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vigilantepirates

Newbie! Can i do this?

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Hi all!

 

I am in serious debt and am facing bankruptcy. I am expecting the bailiffs round at any time and am really worried about it.

 

I have tried to offer a payment plan but i just dont have enough money to pay people and they keep rejecting my offers.

 

I have just typed a letter to each company which reads.........

 

Dear Sirs,

RE ACCOUNT/REF #:

 

Please find enclosed a cheque in the amount of £………………….for payment in respect to the above account. We offer this sum as full and final settlement and if cashed will confirm this account as paid in full which will reduce my outstanding balance to zero and ensures my account with you is closed.

This is my last attempts at settling this account before I file a petition for bankruptcy in the Canterbury County Court. I do not have any assets at all and would rather pay a settlement figure to you and clear this debt rather than pay to file for bankruptcy and everyone receive no payment at all.

My situation remains the same with £1009 income per month for my family of seven. As you will no doubt work out I already do not have enough to live on and bankruptcy will be my only option should this effort fail.

Please contact me immediately should this not be acceptable and return the enclosed cheque.

 

Can i do this? What i mean by that is, if they cash the cheque will it hold up in court that the account is settled?

 

I really dont know what else to do. I really dont have any assets and im an agoraphobic (I have panic attacks when i get more than 500yds from home) and i am raidly losing all hope.

 

If anyone has any suggestions or knows the law on this stuff, please help me!!!

 

 

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My posts are offered informally, without prejudice and without liability. You should seek the advice of a qualified insured professional.

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so if i sent the cheque with the letter and they cashed it, that would legally make my account clear?

 

Sorry for being a bit dim, i havent slept in 3 days! Im in stress overload!

 

Edited to add:

 

IVA is no good because i have little income, a tribe of kids! Everyone i have spoken to has told me to go bankrupt!

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My posts are offered informally, without prejudice and without liability. You should seek the advice of a qualified insured professional.

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Be aware that any part of this post, including this sentence, may be wrong. A dose of salt is recommended.

 

Part payments in full and final settlements aren't usually binding, unless there is consideration each way. Unless this procedure is equivalent to the making a contract under seal, even if they agree to this they can go for the rest later. Even a "sign and return" is not binding without consideration. It has been done plenty of times, and has been upheld in court (Foakes v. Beer). IT has even been done successfully on this forum. Circumstances under which it can be binding:

 

* There is consideration for the deal. State that you will send them £x in full and final settlement of the debt, and additionally £1 consideration for the deal. If they then sign and return this, it is legally binding. They have promised not to act further, and you will have paid them £1 for the privilege - consideration each way.

 

* A third party makes the payment, and no consideration is necessary. You get someone else to write the cheque (typically presenting them with a cheque for the same amount). You write the letter saying that X will pay an amount of £x in full and final settlement on your behalf. When signed and returned, this is binding.

 

A reminder that this post may be right, wrong, any valid combination there of, or some intermediate stations on any permitted route inbetween.


HSBCLloyds TSBcontractual interestNew Tax Creditscoming for you?NTL/Virgin Media

 

Never give in ... Never yield to force; never yield to the apparently overwhelming might of the enemy. Churchill, 1941

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