Debt - Partial Settlement

[Major____DeCoverley]

Bit advice needed please.

I got into a bit financial mess last year, mainly due to losing my job. Anyway no need to go into all that.

To the point, I still owe an amount to a company, and have negotiated a settlement figure with them (which would be around 60% of what is owed). However my problem is with how the settlement document is worded.

Further to our recent telephone conversation we can confirm that subject to your full remittance of £ ____ on or before __________ , this will be accepted as a partial settlement. Please note this will show as a partial settlement on your credit file, however, neither we nor our client will pursue you any further in regards to the above account.

See my problem is, can they still chase me for the remainder, or even sell this debt on?

Or is the way it is worded fine, and would have no more bother once the amount has been paid?

[bahtat]

Run it past ctizen advise

[luvulongtime]

i read it as...we're finished chasing you,,but your credit rating is fucked

[LankyGit]

Originally Posted by bahtat

Run it past ctizen advise

Good advice, but I think if this is the agreed amount you won't get chased for it again, but it will screw your credit rating (but you probably can't avoid that at this point).

[redrobbo63]

They have agreed in writing not to pursue so that should be that.

[Major____DeCoverley]

Cheers, aye credit rating is screwed anyway, so not too concerned about it at the moment.

It's mainly the possibility of the remaining debt being sold to someone else that worries me, then they could chase me for it, as the way it is worded dosent rule out someone else coming after me.

[Daydream Believer]

What will most likely happen if you agree to that is that they will accept the money you send them & makk your credit recors as partially pid bu then sell the difference between your payment & the total owed to a debt collection agency (or a different debt collection agency if its already with one)

I wouldn't sign anything or send any money unless you have a full & final settlement agreement in writing.

http://www.nationaldebtline.co.uk/en...tlement_offers

[Major____DeCoverley]

Originally Posted by Daydream Believer

What will most likely happen if you agree to that is that they will accept the money you send them & makk your credit recors as partially pid bu then sell the difference between your payment & the total owed to a debt collection agency (or a different debt collection agency if its already with one)

I wouldn't sign anything or send any money unless you have a full & final settlement agreement in writing.

http://www.nationaldebtline.co.uk/en...tlement_offers

aye this was my worry, cheers mate

[Jarra Dicka]

CaB are a waste of time...try the CCCS....pm me if you need the phone no.
Good luck

[Heeeed the Ball]

Write back as follows


Im exceptance of your of your proposal for partial payment I confirm that my payment will be final and complete any transaction with you or your agents.


No further payments will be made under any circumstanes