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Full and Final settlement offers, help


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Hello, I am making full and final settlement offers to my creditors because my Mother in Law kindly offered to help me out as my wife still has no idea about my debts and we have quite a few children. But I am worried about the stories I have heard about people paying up and then the rest of the debt still being persued or sold on to a third party. I have letters from my creditors saying that they will accept my mother in laws offers in full and final settlement, but is there something more that these letters from them should say? I read in a past post about a deed that someone had included in with their offer, for the creditor to sign, does this make it more legally binding? I just want to do everything possible to make sure this nightmare is over. My mother in law is a pensioner and this is her savings so I would hate for this to all go wrong! Any advice or experiences are VERY VERY much appreciated. Many thanks in advance!

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Hi hugelyrippedoff,

I would ask that are your full and final settlements that you have received in writing from the original creditors? (i.e. the companies with whom you received credit?)

If you have a letter stating the final settlement then this should help you, as if you accept the figures for the settlement then you can use this proof against any DCAs

Hope this helps :)

Red

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Hello, thanks for the advice, yes the offers are all from the original creditors, none have as yet gone to a dca, although it is just a matter of time if the f+f are not paid. My concern is mainly MBNA, their letter says...." if you are able to make a payment of £3000 against the full debt then I will consider writing off the remainder" its the consider bit that worries me mainly. Also they just say that they will reflect it on our credit file, so I assume that this means they will put part satified? t is just a mine field! I don't know what to do for the best.

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I would make sure that they are confirming in writing that neither themselves NOR any other company will pursue for the debt (in theory they could poss sell the balance to spomeone else although you could still argue you have evidence of F & F - don't get yourself into that position & cover it now ).

 

Useful link for you below - best of luck :)

 

National Debtline England & Wales | Debt Advice | Factsheet 24 Full And Final Settlement Offers

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thanks for your advice, the link was helpful, mbna are going to change their letter so it is worded more definitely that it is f+f and no further action, but does anyone think that there is anything else that I can do to make more sure? Neither of my creditors have said in their letters that they will mark any credit reference as fully satisfied and that is what my mother in laws letter asked, am I right in assuming that if it is marked as part satisfied then they can still come after me for the rest?

thanks again for all your help, and for taking the time to read and respond to this, your help and advice is so very much appreciated!

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You need written confirmation that each payment will be in Full and Final settlement and that the Credit Reference Agencies will be notified and updated that the accounts are fully satisfied.... You need to keep these letters safe forever !

 

It's the wording Full & Final settlement that needs to be in writing.... otherwise they (or someone else) could come after you again somewhere down the track...

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