Partially settled with a zero balance

[debbiexxx]

Help and advice welcome.

 

To end my debt nightmare a family member has offered to help me pay off my debt.

I wrote to Cabot saying that a family member was offering to pay £800 for a full and final settlement.

 

The original debt was for £4000 and was a CC.

There are no charges that I can claim back,

I just want this sorted before I move house.

 

Cabot wrote back saying.

“I am happy to accept the £800 you have offered as a one off payment to close the account.

If you still wish to proceed with your offer,

once the payment has been received your account will be closed

and your credit file will be updated to show as partially settled with a zero balance.”

 

I am not interested in my credit file or obtaining credit in the future.

 

Are Cabot trying it on by showing the debt as partially satisfied?

Could the balance be sold to another DCA?

 

If the family member wrote to Cabot saying that his offer is only made on the basis

that the balance won’t be pursued by themselves or any other DCA, would that be any good.

 

Any help or advice is very welcome.

[unclebulgaria67]

No they have recorded the situation accurately that you paid a reduced sum to settle the debt. Partially satisfied is just a note to other creditors that you did not fully satisfy a debt. The balance is zero, so no there should be nothing to sell on.

[obiter dictum]

i would be careful on this.

 

Having any debt on your credit file marked as part settled and any amount left outstanding.

 

There will be nothing in the future Cabot making a further claim.

What you need is write back to Cabot and get them to confirm that paying the £800 will result in a:

 

"Full and Final" settlement of the liability and that they will not pursue you for any shortfall at a later date.

[havinastella]

"Full and final" settlement of the liability and that they will not pursue you for any shortfall at a later date.

 

I would change 'they' to any other debt collection company

[dx100uk]

why pay this at all?

 

 

I take it you've already sent cabot a CCA request

and its enforceable & signed by you?

 

 

F&F offers are 9/10 a total WASTE of money

you might as well burn it for all the good it will do.

 

 

all you simply do by paying a DCA an F&F sum

is to fund another 1000'000 letters to spoof others..

 

 

a DCA is NOT A BAILIFF

they have NO SUCH LEGAL POWERS

dx

[JoeyJoeC]

If they are willing to accept £800, that means that they paid much less than this for the dept in the first place and will try and get anything they can. The CC company have already given up, there is no need to pay the DCA.