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Full and Final


jamanji
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Hi jamanji,

 

It might pay you also to look at the site blog and site team member sequenci on f &fs. I can point you also in the direction of a couple of websites written by law firms which will give you a deeper insight which were of help to us in making our minds up to do it and we won at 10%.

 

regards

oilyrag.

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If you are asked to deal with any matter via private message, PLEASE report it.

Everything I say is opinion only. If you are unsure on any comment made, you should see a qualified solicitor

Please help CAG. Order this ebook. Now available on Amazon. Please click HERE

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Hi silverfox, bowing deeply

 

And your link includes:

 

"• Always ensure that negotiations are in writing, via recorded delivery if possible. Keep a copy of the confirmation letter in a safe place.

• For credit debts consider a request under the Consumer Credit Act to see if there are any issues with the paperwork. A creditor is likely to accept a very low settlement on a potentially unenforceable debt.

• Try and ensure that your credit file is marked as fully satisfied as a condition of the settlement.

• Ensure that the letter sent with the payment clearly states ‘full and final settlement’.

• If a third-party is giving you the lump-sum they should pay the creditors directly, this makes the arrangement more binding.

• For larger settlements you may wish to have the agreement formalised via a ‘deed’ drawn up by a solicitor, this would make the arrangement legally binding.

 

x

 

v

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Hi jamanji,

 

There were two sites we referred to. Please note I can never make muy links work properly so probably the quickest way to get there is to enter

 

Addleshaw Goddard in your search engine. The site is not too easy to navigate but there is section on full and final settlements which will take you back to the infamous Pinnel case of 1602 ( ruling still extant) but they give explanations and bring you up to date with case references even to Lloyd LJ sitting in the Court of Appeal.

 

Secondly try the same with:

 

Gannons London Solicitors They have a section on F & F which is actually advice for creditors (the opposition shall we say). This details what they can do and what they must not do and the consequences of same. I have quoted at length from it on here before but it may be easier for you to look yourself and draw your own conclusions.

 

Once the decision had been made that on the OD and loan we would offer F & F we asked a solicitor to set it all up and make it watertight. we thought we might have to pay about 70 to 80% but anything helps. However they said opening bid maximum 10% and the bank fell into legal quagmire straight away. They tried a bit of nastiness 3 months later, solicitor said let them hoist themselves on their own petard and then we take them apart. All is now quiet. It was all done almost exactly as sequenci has suggested in his blog other than correspondence was solicitors, who handled the third party cheques.

 

regards

oilyrag.

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Thanks jamanji and rockwell, Not barclaycard unfortunately but Barclays bank themselves. Still have BC ongoing. They are just nasty and unmovable but so are we and our sols. The bank side is just ---- well????? If I was to say that the index finger of the left hand does not know what the thumb of the same hand is doing just about sums it up.

 

regards

oilyrag

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  • 4 weeks later...
Hi jamanji,

 

It might pay you also to look at the site blog and site team member sequenci on f &fs. I can point you also in the direction of a couple of websites written by law firms which will give you a deeper insight which were of help to us in making our minds up to do it and we won at 10%.

 

regards

oilyrag.

 

You say you 'won at 10%' Oilyrag, how are you defining won? Have they accepted your payment and cleared your file?

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