still.

Then I read the thread about writing off for CCA's - didn't really think it would help me but for the sake of £9 i duly sent off my requests and cheques. First response today for Cabot (old Barclay card debt), they're unable to provide the cca and have written off the debt without me even having to do anything else, debt was for £1100. Even if the other 8 provide the agreements, I'm really happy that one has been written off (takes a couple of months off my DMP), and just hopeful others come back with the same. Just wants to say thanks to the forum really - would never have known or considered doing this otherwise. I've now cleared about £5k from my total debts which helps &#55357;&#56842;.

sourcrates · 6 November 2017 at 5:29PM

RW01 wrote: »

I'm currently in a DMP (have been for about 9 years, with a further four to go). Always swore blind I'd never had ppi, anyway I found out about some on a NatWest loan i'd had by chance and wrote to everyone - turns out I had ppi and cleared one debt completely and waiting for a few replies still.

Then I read the thread about writing off for CCA's - didn't really think it would help me but for the sake of £9 i duly sent off my requests and cheques. First response today for Cabot (old Barclay card debt), they're unable to provide the cca and have written off the debt without me even having to do anything else, debt was for £1100. Even if the other 8 provide the agreements, I'm really happy that one has been written off (takes a couple of months off my DMP), and just hopeful others come back with the same. Just wants to say thanks to the forum really - would never have known or considered doing this otherwise. I've now cleared about £5k from my total debts which helps ��.

Glad we could help out !!

selinek · 8 November 2017 at 10:03PM

Hi would appreciate some guidance. I have sent off CCA Request back in September to 9 creditors had 3 responses. 2 have sent credit agreements I’ve had both checked. One is enforceable the other isn’t &#55357;&#56842;. The third creditor has said Agreement is unenforceable but still requires payment . The other 5 have not responded at all apart from sending SA. I’m going to make an full and final offer the ones I know are unenforceable. Shall I wait to hear from the ones who haven’t responded before I make an offer. Can offers be made by email or is better phone/post ?

Thanks in advance

DrWatson1 · 8 November 2017 at 11:09PM

May I ask who checked your agreements for you? I've tried to get in touch with a couple of solicitors via their "contact us" form on their website, but for some reason had no replies.

In addition, can I ask how much they charged?

selinek · 9 November 2017 at 7:32AM

DrWatson1 wrote: »

May I ask who checked your agreements for you? I've tried to get in touch with a couple of solicitors via their "contact us" form on their website, but for some reason had no replies.

In addition, can I ask how much they charged?

CAB Can look over Agreement for free. Just make an appt with debt advisor. Hope that helps

Full and final settlement help thread

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