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I have been dealing with Barclaycard as I have a 3k o/s debt with them, after negotations they are accepting £2k as a partial settlement figure. They advised that they would consider the debt repaid and not sell on or chase up the remainder in the future. I have asked for this in writing of course but they said that they would update my credit file as "partial settlement" and not full settlement to show that i never repaid the full amount!!
Is this right for a partial settlement and if i get it in writing from barclayacrd should i just settle this as want to get rid of this while i have the money.
Am i worth trying to get it as Full and final or do barcl;aycard always just do partial if you pay less than what you owe to them??
Hi
Not sure if I can do this but I read this on another forum yesterday about partial settlements. Here's what it said It' s OK as long as the file is also marked that the accounts closing balance is zero.
The principle being that although the creditor has acknowledged that they no-longer consider that anything is owing on the account (having settled for a %), it should also show somehow that full payment was not received. That would distinguish between an account that was genuinely settled in full and one that was a F&F for any organisation checking your CRF's.
I have been dealing with Barclaycard as I have a 3k o/s debt with them, after negotations they are accepting £2k as a partial settlement figure. They advised that they would consider the debt repaid and not sell on or chase up the remainder in the future. I have asked for this in writing of course but they said that they would update my credit file as "partial settlement" and not full settlement to show that i never repaid the full amount!! Anything other than "settled", or "paid in full", would leave the remaining balance outstanding, any DCA will be able to pursue the remainder with confidence, because you will have acknowledged the debt with your early settlement figure
Is this right for a partial settlement and if i get it in writing from barclayacrd should i just settle this as want to get rid of this while i have the money.
Am i worth trying to get it as Full and final or do barcl;aycard always just do partial if you pay less than what you owe to them??
Refuse point blank their deal unless they agree in writing to marking the debt as settled, or paid in full, anything else will just leave you open as an easy target for another DCA to chase.
make sure you get any promise in writing, because without it, they will simply deny everything they have said later
If Barclaycard confirm in writing that they consider the debt as closed then how can the DCA's bring this abck to life.
If I have a letter from them advsing they wont sell the debt etc then this should be ok shouldnt it?
Can I push them for a Full and final settlement or do barclaycard always offer these partial settlements so it shows on your credit history you didnt repay the full balance, has anyone had any dealings of this type of settlement??
if the CRA have the debt listed as partially settled, by definition there is a non settled part, this can be chased by any hungry DCA
Regardless of what the DCA tell you, you need the debt marked as settled or paid in full, or walk away and keep the money. I would make it the highest priority of the deal, the amount paid is less important than the recording of the settlement.
My increasingly cynical mind comes up with - the wording of the document may cover the fact that they don't actually own the debt, so therefore how can they sell it on? they could skewer you and still keep their promise. and the whole debt is paid eventually.
There is only the one loser - you!!
This forum has more than it's share of poor folks who didn't get the deal in writing, or went for the partially settled promise, neither gets rid of the threat of further pursuance
This account is with the original creditor Barclaycard and hasnt been passed to a DCA at all. Does this make a difference if I have a letter from Barclaycard stating they consider the matter closed and confirming the residual debt will not be sold on.
Surely if barclaycard then sold the residual debt (cheeky buggers if they did!!), I can show them their letter cofirming it is settled and it wouldnt be sold on.
Is this me being silly as they seem that they wont budge to a Full and final settlement as they want to reflect the"partial settlement" on my credit file to show I never paid the full amount. They said in writing that this is always the case with them if you do not pay the full amount. Am i being lied to by them, are there cases where they have settled for less than what was owed and it is marked as full and final settlement??
As someone who used to do settlements every day in my last job, heres a little snippet of advice for you. If your file is marked as partially settled, that means the company has accepted this as A Full and final SETTLEMENT and will not chase the remainder. It is up to you whether you pay the remainder, but BC will close the account and consider it paid. If you partially settle the credit file cannot show as anything other than partially satisfied as it has not been paid in full.
THE PRETENDER AGENDA - August 30,2008 - 2ND ROW!!! WOO-HOO!!
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02 Apr 2008, 23:55
OfficialLeeRyan wrote:
i like that!! its simple and good and gets the fans involved aswell x x x
MY SUCCESSES -
1st Credit (Lloyds TSB) admitted no CCA, reply from OFT 130608, reply from FOS 040608, adjudication stage rejected but still no contact....
My mate (Littlewoods/Moorcroft)
300608 -Long running battle,threatening court, CCA letter NO 2 and harrassment letter sent - passed back to Littlewoods early July.
070808 - Passed to Debt Managers, Acct in dispute/BOG OFF letter sent 080808...
140808 - Letter from Debt Managers passing debt back to Littlewoods - RESULT!
There are documented cases on this forum where the phrase "partially settled" has meant that another DCA can come after the remaining balance and sure enough, they do just that.
BC may well be completely different from all of the others, but somehow I doubt it.
lets build a simple scenario.
You go through the settlement process and your file is marked as "partially settled" a DCA then picks up as part of a debt portfolio the remaining balance and sends you a demand, you send them a copy of the BC agreement letter as proof they can't enforce it.
"Oh we don't know anything about that, you'll have to take it up with BC, now do you want to pay the amount owing by card or cash?"
you have a couple of options, you can allow the DCA to take you to court in the hope that the judge will allow the letter to overrule the rights of the assignee and CCA owner, I wouldn't want to rely on it.
As someone who used to do settlements every day in my last job, heres a little snippet of advice for you. If your file is marked as partially settled, that means the company has accepted this as A Full and final SETTLEMENT and will not chase the remainder. It is up to you whether you pay the remainder, but BC will close the account and consider it paid. If you partially settle the credit file cannot show as anything other than partially satisfied as it has not been paid in full.
It doesn't particularly matter whether files are marked as partially satisfied or fully satisfied (OK, it does, in terms of getting credit, but a default is a default )
what matters is whether the settlement is a final settlement, that is the actual wording of the settlement is that the creditor can not come back at you for the rest of the money.
while I don't disagree with spamheed, that normally legally a partial settlement would imply that the creditor has the right to come back at you for the money this is not necessarilt absolutly always the case. it depends on the wording. HOWEVER, Full & Final settlement means that there is no come back.
In any case, with all settlement offers the golden rules are:
GET THEM IN WRITING
AND
KEEP THEM FOR AT LEAST SIX YEARS
i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.
Settlement Figs
or do barcl;aycard always just do partial if you pay less than what you owe to them??
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Originally Posted by CL1411
