Thread: old Full and Final - query

Not sure if this is the correct place to post this query, so forgive me if it's not.

Just a technical point i came across in a post recently and wondered what the correct procedure was.

A bank sells a debt to a DCA
The debt is eventually settled with F&F settlement
Bank and CC charges are reclaimed by the individual from the bank.
As this account was sold on, can those reclaimed charges be put towards the shortfalll in the amount the debt was sold on for?

Also

A bank does a F&F settlement with account holder
Bank and CC charges are reclaimed at a later date
As the account is settled (and may have been for some years) will the bank keep the money or should it be given to the customer as the account has been closed?

Just curious about how these situations would be dealt with and if anyone can point me towards the legislation that may cover this.

I saw a post on another board where the bank had done a F&F settlement, charges were reclaimed and the bank then put the reclaimed amount towards the "outstanding" debt that was not paid off when the F&F figure was agreed. The account was then shown on their credit report as having an amount outstanding (as the settlement figure and reclaimed charges did not quite cover the full amount that had been owed). I had always thought that once the F&F settlement was agreed and paid, that that was it??

thanks
George

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This was not my account, but the person in question did have the agreement "Full and final settlement" in writing from the bank.

Just wondered if this was commonplace or if the bank was trying a new tactic. I haven't been able to read up too much on F&F's so thought i'd ask the experts.