Full and final settlement letter

[floricita]

Hi Mckenzie Hall have taken over one of the PDL debts. After many threats I wrote to them about a reduced settlement final offer. They came back and we agreed on 50%.

 

However, I need it in writing to cover all bases. I don't want to pay them and then they come back and say it wasn't final settlement.

 

Can anyone help me phrase what needs to be said on the letter please , or the document that I sign?

 

so far all they say is one off payment

[floricita]

I don't think what I have currently in writing covers everything off

 

"

Dear

Thank you for your email.

CONFIRMATION OF ARRANGEMENT

£687.00 one off payment

Payment date 31/03/2013

Payment method Bank Transfer

Sort Code:

Account Number:

Always quote Reference:

Many Thanks

From:

Thanks.

 

I will need a letter or email stating that this will be full and final settlement of the account and also your bank account no to pay it into.

 

thank you

 

 

From:

Subject: RE: Debt account

Date: Thu, 14 Mar 2013 10:40:23 +0000

Dear

Thank you for your email.

Please be advised that the settlement available is at 50% £687.00.

This offer will be available until 31/03/2013.

Many Thanks

"

[renegadeimp]

If they are agreeing on a discount, then theres something wrong with the debt. You need to find out what. The only amount you should be paying or negotiate on is the initial loan, initial contracted interest and a default fee, minus what you have already paid.

[floricita]

YEs that is what I'm doing. I don't know if there is anything wrong with the debt but I got a letter before action so would like to settle for this amount which is the correct amount of principal loan.

 

I just need to know how it can be out in writing so that it is finally a full settlement and not just a payment and they ask for more later on.

 

I just need the right terminology please.

 

Thanks

[renegadeimp]

They are just scaring you. Can you post up the letter before action? Im not saying that the settlement isnt genuine, just you are dealing with a very well known DCA who uses threats and harassment to get money they are not entitled to.

[floricita]

The letter was from a sols not mckenzie hall.

 

I don't think it's that unusual for them to settle considering they bought the debt for a lot less than the settlement offer.

 

what I really need is the right words to make sure that it is concrete when payment is made.

 

Thanks

[renegadeimp]

Doesnt matter if its from a solicitor. Most DCA's use solicitors for hire, or their own inhouse one. Can you tell us which sol it was?

 

If we can determine if it is genuine, then by all means its worth paying, but paying them blindly simply because a silly solicitor tells you to....

 

 

If you still want to pay them without checking the validity, then we can help you get the wording right. I just dont want to see you pay simply because they are threatening you if you dont.

[floricita]

I'm not paying them because a sols is asking. I have been given a lump sum by a family member to pay off all my debts. I have written to all my debtors telling them of my situation, I was unemployed for 7 months and have only recently gained employment, I owe x amount in total, I have been given x amount by a family member to settle all my debts in full will you accept 40%. They have written back with 50%.

 

I owe the money so want to settle the debt as soon as possible with this opportunity.

 

To ensure that the offer is genuine, I need the correct wording so that when I make the payment it is actually for the full amount.

 

To date I do not think that the wording is 100% correct (see above), hence why I need something in writing signed by both parties to ensure that I am actually settling my debts in full and not just making part payments

[renegadeimp]

Well, you need to demand that the offer is only valid, if they remove any and all entries from your credit file, mark the account as settled, and they do not pass on or sell on any of the remaining balance. You MUST get confirmation of this in writing, and do not send a single penny unless they agree to it.

[Sillyboywyn]

Id listen to rene, I did the same with all my debts and my credit file is clear apart from a default for a credit card. I had 10 PDL's and lots of other bits and pieces.

[floricita]

Right this is what they have sent me. It doesn't include as I asked for any thing for amending my credit reference.

 

Would appreciate it if someone could check it out and ensure that it is biniding as a full and final settlement

 

Reference: ***

Client Ref: *****

Pursuers: Mackenzie Hall Debt Purchase Ltd

Original Creditor: Quick Quid

Principal Sum: £ 1,374.00

23/03/13

REDUCED SETTLEMENT OFFER

 

We can confirm that our client will accept £687.00 as a full and final settlement with regards to the above debt. If payment is not received by noon on the last working day of this month, then this settlement figure may be revoked and no such offer will be made again.

 

Our client would prefer an amicable settlement, however, should the settlement amount not be paid by the specified date, there could be a potential for further action.

 

Payment method:

 

We accept payments by Credit and Debit card by phone or On line at www.mackenziehall.co.uk . Alternatively you can pay Cash into our bank account.

 

The details are as follows;

 

****

Account number: ***

Sort Code:***

Bank Reference: ***

 

Should you have any questions, please telephone our offices on telephone number 01563 556 544.

Important: If you are not the named person above please contact us quoting Address ID: ****** to stop any further communication.

 

Yours sincerely

********** Mackenzie Hall Limited

Always Quote Reference *******on all communications.

(Telephone calls may be recorded)

[renegadeimp]

Thats sounds very suspicious im im honest. There is no mention that the settlement will pay the debt fully, and the remainder wont be passed on or sold to a third party. They also mention that they are acting on behalf of their client, and their client agreed to a discount. Why didnt their client contact you direct and say they will accept a settlement sum?

 

It might just be me being wary, but this letter smells funny.

[Sillyboywyn]

I wouldnt take that as a acceptance, I'd be pushing for no sale to third party extra in writing!

[renegadeimp]

There shouldnt be a need to push. It should be the basis of the letter.

[keepcalmanddebtfree]

Hi guys,

 

Sorry to highjack this thread, but I need some help, If I took out a loan with wonga for £440 and I have paid back £380.51 does this mean that I only owe wonga a further £59.49? Because at the moment even after asking for a repayment plan they have refused to stop all interest on my account, so if I send them a final settlement letter stating I will pay the remainder of the initial loan, then they have no right to pursue the case any further?

 

Please help really stressing out with all of these, as they are not very helpful at all.

 

P.S. Accounding to wonga I still owe the £354 even though I have paid that amount as I did a few rollovers.