MattyA UE Diary

[PlanB]

Re: MattyA UE Diary

I don't know whether "closing down" an account would prevent them from selling on the balance As Paul would say 'the devil is in the detail' when it comes to the interpretation of legal documents/letters.

I had a letter from MBNA following a failed CCA request which said they were closing my account and "we will not issue court proceedings ever". This is true. But a year later they sold the account to Arrow who instructed Drydens to chase me with threats of court proceedings from their client (Arrow) within a month. You can never be too careful with creditors. Surely what you offer them (full) is not the only issue, it's what they say they accept that to mean (partial) that dictates the terms of a binding contract.

Full & Final should do what it says on the tin. Full not partial.

[MattyA]

Re: MattyA UE Diary

Thanks PlanB - Thats exactly my concern and they are adding to these concerns by ignoring & avoiding any reference to 'Full & Final'.

I see no point parting with the money if they are going to come back for more......However I also dont want the offer to be withdrawn over something that I might be being pedantic about....

[MattyA]

Re: MattyA UE Diary

I have decided to write to them and ask them to confirm that once payment is made that is the end of the matter, the account is closed and that any outstanding debt will not be pursued by them or a third party in the future.

Matty

[PlanB]

Re: MattyA UE Diary

I suppose your argument would be with the next guys if there ever is a sale of the balance. You would have to prove that your payment was Full & Final and perhaps that's made clear in Niddy's template letter. Isn't it also all about the method by which you pay the money over too? Cheques from third parties and all that should safeguard your interests

[PlanB]

Re: MattyA UE Diary

I have decided to write to them and ask them to confirm that once payment is made that is the end of the matter, the account is closed and that any outstanding debt will not be pursued by them or a third party in the future.

Matty

That makes sense. Lay a nice long and informative paper trail

Although they can't make promises on behalf of a future third party can they ?

[Never-In-Doubt]

Re: MattyA UE Diary

Their letter says....

Dear Matty


Thank you for your letter ...Blah blahh etc

'we are prepared to accept your ofer of £xxxx to part settle your balance.The remaining balance will be written off and your acount will be closed down.'

They go on to say...

'We have already registered your full balance as a default on your file at the credit reference agencies. We will now record that the default has been part satisfied and your account has been partially settled.This shows that the terms & conditions of your credit agreement have not been fulfilled as you didnt repay all of the money you owed'.

Hope this helps you understand my fears that they are leaving the door open (possibly) to come back for more?

Matty

Matty

Perfectly acceptable - this is agreement of closure which is what you need, my template covers any fall-back via the penny v cole statement - just write a cheque and be done with it mate.

I don't know why you're stressing like this, it is fine. Tried, trusted, tested!

Can you confirm the balance and amount you're thinking of paying?

[Never-In-Doubt]

Re: MattyA UE Diary

I don't know whether "closing down" an account would prevent them from selling on the balance As Paul would say 'the devil is in the detail' when it comes to the interpretation of legal documents/letters.

I had a letter from MBNA following a failed CCA request which said they were closing my account and "we will not issue court proceedings ever". This is true. But a year later they sold the account to Arrow who instructed Drydens to chase me with threats of court proceedings from their client (Arrow) within a month. You can never be too careful with creditors. Surely what you offer them (full) is not the only issue, it's what they say they accept that to mean (partial) that dictates the terms of a binding contract.

Full & Final should do what it says on the tin. Full not partial.

Thanks PlanB - Thats exactly my concern and they are adding to these concerns by ignoring & avoiding any reference to 'Full & Final'.

I see no point parting with the money if they are going to come back for more......However I also dont want the offer to be withdrawn over something that I might be being pedantic about....

I have decided to write to them and ask them to confirm that once payment is made that is the end of the matter, the account is closed and that any outstanding debt will not be pursued by them or a third party in the future.

Matty

I suppose your argument would be with the next guys if there ever is a sale of the balance. You would have to prove that your payment was Full & Final and perhaps that's made clear in Niddy's template letter. Isn't it also all about the method by which you pay the money over too? Cheques from third parties and all that should safeguard your interests

That makes sense. Lay a nice long and informative paper trail

Although they can't make promises on behalf of a future third party can they ?

woah woah woah - why are we even discussing such things?

Ok, lets get one thing straight here - when it comes to F&F's I pretty much have it covered, if there's something someone knows that I don't then I'll be gobsmacked HOWEVER a lender cannot and will be unable to agree to what it is you ask. The letter within templates is suffice, do not edit it other than where directed and it will cover you totally.

See, no need to stress like this

[PlanB]

Re: MattyA UE Diary

Just testing

It's not like Plan B is ever going to have enough spare cash to make a F & F offer to any creditor in her lifetime

[MattyA]

Re: MattyA UE Diary

Matty

Perfectly acceptable - this is agreement of closure which is what you need, my template covers any fall-back via the penny v cole statement - just write a cheque and be done with it mate.

I don't know why you're stressing like this, it is fine. Tried, trusted, tested!

Can you confirm the balance and amount you're thinking of paying?

Hi boss - thanks for the response.

Not stressing as such - just didnt want to send em any money if it was not going to finish it.....

Balance £6.5K - Not paid since July 10 ,was paying £150 a month so in my eyes I have saved this as well + legal costs etc if it goes to court.

They wanted 50% and stuck out for ages , I originally offered em £1K , then £1.5K and we have agreed at £2k.

Only prob now is ,Due to their deadline for payment looming on Tuesday, I sent em off a letter on Friday(during my lunch break - and before I saw your post) telling them my offer still stands and I will pay on receipt of their confirmation that the account will be closed for good and not passed onto a 3rd party in the future.

Hope this doesnt screw up my position....we will see.

Matty

[MattyA]

Re: MattyA UE Diary

Hi boss - thanks for the response.

Not stressing as such - just didnt want to send em any money if it was not going to finish it.....

Balance £6.5K - Not paid since July 10 ,was paying £150 a month so in my eyes I have saved this as well + legal costs etc if it goes to court.

They wanted 50% and stuck out for ages , I originally offered em £1K , then £1.5K and we have agreed at £2k.

Only prob now is ,Due to their deadline for payment looming on Tuesday, I sent em off a letter on Friday(during my lunch break - and before I saw your post) telling them my offer still stands and I will pay on receipt of their confirmation that the account will be closed for good and not passed onto a 3rd party in the future.

Hope this doesnt screw up my position....we will see.

Matty

Morning

Just wondered in light of the above and the deadline for payment being today,would it be worth me ringing them ?(My letter went 1st class recorded so should be with them today / tomorrow)
Or just wait and see what response comes from my letter (Hopefully not an N1) it is thier 2nd deadline after all.

I guess whats done is done & what will be will be.

Cheers as always,

Matty

Matty

[diddlydee]

Re: MattyA UE Diary

Deadline schmedline! They wanna think 'emselves lucky that you're making an offer!

I wouldn't worry too much, see what they come back with

[PlanB]

Re: MattyA UE Diary

"A bird in the hand is worth two in the bush" . . . .

[Never-In-Doubt]

Re: MattyA UE Diary

Hi Matt

Ok, trust me here - send a cheque for £2k and send it with the following - send it SD to arrive tomorrow (if you miss todays post send it SD for Thursday delivery)...

Dear Sirs

Account No/Reference No: XXXXXXXX

I write with reference to previous communication regarding settlement of the above numbered account.

As previously agreed, please find attached a cheque to the agreed value of £2,000 in full and final settlement of the account, prior to formal closure as part settled in full.

To clarify, you accept £2000 in 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. By cashing this cheque you also agree that there is no balance left on the account, attributable to me and that the status of the account will change from “Defaulted” to “Settled” with the balance reflecting this and subsequently appearing as £0 on all credit reports.

If you're still happy with the agreed proposal, please proceed to cash the attached cheque.

Yours faithfully,



Sign Digitally

[diddlydee]

Re: MattyA UE Diary

That Niddy is ever so clever.....

[MattyA]

Re: MattyA UE Diary

Hi Matt

Ok, trust me here - send a cheque for £2k and send it with the following - send it SD to arrive tomorrow (if you miss todays post send it SD for Thursday delivery)...

Ok - Boss will do.
Cheque will go SD tomorrow - thanks.
Matty