Northern Rock v UltimateWorrie

[UltimateWorrie]

Re: Northern Rock v UltimateWorrier

I hadn't written to them since my last post (#28) but received a reduced settlement offer today (dated 18th) from them (approx 50% so roughly £4500) but to be paid by 28th.

Obviously I can't get that type of money but wondering what I should respond with...hmmm...maybe I can offer them so many times my current monthly payment (£1). At the moment it's gonna take over 700 years to pay off at this rate.

Any ideas?

I could throw in a packet of crisps and a kitkat chunky too!

[UltimateWorrie]

Re: Northern Rock v UltimateWorrier

So update required, for those interested....

replied saying I can't pay it (because I can't) and counter offered (approx £100), using a Niddy template (cheers pal - I did doctor it a bit to suit my situation and what i wanted to say).

Anyway, got a reply saying they can't accept my offer but willing to accept minimum to settle of £2500, but that settlement is being held indefinitely for when I can pay it and to continue paying my token payments a month until I take it up.

Not a bad result methinks! Now to save save save...somehow.

[UltimateWorrie]

Re: Northern Rock v UltimateWorrier

Goalposts moved slightly.
Can anyone advise if this is a decent result or not? I had to reply to email confirm acceptance of offer. now had a reply stating that (when I'm actually able to pay it):

"Upon receipt of the settlement payment, our clients will update your credit file to show the account as ‘partially satisfied’ however, the account will be closed and will be marked with ‘zero’ balance owed."

So is that a F&F?
Should I be hoping for something else?
Am I missing out or open to something that may bite my ass later on if I agree?

Just I thought a F&F would mean settled, not partially satisfied or is this just as good an best I can hope for in this situation?

[vint1954]

Re: Northern Rock v UltimateWorrier

They need to respond, confirming an F&F.

If it is not closed out that way, there is always a possibility that any balance could be sold on.

Marking your credit file as partially settled, is fairly normal, but you need to get those words, Full and Final, into any settlement offer and acceptance.

[UltimateWorrie]

Re: Northern Rock v UltimateWorrier

They need to respond, confirming an F&F.

If it is not closed out that way, there is always a possibility that any balance could be sold on.

Marking your credit file as partially settled, is fairly normal, but you need to get those words, Full and Final, into any settlement offer and acceptance.

Hello pal, thanks for looking in, hope all is well with you.

I have definitely got the words "full and final settlement" from them. So I guess it's ok.

[vint1954]

Re: Northern Rock v UltimateWorrier

Hi UW,

Yes, all well with me at the moment thanks.

Then if that is in writing, all should be OK.

If it is still with Northern Rock, then they just want to get what they can. All the best bits were sold off to Virgin.

Good luck with the Settlement

[Enforcer]

Re: Northern Rock v UltimateWorrier

Have NRAM actually sent any refunds out yet?

[UltimateWorrie]

Northern Rock v UltimateWorrie

Hi UW,

Yes, all well with me at the moment thanks.

Then if that is in writing, all should be OK.

If it is still with Northern Rock, then they just want to get what they can. All the best bits were sold off to Virgin.

Good luck with the Settlement

Yes, it's still with them (NRAM, they call themselves). I don't have to settle now. I have an agreement (in writing) to settle it when I can as long as I continue with my monthly payment, which I was anyway. Hope to be in a position in the future tho. F&F is held til then.

Have NRAM actually sent any refunds out yet?

Don't know anything about that, but I think for those it did apply to, they were shaving it off the o/s balance.