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Unbelievable result.. There's hope for us all yet!! :)))

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Hi all,


I've been keeping my eye on these forums for some time after getting myself into a very sticky situation with a certain very well known building society a few years ago.


After 2 years of unbeleiveable financial stress and what appeared to be an impossible situation without BR.. I have today managed to reach an agreement on a full and final settlement that I never dreamed of :)


I do not have it in writing as yet, so do not want to reveal too much until it arrives in black and white. But as soon as I have it in writing I will reveal all.


However, they have suggested that they want to put it in writing to me, rather than me send them a full and final settlement letter.


Are there any specific areas of concern within the wording that I should look out for?

Any advise on this would be hugely appreciated.. and as soon as I have the offer in writing I will tell you my story.. which I hope will be able to help any of you that have had your life put on hold due to reposessions and impossible debts :))


Best regards


LuckyBoy :)

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post the offer letter on the forum with personal details blacked out .....


it's no uncommon for creditor to offer big discounts i've had an offer of 10% of the outstanding blance, but they had no CAA do they got 0% of the balance, so ask your self why the big discount, but that said perhas theyd rather have 20% now rather then 2 quid a week for the next 100 years?

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I now have the offer letter. Will update in more detail tomorrow when I have some more time :)

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They are not going to make a full & final offer because whilst they can make an offer now they could change their minds later. Suggest if you want to accept their offer you make it clear its to be full & final & that for the avoidance of doubt no further claims can be made in relation to this matter. Also it wouldn't be a bad idea to refer to the 'consideration' as being an early settlement, in their favour, of the disputed debt

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Thanks for the input so far guys.


Having thought this through I'm a bit nervous about revealing specifics until it's settled. But once done I will happily reveal all. The general summary is that I was forced to hand back a property in 2008.. which was then sold on at approx 45% less than it was valued 12 months prior. That coupled with interest and charges left me with a SIX figure sum owing to a certain big name.


This has been going on since then and I have been paying a nominal monthly amount until recently when I lost my job. After several phone calls last Monday and escalating up the chain of command.. we have now reached a settlement figure that I never dreamed of.


I will not go into any further specifics as yet, I hope you understand my nervousness to keep it under wraps for now.


However, the confirmation letter reads as follows:


Dear Mr xxxxxxx


Further to our telephone conversation on , I can confirm, as requested, the payment options for you.


We are prepared to accept a final settlement of xxxxxxx against your current outstanding debt of xxxxxxxxxx, payable by one of the options as set out below: -


Payment Option 1 (lump sum and 12 month payment)

Payment Option 2 (lump sum and 22 month payment)

Payment Option 3 (lump sum and 32 month payment)


I can confirm that once the sum of xxxxxxxx has been paid, we will consider your liability as settled and will no longer pursue you for any remaining balance. We will notify the relevant credit reference agencies that your debt has been partially settled.


This offer is proposed on the understanding that should you fail to fully comply with amount and/or date of installments the offer will be withdrawn and we will reserve the right to pursue you for the full amount outstanding.


Please contact me to when you are in position to confirm which payment you would realistically be able to maintain, and also confirm when your first payment can be made.


I trust this is satisfactory to your requirements.


Many thanks


xxxxxxx xxxxxxxxx


it looks pretty good to me, although I may need to ask for a caveat on the payment plan in case a payment one day late gives them the power to withdrawer the offer.. but, other than that it seems to say what it needs to.


Does anyone have any thoughts or concerns about how this is written?

Any further guidance would be hugely appreciated.


Many thanks in advance

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