Write off

[DOZY]

Hi

Natwest have told they are no longer pursing the outstanding balance owing £**** , does this mean they are just holding off , or have they written it off, or are just holding off ,but debt stays on file.

 

I asked to a write on health grounds.

[Bazooka Boo]

IMHO Dozy, I would write to them and get clarification on the matter, and in writing for future reference.

Make sure you get it in writng and not just a say so over the phone, unless you record your phone calls?

[Guest wino]

Keep any paperwork regarding this as a DCA might just pop up anytime in the next few years or even longer to try their luck;)

 

Have you got it in writing from Natwest that they are not pursueing the debt. Just because they are not going to persue it doesn't mean it has gone away forever. They may well just sell it on to someone else.

[Stephan56]

Please remember a write off is JUST AN ACCOUNTING TERM. It means they have decided to hold the "asset" in their books at 0 value. It is NOT a b ar to them deciding to try again to collect on it and/or selling it on to someone else.

 

In my opinion, one needs to have an exchange of consideration for them to agree not to pursue it - whether it has any value or not. You give them a nominal sum (say £5) and IN CONSIDERATION OF THAT they agree it is a full and final settlement and they will not pursue in future.

 

They can tell you today they are not pursuing it - but that is NOT a bar (legal or otherwise) to them pursuing it in future.