Full & Final Settlement Offers - Advice please

[bobdauilda]

Bill- the case law in post 37 is a little old isn't it-1911? Does it's ruling still stand as a valid point of law?

[Dotty50]

I have been offered a partial settlement with a well known M type bank of 37%! Have till tommorrow to decide what to do.

If I dont pay them tommorrow I will be defaulted tommorrow so i'm completely up in the air about what to do!

 

I do not have the time or ability (Due to bank rules) to get the money into a third party account to pay it from so I would be paying them without written confirmation that it is a settlement payment!

 

Does anyone think it would be a good idea to request email confirmation from the account manager prior to paying? Would that surfice as proof they accepted it as Partial? (Tried for ages to get F&F but they would not budge)

 

Hi HJ,

 

I personally would pay nothing to them without written confirmation, they will deny anything once they have got a payment from you and continue to pursue you for the rest. This is not from my experience but from reading many threads on here to do with MBNA, I guess that's who you are talking about.

[MandM]

Hi HJ,

 

I agree with Dotty50. These people will stoop pretty low, and then surprise you by going lowere still. They really are the first rung on the food chain and you shouldn't believe anything that you're 'told'.

 

With regards to e-mail confirmation, can they not send the letter as an attachment? on their headed paper?

 

Out of interest, why are they that desperate to settle?

 

M

[bobdauilda]

andie 303 are you out there? I would be grateful for your further advice...

[andie_303]

Hi Bob - sorry have been off for a while and only just saw your post.

 

I would write to your bank asking why they believe they do not have to close the account after they have accepted a full and final settlement from a third party on your behalf.

 

Ask them to explain this to you in clear and concise language I would also quote to them the case laws as explained in previous posts and ask why they believe they are exempt from this.

 

I would guess them to be BS'ing you in the hope of illicting more money out of you. Do you mind saying which bank it is?

[andie_303]

Hi Bob I would knock a letter together saying something along the lines of.......

 

Dear CRAPPY BANK

 

I note with interest your letter dated XX/XX/XX where you acknowledge you have cashed cheque number XXXXXXX from (FRIENDS NAME) which was sent to you in full and final settlement of account number XXXXXXXXXX.

 

This was made clear in the letter attached to the cheque and you were asked to return the cheque should you not agree to this. You did not return the cheque, you did indeed cash the cheque on (INSERT DATE) and funds cleared to your account.

 

In your letter you have made demands for further payments despite accepting a full and final offer with the cashing of the previously mentioned cheque.

 

I would like to know on what basis you make further demands. I ask that you explain this matter in clear and concise english quoting any laws on which you would seek to rely.

 

I would direct your attention at this point to Bracken & Trickett V Billinghurst.

This states that if your company has chosen to bank a cheque from a third party in full and final settlement of a sum owed by your debtor you will have signified acceptance of it as discharge of the debt.

 

I now expect a written response showing that the account is now closed and my credit file will be marked accordingly. I expect this to take no more than 14 days after which I will reserve the right to take the matter to the Financial Ombudsman service or file the matter in the County Court.

[bobdauilda]

4 lettered yank bank. Thanks Andie much appreciated. I wil keep you updated.

Edited December 31, 2009 by bobdauilda

[Bill Shidding]

Hi Hugh,

 

If I dont pay them tommorrow I will be defaulted tommorrow

 

I agree with MandM and Dotty. Never be rushed.

 

I have been offered a partial settlement with a well known M type bank of 37%!

 

 

A "partial" settlement leaves you wide open to court action for the balance. Unless the settlement document contains the phrase "this sum is accepted in full consideration of the disputed remaining balance". In which case the partial settlement is known to be F&F, in any event.

 

 

Hi Sgx.saint, no problem.

 

You are welcome to post your F&F doc, I think there may be a template somewhere:confused:

 

Hi Bobdauilda,

 

the case law in post 37 is a little old isn't it-1911?

 

It certainly is, (to the best of my knowledge) it is still relevant case law though.

 

Bill (HNY!)

[bobdauilda]

I have had a copy of the original CCA and the current terms & conditions but nothing regarding the F&F settlement. Why haven't they enclosed the T&Cs from the date of signing the cca ie early 1990's?

[Dotty50]

Hi Bob,

 

Did you send anything along the lines that Andie posted?

 

Guess they didn't return the cheque

[bobdauilda]

Hi Bob,

 

Did you send anything along the lines that Andie posted?

 

Guess they didn't return the cheque

 

See post 78...

[Dotty50]

Yes I saw that post before, just wondered if you had done anything further.

[bobdauilda]

Yes I saw that post before, just wondered if you had done anything further.

cried a lot....contemplated suicide..... sent another letter which has gone unanswered....cried some more....

Edited January 26, 2010 by bobdauilda

[Dotty50]

Now posting on Bobs thread, apologies to Fred for high jacking!

[bobdauilda]

andie 303 are you out there.........?????

[nodefaults2010]

hi bodauilda, did you get any further with this?

[The Mould]

andie 303 are you out there.........?????

 

Hello there bobdauilda,

 

 

Sorry Fred and all others for intruding here, Bob what is your situation now regarding Full and Final Settlement, if your creditor has played the conduct of deceit with you, I may be able to help you sort the problem out, once and for all.

 

 

If you see this Bob, Please up-date by posting on my thread regarding f+f.

 

Kind Regards

 

The Mould

[panther12]

Didn’t work with egg. I’m the 3rd party helping a friend and decided to try the andie 303 approach. There was no involvement with the friend – the cheque & letter came direct from me with the friends details included but although I asked them to return the cheque to me at my address should they not be able to fulfil this request, they returned it to the friend with a letter saying:

 

We are unable to accept your offer as a full & final settlement. As soon as you amend the details and return the cheque we will then be able to continue with processing the cheque. It would also assist if you can write your name, postcode and egg ref on the reverse.

[charley2212]

HELLO anyone tried a full and final with provident , ive tried on behalf of my partner whos suffering financially , is a carer so not earning millions , and outstanding balance is £350 .

i sent of a f&f letter and cheque for £200 and twice they have pushed the cheque through the door without so much as a scribble .

i thought i was being very generous

i have explained she cannot afford it etc

i sent the f and f to the local office as opposed to the head office should i try that .

no doubt they ll threaten a dca namely their in house one , and i ve thought about just telling them to take us to court and pay the £200 into the court so it would help , and they would look a bit silly i think .any help would be appreciated thankyou

[charley2212]

bump

[mj4j2000]

Hello there bobdauilda,

 

 

Sorry Fred and all others for intruding here, Bob what is your situation now regarding Full and Final Settlement, if your creditor has played the conduct of deceit with you, I may be able to help you sort the problem out, once and for all.

 

 

If you see this Bob, Please up-date by posting on my thread regarding f+f.

 

Kind Regards

 

The Mould

 

Hi bobdauilda

Any update on your F&F settelment.

Thanks

Regards

MAC

[johno23]

Hi All

 

I have followed the process of full & final settlement letter for a friend.

 

The third party cheque has been cashed even though it stated in the letter to remove the default and any adverse history.

 

Lowells are refusing to remove the default and will only mark the credit file as settled.

 

Anyone any advice

 

Johno

Edited July 12, 2010 by johno23

[mj4j2000]

Hi All

 

I have followed the process of full & final settlement letter for a friend.

 

The third party cheque has been cashed even though it stated in the letter to remove the default and any adverse history.

 

Lowells are refusing to remove the default and will only mark the credit file as settled.

 

Anyone any advice

 

Johno

Hi Johno

Would you mind to ask you. how big the loan amount was and which amount you paid by cheque. thank you

[johno23]

Hi

 

Yes it was for a mobile phone contract two years ago.

 

It was only £40 so i sent a cheque for £30.

 

Hope that helps

 

Johno

[Akamas]

Any news from anyone on these settlements? How have the banks responded?

 

I wanted to warn people to read through the following case before attempting this and to post their opinions here:

 

Inland Revenue Commissioners (IRC) v Fry

 

It seems very likely that this case will be used against the debtor if they are not careful. The only point we may have in our favour is that Mr Fry does not appear to have written anything on the back of the cheque making the agreement easier to rebut.

 

Also worth noting is that judges will almost never rule against the IRC due to the possible repercussions. It is one thing for the judges to make a decision negatively impacting a builder or merchant, but the IRC and banks may be a totally different kettle of fish...

 

Useful link on the subject:

 

http://www.bermans.co.uk/publications.php?5.articles.view.230

 

I just wanted to add that I in no way agree with the judgement in the case of IRC v Fry. I am sure that if the roles were reversed they would still rule in favour of the IRC, it is just another example of our corrupt legal system in action...

Edited July 23, 2010 by Akamas
Added link.