Full & Final Settlement offer advice on how to clear asap

[horsemad1]

Just got a recorded message from Solicitors on behalf of the overdraft debt following up on a discussion I had with them on 6th May regarding Full & Final settlement of the account. I dont know whetehr to ring them back and tell them that i have sent a cheque and full and final settlement letter to them recorded delivery today - or is that a bad idea?

[Bigdebtor]

Depends on what the message said?

[horsemad1]

basically just said that they were following up on a discussion I had with a colleague on 6th May. Decided not to phone anyway, think its best to keep everything in writing.....

[dx100uk]

yea their getting worried they will get nowt out of you because you are becoming wise to their fleecing tactics.......

 

keep it up

 

well done.

 

dx

[The Mould]

OK horsemad1,

 

No problem, yes, the two (2) items together, please up-date when you can.

 

Kind Regards

 

The Mould

[horsemad1]

Just a quick update, have sent the first batch of Full & Final settlement offers with cheque today recorded delivery. Will update again when I receive any responses.

[horsemad1]

First rejection letter received - although they have kept cheque. My letter clearly stated that to be banked only if agreeing to my terms and chque was to be returned if not???

[The Mould]

First rejection letter received - although they have kept cheque. My letter clearly stated that to be banked only if agreeing to my terms and chque was to be returned if not???

 

 

Hello there horsemad1,

 

Full and Final Settlement to that particular account is now complete, that is a qualified acceptance by conduct, the terms and conditions of your settlement offer prevail, as do all the other facts of the circumstances of your settlement offer.

 

This account is now in a permanent state of legal discharge, it is terminated.

 

Give the facts to the robot over the telephone tommorrow, try to speak to someone from their legal dept and use the case law rulings to state the good news to that particular robot.

 

Kind Regards

 

The Mould

[horsemad1]

Ok, can state case law to them - but is that really all i have do now?

[TheCherry0121]

The mould i am also looking into some full and final settlements to free me from this cloud that follows me, any chance you could pm me regarding the best way to go about it (sorry for the thread Hijack)

 

Regards

A

[pfjc1000]

Me too, I want to know the best way to offer an f&f also.

 

Any more info would be greatly appreciated

 

Cheers:)

[Bigdebtor]

First rejection letter received - although they have kept cheque. My letter clearly stated that to be banked only if agreeing to my terms and chque was to be returned if not???

 

I think Case Law is much stronger if the cheque was paid by a third party (even mum, dad, brother, sister, son, daughter) than from you yourself. In that case the very act of banking it seems to be enough to be deemed acceptance - but if it's your own cheque I believe they have a period of time (not sure how long) in which to tell you they have just taken it as part payment on account.

 

Did you quote the full cheque details (sort code, cheque no, cheque amt) in your F&F letter? Did you write on the back of the cheque it was only to be banked if accepted in F&F?

 

I don't want to worry you unduly - it's probably OK and they would have a real fight on their hands if they tried to claim it was just a part payment - but in future always use a third party to pay any F&F deals.

 

BD

Edited May 21, 2010 by Bigdebtor
typos

[horsemad1]

Thanks BD, no it was a cheque from my father and wrote on the back that it was FULL & Final Settlement.

[Bigdebtor]

H - you're a genius - well done! If they don't reply immediately then I believe they are deemed to have accepted it as F&F. I would reply to their new demands with a "friendly" letter saying you are somewhat confused as they have already accepted the F&F offer and ask them if the letters perhaps crossed in the post? Send recorded delivery so you have proof of this letter reaching them - also ensure you keep the Bank statement showing exactly whenthey banked the cheque. Th elonge rthey take to reply to this the safer your grounds.

 

BD

[The Mould]

Thanks BD, no it was a cheque from my father and wrote on the back that it was FULL & Final Settlement.

 

 

OK horsemad1,

 

Right listen to me, really, calm down, you have superseeded your first offer, so relax on that point, don't take my message here the wrong way, I am simply stating the facts of this particular matter to you and your OH.

 

A clear, unequivocal and qualified acceptance by conduct has occurred, the terms of the settlement agreement now have the creditor bound to that instrument (Contract).

 

Your account was in genuine dispute,

You followed up on your first offer of settlement,

You offered the third party cheque at the same time of the settlement offer,

You offered the said cheque payment 'Without any admission of liability to the amount claimed',

There was a clause in the settlement contract for the creditor to return the said cheque if they do not agree to the terms of the settlement,

Your offer was offered unequivocally as a Full and Final Setlement Payment to the account,

The terms of the settlement contract were unambiguous, the terms were not broard, wide or open to interpretation,

The creditor was fully aware that your relative was making the funds available,

The creditor has admitted in writing that he does not have a copy of or indeed the original credit agreement,

The creditor has admitted in writing to being in possession of the letter of offer that the said cheque payment was attached to.

 

The creditor banked/presented the said cheque for payment and had full knowledge of the terms that the said cheque was tendered by at the time of presenting that said cheque.

 

In your circumstances, if the creditor does not accept the settlement agreement, then he must return the un-presented cheque along with a qualified rejection, and especially so in your circumstances, as the agreement for settlement contained the clause for the creditor to act on if he did not agree to your offer.

 

I hope that will help you and your OH.

 

On another note, to the other posters seeking Settlements with their creditors, can you start a thread in the legal issues forum on your case and I will pick up on it at some point in the near future.

 

Kind Regards

 

The Mould

[horsemad1]

Thank you all for your replies. Not really BD, The Mould has advised me every step of the way with this, its his brainchild really. Puts my mind at rest though. The OH is alot more cynical than me but given the facts infront of him it looks like we are in a good position to think up a suitably worded reponse to this creditor, using the facts The Mould has very kindly stated and politely telling them to now write off the balance & clean up my credit file - one down, 13 to go!!!

[horsemad1]

they did reply but only after it was too late

Edited May 24, 2010 by horsemad1

[The Mould]

They did reply in writing to say they were keeping the cheque but only as a part payment - however as The Mould has said there was a clause in my contract letter stating 'the cheue is offred "ONLY" in full and final payment to the account and if said cheque is not accepeted under the terms it was tendered by then it must be returned unpresented within 7 days of receipt of communication.

 

OK horsemad1,

 

I have seen your pm, when I have the time (Very shortly), I will make some amendments to your letter, in the meantime, do not send any response to that creditor or any other creditor.

 

The clause in the settlement agreement is just one of many factors that now hold the settlement as complete in law.

 

When your relative informs you that the funds have cleared out of his account, then please post this information up and I will then let you know what to do next.

 

Be careful of what you say in public!

 

Kind Regards

 

The Mould

[The Mould]

Hello there horsemad1,

 

Those particular settlements are now complete, legal discharge has occurred, those creditors are bound to those settlement agreements.

 

Hello robots, check mate. (Horsemad1, this little line is for the creditors out there)

 

Kind Regards

 

The Mould

[horsemad1]

5 cashed yesterday, another 4 today!!!

[The Mould]

5 cashed yesterday, another 4 today!!!

 

 

Hello horsemad1,

 

Perfect.

 

Kind Regards

 

The Mould

[Bigdebtor]

Guys

 

I'm looking for a bit of advice. After a long fight (lasting nearly 3 years during which time I've paid only £50 on one occasion) one of my remaining creditors has just appointed new lawyers (not a DCA) who have offered me a 25% F&F deal. I have been playing cat and mouse with the OC and its previous lawyers for the last 3 years now. They have both kept refusing to accept my "affordable" £50 monthly payment (as recommended by CCCS) and the previous lawyers kept sending me the wrong bits of paper when I did a CCA request, and refused to certify that they were "the right" or accept they were "wrong" bits of paper (they were actually nothing to do with my loan).

 

25% is very tempting as they were quite hard nosed for quite a long time - and my family will gladly sub me the cash to get the remaining 75% written off. However it looks as if their new lawyers may have advised them their CCA is unenforecable - I don't know because I've never had the right bits of paper sent so I can check it out!

 

Should I grab the 25% for a quiet life - or play hard ball, demanding they furnish a true copy of the original signed CCA first - and risk them coming up with the original agreement which ends up being enforceable, and then demanding the full 100% again?

 

If I were to accept the 25% F&F subject to them providing a true copy of the full original signed agreement can they just pull out of the deal - or must they leave it on the table while I await the eveidence of an enforceable CCA? I would even be willing to pay up on the basis it was later returned if no enforceable CCA turns up in say 6 months.

 

I know how to word the standard "F&F acceptance letter". What I'm not sure about is whether to send it off at all, or caveat it with reference to the proper original signed CCA turning up!

 

BD

Edited May 27, 2010 by Bigdebtor
typos

[horsemad1]

Depends on whether you are happy taking that offer. If you are then take it but demand they clean up your credit file, to show paid in full and account balance £0. However, arent most of the lawyers they use 'in house', if they thought they could take you to court for this debt, wouldnt they have done that by now?

[Bigdebtor]

Horsemad1

 

I think I'll take your advice and pay them the 25% to get another debt off my list (see my signature below). Slowly and surely I'm whittling the numbver and amount owed down!

 

I know the new lot are a "proper" firm of lawyers - not inhouse. I'm not surprised the OC hasn't taken me to court. They know if they went to court the "affordable" monthly amount would be all they would get - assuming they could enforce the debt at all.

 

BD

[horsemad1]

Before you do have you tried bartering it down further? They must think the CCA is dodgy otherwise you'd be at court by now Im sure, but as you told me once previously, an out of court settlement could still be made prior to any judgement. I think it just depends wether as you say you want to settle for a quiet life with a figure You are happy with or fight it all the way because you know you are in a good position with regards to enforceability.