Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • teekay_tk
    • By teekay_tk 19th Apr 17, 7:08 AM
    • 38Posts
    • 15Thanks
    Full and Final with one of the lenders
    • #1
    • 19th Apr 17, 7:08 AM
    Full and Final with one of the lenders 19th Apr 17 at 7:08 AM
    Hi all
    I have been on DMP for about 3 years. I have been seeking to get a full and final settlement and have finally been able to negotiate my first settlement with one of the lenders DC called CapQuest at around 50% of loan and I am happy with the offer. They have sent me letter as below:

    Thank you for your recent contact with this office.
    We confirm the a full and final settlement has been accepted for the amount of xxxx.xx and is due on the xx of 2017

    Please be advised that the amount paid to settle your account will be less than the full outstanding balance, your credit file will show the balance as satisfied with a special flag of partial settlement.

    On receipt of payment the account will be closed and you will not be pursued for the remaining balance.
    I hope this letter above should now be OK for me to arrange a payment for them. Does this look like they have covered everything legally, that I needed, to make sure they will not come after me or sell the remaining balance to some other DC.

    Should the partial flag on default in the credit file be of any worry? I am not worried about getting the defaults removed from me credit file as I am "hopefully" never ever going to borrow money again and the default will disappear from the credit file after 6 years anyway.

    One slight worry is that is it Ok to negotiate with just one lender and not will all?

    Last edited by teekay_tk; 19-04-2017 at 11:46 AM.
Page 1
    • sourcrates
    • By sourcrates 19th Apr 17, 11:50 AM
    • 14,064 Posts
    • 13,324 Thanks
    • #2
    • 19th Apr 17, 11:50 AM
    • #2
    • 19th Apr 17, 11:50 AM
    Looks like it covers all the bases.

    Are you with stepchange ?

    Technically your going against there rules of treating creditor fairly, but lots of people do this, so i wouldn't worry.

    Just ask them to remove this particular debt from your DMP, if they ask why, say a family member paid it off for you, and leave it at that.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to Any views are mine and not the official line of

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see :
    • fatbelly
    • By fatbelly 19th Apr 17, 12:38 PM
    • 12,258 Posts
    • 9,287 Thanks
    • #3
    • 19th Apr 17, 12:38 PM
    • #3
    • 19th Apr 17, 12:38 PM
    All looks good to me.

    The partial settlement flag is the correct one in these circumstances.
    • teekay_tk
    • By teekay_tk 19th Apr 17, 12:41 PM
    • 38 Posts
    • 15 Thanks
    • #4
    • 19th Apr 17, 12:41 PM
    • #4
    • 19th Apr 17, 12:41 PM
    Thank you so much guys, I'll proceed with the payment and let stepchange know then.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

243Posts Today

2,305Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line?

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin