Full and Final Settlement Letter accepted

[Linda12]

Hi,

 

I have received a response from 1 of my card companies in F and F settlement (all others refused or diddnt reply)

 

Am I safe to pay this on the basis of this letter attached?.

 

Im always a believer if it sounds to good to be true..... It most likely is

 

Is this legit will they seriously accept 1/5 of the outstanding balance? any help much appreciated

[ims21]

You will also require confirmation in writing fro them that the balance will not be sold on to any other organisation.

[Linda12]

does that not cover me under the bit that says "i can confirm that when you make payment it will be in full and final settlement and no further payments will be required"

 

I have same letter from "the debt agency" but said i would only agree if the lender also confirmed this in writing also which is attached...

 

I just feel its a bit too good to be true?

[ims21]

You need to be careful...."no further payments iwll be required" can mean no further payments to them. If you don't stop them from selling on any balance, then someone else may claim further payments.

 

How did you arrive at your F&F offer?

[joesoap]

If a DCA holds the debt they wouldn't have paid much for it anyway, they'll still be making a handsome profit.

[Linda12]

ok thanks for the advice its very much apprechiated...

 

So does that mean if its satisfied on my credit report, when/if they sell debt it will appear as owed on my credit report again as a new debt?

 

I will write them a letter asking them to confirm this before I make payment.

 

They way I wrote to them was

 

I received a small inheritance and i divided the full amount of this with all of my creditors. Only 1 accepted the rest did not. Im currently unemployed - made redundant after company in liquidation - Mint bank want me to pay £1 a month - hallifax frozen all payments and intrest temporary but not accepting settlement - all others demanding payments - i requested t + c from all lenders - 2 failed to provide signatures (barclaycard - was egg) and (next directory).

 

I have already claimed all ppi available, im stuck now as to other options.... any help very much apprechiated

[Linda12]

If a DCA holds the debt they wouldn't have paid much for it anyway, they'll still be making a handsome profit.

 

The card was taken out in January

 

Feb/ March I used it for company bills and paid balances in full end of months

 

April I paid the company vat bill with card (silly mistake i know) but was desperate at the time..... June wrote advising I had no wage sent p60 and template letter....Aug I received inheritance and offered full settlement. Sep DCA agreed settlement, october creation bank agreed....

 

Its not an old debt so cannot understand why they would accept but others wont?