Full and final settlement offer accepted advice please

[mrjon]

I made an offer to Barclaycard for a full and final settlement of £2.3k for a debt of £7.1k, the £2.3k to be paid by a family member, Barclaycard accepted the offer, and written confirmation is on its way,

from the telephone conversation it was stated the debt will show as partially settled on the credit file and they would not pursue the remaining balance.

Are these terms acceptable?

I am not worried about my credit rating,

can I be taken to court for the remaining balance?

can interest be restarted on the remaining balance or does the not pursue in effect end the matter?

If the debt is sold on, the agreement not to pursue the remaining balance will the new debt buyer be also hold to that? 

Thanks for your help.

[AndyOrch]

Don't make payment until you have received the letter of conformation and uploaded a copy here. Partially settled leaves the door open for a mire  of possibilities .... If the debt has previously defaulted, the term settled is not used and the term satisfied is used instead. I personally would want to see the debt satisfied but lets wait for their letter.

Topic moved to Barclaycard Forum.

 

Andy

 

.

 

 

.

[mrjon]

I will post the letter when it arrives, thanks for your advice.

 

[dx100uk]

when did you take this card out?

 

[mrjon]

Dear Forum

Can someone read the letter I received from Barclaycard and comment, I made an offer for full and final settlement of a Barclaycard debt and received this letter as terms of the agreement and acceptance of my offer. I have paid the money.

My credit file is still not updated to show the settlement and when I enquired on the phone, they confirmed the account was closed and I would not have to pay the outstanding balance,

I pointed out that the payment I made was for the final settlement of the outstanding balance, and that they agree to clear the rest of the debt and why were they still referring to a balance,

the person went off and spoke to a manager and said what they mean by clear the debt is to clear my liability to pay the balance, that is not how I understand clearing a debt to mean,

I did not argue further as I thought to wait to see how the settlement is described in my credit file when it is updated as sometimes the person you talk to on the phone does not know what is going on.

They are saying there is nothing to pay and the account is closed, but I worry are they up to something?

Barclaycard.pdf

[lolerz]

threads merged for clarity.

Looks like they've accepted F&F and you have proof of acceptance.

See what they say on your credit report, it can take a couple of reports to update depending on when Barclaycard declares it as partially settled/satisfied.

Best not to post up and go radio silent though. 

[AndyOrch]

48 minutes ago, mrjon said:

I have paid the money.

They state 10 days after receiving payment they will mark the account partially settled and inform the credit agencies. 

The account is now closed. 

 

 

.

[mrjon]

thanks for the response,

on the phone, they insist that an existing balance still exists and will be reported as such, my understanding is that credit files should show a partially settled account with zero balance,

Barclaycard seems to say that the outstanding balance remains, that's my problem, I feel the letter of acceptance indicated the balance is cleared.

And if they report the account with an outstanding balance then how can at the same time be settled, the 2 conditions cannot exist at the same time.

[AndyOrch]

I did advise in my post# 2 above before you made payment.

[mrjon]

Are you thinking based on the offer letter I made a mistake in paying? the letter reads to me quite clearly that the matter is settled in full, 

[AndyOrch]

It is settled in full and now closed but as I advised in my initial post....

Quote

Partially settled leaves the door open for a mire  of possibilities .... If the debt has previously defaulted, the term settled is not used and the term satisfied is used instead. I personally would want to see the debt satisfied but lets wait for their letter.

I doubt you will hear anything further but the entry is not ideal that they will mark your credit file with although accepted and should not affect your credit rating.

[dx100uk]

which is why we say F&F is always normally a total waste of time.

when did you take this card out?

what is the defaulted date on your credit file.?

 

[mrjon]

Card taken out in 2017,

default 2021 or 2020,

paying a full and final for me was about me trying to rebuild my life without having a 7k plus debt hanging over me,

I am nearing retirement and want some peace of mind,

I read the agreement letter and thought this is good enough and doubted that a third party claim would succeed if they tried to take me to court.

I just wish Barclaycard would say thank you sir matter is all settled now rather than trying to maintain that a balance exists, even though they say I do not need to pay it.

[dx100uk]

13 minutes ago, mrjon said:

paying a full and final for me was about me trying to rebuild my life without having a 7k plus debt hanging over me,

urban myth sadly.

17 minutes ago, mrjon said:

I just wish Barclaycard would say thank you sir matter is all settled now rather than trying to maintain that a balance exists, even though they say I do not need to pay it.

it is only written off on their books and as they say, a balance still, legally, does exist.

you most probably didnt owe the whole balance anyway as unlawful penalty fees and the the interest they accrue typically inflate a debt to a much greater level.

your saving grace here is this was to the original creditor and the fact you've had a default notice sometime vack?

so regardless to whatever happens, the debt will vanish from your credit file on the DN's 6th B'day.

though that doesnt mean a debt is still not owed and that it wont be sold on.

just keep that letter from BC safe.

dx