Recieved offer of full settlement - what next?

[jonat]

Hi Folks

 

Just recieved an offer of full and final settlement to the tune of £3552 which is fantastic news. (and alot easier than I though it would be)

 

They are going to pay it into my account which is fine but does anyone know if they will cancel my overdraft with them? I wanted to use the money to pay off a credit card my wife has which is subject to massive interest rates so I could do with this clarifying.

 

Also a quick not to everyone who has helped me - Thanks a million I couldn't have done it without you. :-)

 

And I will be donating to this site once my settlement comes through.

 

Any feedback on the above would be appreciated.

 

Thanks again

 

Jonathan

[nathal]

its your money, get it the way you want it

 

ie cheque or bank account

[jonat]

I don't mind it being paid into my bank account I was just wondering if they have cancelled anyone elses overdraft as a result of this type of action?

[cheddar]

You'll have to have a read around to see but if they haven't told you they're doing that then assume they're not going to. Mine hasn't been cancelled.

[Bookworm]

Natwest haven't, that I am aware of anyway, no.

 

Nathal, be careful in what you advise: If a claimant hasn't specified in their POC HOW they wanted the money refunded, and there is an outstanding debt (which is what an overdraft is, let's not forget), the bank has every right the refund against the debt. The only exception I can think of is in case of a bankrupt, where it should go in the communal pot to be shared amongst creditors. ("should" beign the operative word here )