Settlement letter views pleaase

[garlok]

Re: Settlement letter views pleaase

Hi DebtFree,

These are the words you really need to use:-

"1. You accept £XXXin full & final settlement of this account with no reference or future ability to quote or use Penny v Cole [Pinnel 1602] in trying to recoup any written off balance;
2. The Status of the account will change from “Defaulted” to “Settled”;
3. The Current Balance will appear as £0.00;
4. The Default / Delinquent Balance will be set to £0.00;
5. You will update the entries on all 3 Credit Reference Agencies, namely Experian, Equifax & Call Credit"


It is the case law that will cause you problems if you don't and Penny v Cole (aka Pinnel) dates back to 1602 (Sir Edward Coke) along with Commissioners of the Inland Revenue v Fry in the court of appeal.

regards
Garlok

[DEBTFREE1DAY]

Re: Settlement letter views pleaase

Minefield - Thanks - I will update if and when I get a reply from them. Meanwhile I pay them nothing.

I have received a seperate letter fom another creditor offering final settlement, but I will post as a seperate thread - althoguh I suspect similar advise

[Never-In-Doubt]

Re: Settlement letter views pleaase

I thought the letter was attached to post 2? ---> allaboutFORUMS - View Single Post - Settlement letter views pleaase

[Never-In-Doubt]

Re: Settlement letter views pleaase

Minefield - Thanks - I will update if and when I get a reply from them. Meanwhile I pay them nothing.

I have received a seperate letter fom another creditor offering final settlement, but I will post as a seperate thread - althoguh I suspect similar advise

Yes just do the same, then tell us if it falls through/works etc...

dont worry too much about the wording, just send the template as outlined above and that'll cover you. There is not much chance a debtor will try and haunt you for the remainder and if they do, that template above should cover you as payment is based on their agreeing to the 5 principles.

[garlok]

Re: Settlement letter views pleaase

Yep it was in post 2. Think DebtFree had got themselves a bit tied up with "partial" in the incorrect contexts. Your letter has it in a nutshell as I said.

regards
Garlok

[DEBTFREE1DAY]

Re: Settlement letter views pleaase

no reply in writing, but I answered the phone earlier and they want to speak to my partner - who is the AC holder

I know some say never speak over phone, but I will brief partner to agree to nothing and state that a written confirmation to the letter (Niddys words) is required before payment can be made

Thanks

[DEBTFREE1DAY]

Re: Settlement letter views pleaase

basically on the phone, the credito said they will definitely pass on - he offered his word

my partner was very good and said thats all vey interesting, but would like a confirmed response to the letter we sent, the agent said they would confirm each of the points....but we shall see!

[CleverClogs (RIP)]

Re: Settlement letter views pleaase

Its only been a week, when they reply to any of my letters it seems to take about 2 weeks for them to get something typed up so they may need a bit longer. Plus allowing for post they have only had it for a few working days

It has taken several weeks, so perhaps the only intellectual in their office who can actually read incoming mail was still on holiday?

[DEBTFREE1DAY]

Re: Settlement letter views pleaase

Well received a letter, sounds like they havent read mine or processed it yet, and this references the telephone call....

Dear xxxx
Account xxxx

Thank you for your recent conversation regarding an offer of settlement. We confirm your offer of £550 has been accepted as a partial settlement of the account above.

Upon receipt of the payment, we confirm no further action will be taken to recover the remaining balance (this includes the remaining amount being sold or passed over to any company or agent) and the account will be close. The account will be registered as Partially settled with the credit reference bureau for 6 yeards

Should you have further queries please contact xxxxxxxxx

Yours

--------------------------------------------------------------------------

What do you think? It says no further action will be taken to recover the remaining balance (including someone else) AND the account will be closed?

Welcome your expert opinion!

[Never-In-Doubt]

Re: Settlement letter views pleaase

Is this the one we're looking at a £200 offer with mate?

edit - sorry wrong user - long day!

[Never-In-Doubt]

Re: Settlement letter views pleaase

Is this the one we're looking at a £200 offer with mate?

Sorry ignore me - long day!!

[DEBTFREE1DAY]

Re: Settlement letter views pleaase

No, think you are getting me mixed up with someone. I have basically only got 3 on the go which I have been chatting about over the past couple of months

1 - Frederickson International. Donuts are chasing debt for a creditor who cant provide a complete credit agreement
http://forums.all-about-debt.co.uk/s...061#post103061

2 - http://forums.moneysavingexpert.com/....php?t=3461095, which is a seperate settlement offer thread

AND 3 - This one. I am cool with the amount. In fact its what I offered. Its just whether even though its not ideal in that it doesnt respond to the letter you gave me NID, It does go further and I wonder if its good enough to be 95% sure I am covered if they try anything in the future

for info it a smallish debt, and the write off amount if about 60% - c £800
thanks

[Never-In-Doubt]

Re: Settlement letter views pleaase

Well received a letter,

What do you think? It says no further action will be taken to recover the remaining balance (including someone else) AND the account will be closed?

Yep, thats perfect, it answers exactly what you needed so go ahead and send payment.

Basically they've confirmed that it will be closed with no future pursual possibilities thus its fine. Yea, they're wrong about the CRA's but that doesn't matter, the entry will drop off 6 years from the original default date - not the settled date. The settled date is irrespective, all that does is show others that you DID make a partial payment to close the account - which was accepted.

however you're not applying for credit right now so it doesn't matter.

I would send payment, that letter is sound. All you need now is to send a reply with payment saying that you agree to the deal and find attached payment, then request a confirmation letter as receipt that the account is now dead and buried (albeit the CRA entry will remain for a while).

Oh, last thing - send a copy of their letter with the cheque as well so there is no confusion as to the exact terms of the offer you're accepting.

Simples - well done

[Never-In-Doubt]

Re: Settlement letter views pleaase

2 - http://forums.moneysavingexpert.com/....php?t=3461095, which is a seperate settlement offer thread

Mate, please edit this MSE thread - post 1. It doesn't look good for us with you saying "it doesn't let me log-in"!! It would have been a user issue, not a site issue and there is a contact link at the top to let me know if you're having probs - or even better, request lost password via the link. ---> can I pay on this letter please - MoneySavingExpert.com Forums



Regards the issue, can you explain the problem here? Then i'll investigate : ---> Site Problems - allaboutFORUMS



Thanks!

[DEBTFREE1DAY]

Re: Settlement letter views pleaase

AWESOME....Will prepare tomorrow and send Monday

Thanks for all your advice. I wont go into all here, but since my lightbulbmoment 3 years ago, when I owed c £81k, thanks to £15k of total lost agreements (Thank you niddy and forums), and £11k of 'dubious' agreements (Thank you niddy and similar forums) and a partner who has stuck by me, sacrificing holidays and normal things so I could pay off steadily and via full n finals, once this one goes in, and ignoring the frederickson fools chasing something that doesnt exists I will owe less than £6.5k.

Please everyone dont give up on your journey, and remember how much we owe to the experts who give their time and effort for us all