Full and Final Acceptance letter

[moonwoman]

Hi, can anyone help me out with a link here? I'm sure I have seen a copy in the past of a letter I can send to accept a Full and Final Settlement offer, but I can't find anything in the letter templates or the libraries.

 

Thanks

Moonwoman

[Michael Browne]

See here:

Creditors and DCAs - Consumer Wiki

[vint1954]

Hi, can anyone help me out with a link here? I'm sure I have seen a copy in the past of a letter I can send to accept a Full and Final Settlement offer, but I can't find anything in the letter templates or the libraries.

 

Thanks

Moonwoman

You need to make sure also, that they will not pass or sell on to third parties after F&F and try and get any adverse credit listings removed.

[moonwoman]

Thanks for your replies. From what I've read on here I'm pretty sure that the letter is a genuine 'bona fide' offer. It reads...

 

'In an effort to resolve this mattr amicably and, after further negotiation with our Client, I can advise that I have been authorised to accept a lump sum payment of £1,000 in full and final settlement of your outstanding liability. This payment must reach us no later than 28th August 2009.

 

Our Client reserves the right to withdraw this offer if your payment has not been received by the specified date.

 

The payment should be made payable to XXXXX and sent to the above address.

 

Once this payment is received and processed, our Client will record your debt as satisfied and notify the relevant credit agencies accordingly. At no time thereafter will you be pursued by our Client, their successors or any third party in connection with your liability and a letter of satisfaction will be sent to that effect.

 

The settlement payment is offered on the basis that our Client (or authorised agent) reserves the right to pursue any other liable party for the remaining balance outstanding.

 

I look forward to receiving your payment and being able to conclude this matter.'

 

 

It is for a joint repossession mortgage debt for myself and my DH. The offer is for £1,000 on an amount of over £23,000 - so less than 5%. The only paragraph I'm uncertain about is the penultimate paragraph where they talk about 'reserving the right to pursue any other liable party.' The letter is addressed correctly to us both, so which other liable parties are there?

 

What I'd like to send them is an email accepting the offer (- unless anyone spots any warning signs in their letter -) I'm going for an email because of the timescales - I will not have the money together until tomorrow, and I didn't want to send then anything until I was sure the money was in the account. I presume I will need to state that 'Without Prejudice,' we are able to offer a £1000 payment in full and final settlement, and then re-iterate that it is on condition of the debt being recorded as satisfied in full, and the other points they mention in their letter.

 

I'll take a look at the Consumer Wiki page and see what I can adapt. Any other suggestions or info about things I need to be aware of, gratefully received, as always!

 

MW

[debt4get]

is it addressed to both of you or just the one cos if its the one they will then go after the other for remainder of debt

[moonwoman]

It's addressed to both of us - at the top of the address for the window envelope, and in the 'Dear Mr X and Mrs X.' That's why I find that paragraph a bit strange.

 

MW

[moonwoman]

Oh, and I forgot to say that their letter states 'WITHOUT PREJUDICE.'

 

Any advice please?

 

Moonwoman

[debt4get]

i would ask for confirmation in writing that they will not pursue either of you on receipt of f and f

[debt4get]

the only reason I am dubious over this is the fact that the settlement figure is extremely low compared to debt owed and dca's dont normally tend to be this generous...its a difficult call and not one Id like to make

[moonwoman]

Hi debt4get - yep, I counted the 'noughts' several times because I was convinced I had mis-read it! The original mortgage was with the Alliance & Leicester. Over the years the DCA have offered us a F&F figure of around £5,000 several times, but we have been unable to get anywhere near that. The majority of the 'debt' was the shortfall between the mortgage amount and what they sold the house for, their 'costs,' etc., The £1000 plus what we have paid as a minimum amount over the years is a lot closer to the amount we actually owed on the mortgage when the property was repossessed.

 

I'd like to get this 'out of the way,' and can borrow the money interest free from a family member, - I just want to be sure I cover us as much as possible by what I put in any communications to them, and that it really is a full and final settlement. I would also say that compared to other DCAs they have always been reasonable and professional - not that that says a lot I know!

 

 

Moonwoman

[debt4get]

like I said it is a good offer especially if its true. I would defo get it in writing that it includes both yourself and your oh... as to any 3rd party well if no one else involved then....

[carryonregardless]

Oh, and I forgot to say that their letter states 'WITHOUT PREJUDICE.'

 

Any advice please?

 

Moonwoman

 

Hi Moonwoman

Well if that is genuine I think you have the "real deal" I wish I could pay 5% of my debts to clear them and would be over the moon!

Mind you many years ago my friend and her then boyfriend paid a motgage settlement of way under what they owed, bit similar to yours I think and worked out fine. I would have to check with her on the exact amount though. I just know that she was very surprised and paid it before the bubble burst so I wish you luck.

Maybe it's a mortgage arrears thing, lower?

Regards

Kat

[moonwoman]

Hi Kat,

 

Yes, I think they have just realised that they have no hope of getting the 23K, and I've told them several times that they have no hope of getting the £5K amount either! (that was before I found this site, and I still used to speak to DCAs on the phone in those days!) Knowing this was cleared would be great. I know what you mean - if only the others would go for 5% too!

 

I'm a bit torn between thinking 'grrrrrrreat' and wondering if it's too good to be true???

 

Moonwoman

[dx100uk]

playing the devil card here................

 

if its for an original debt of £25k, then reduced to £5k, then reduced to £1k, me thinks this has already been written off and placed in the unrecoverable pile and the OC has had remittance via business insurance against such debts & thus sold it on.

 

also exactly £1k is too much of a nice round figure that has been plucked out the hat via a telephone conv or coffee break discussion.

 

if it can go to £1k it can go to £0.

 

as nice as it is to get this away and boxed, i'd plead neg eq or hardship and offer £500

 

it just don't ring true to me...........

 

my 2p

 

dx

[vint1954]

playing the devil card here................

 

if its for an original debt of £25k, then reduced to £5k, then reduced to £1k, me thinks this has already been written off and placed in the unrecoverable pile and the OC has had remittance via business insurance against such debts & thus sold it on.

 

also exactly £1k is too much of a nice round figure that has been plucked out the hat via a telephone conv or coffee break discussion.

 

if it can go to £1k it can go to £0.

 

as nice as it is to get this away and boxed, i'd plead neg eq or hardship and offer £500

 

it just don't ring true to me...........

 

my 2p

 

dx

Sound right DX,

 

Also Hardship, you do need to button down the fact that they will not persue your partner, or indeed any other person linked to you. I take it that there was not a third person guarantee.

[moonwoman]

I don't think that there was a third person guarantee in any way - mind you it was 1991. I would have thought that they would have contacted them by now if they had another name on file.

 

Moonwoman

[moonwoman]

I have emailed them to ask them to explain their penultimate paragraph. I may be being thick, but how can they pursue a debt with anyone when the debt is recorded as 'satisfied in full' by somebody else?

 

Moonwoman

[vint1954]

I have emailed them to ask them to explain their penultimate paragraph. I may be being thick, but how can they pursue a debt with anyone when the debt is recorded as 'satisfied in full' by somebody else?

 

Moonwoman

If this was from 1991, have you paid anything since then. If over 6 years without a payment, at any point then it is statute barred.

 

Or have I missed something

[sam614]

think it was mortgage:(

[uneverdid]

even if it was a mortgage if you have not paid anything since 1991 doesn't it become statute barred after 12 years anyway

[vint1954]

Yes, a period of 12 clear years without payment.

[moonwoman]

Hi 'Vint'

 

Unfortunately we had been making monthly payments for a while - minimal amounts only - until about a year ago.

 

Moonwoman

[vint1954]

Hi 'Vint'

 

Unfortunately we had been making monthly payments for a while - minimal amounts only - until about a year ago.

 

Moonwoman

Ah, not statute barred then, unless you had 12 clear years from 1991 to 2003 say.

 

Vint

[one20]

MW

 

I've been reading this thread with great interest, any updates? did you hear back from the OC? have you made the payment already?

 

Thanks

 

One20.

[king123]

Sounds great except for that penultimate paragraph. If I got that bit cleared up I'd be biting their hands off to accept quite frankly. Subscribing to the thread and await news with interest!