Wording of partial settlement on a debt

[Brassduck]

Hi, I'm hoping for some advice and peace of mind around the wording of a debt settlement letter. I have negotiated a settlement on the remainder of a Barclays account which is with Moorcroft. I asked for them to put in writing that this will be a full & final settlement and that I will not be pursued for any more money on this account. They have written…

"We write to confirm we and our client are prepared to accept £*** as a partial settlement of your account. Provided that payment is made in accordance with this letter, neither we nor our client will take any further steps in relation to recovery of the remaining balance.(Any record on your credit file will be updated to reflect this)."


I am concerned that this wording still leaves me open to the remaining debt being sold to another DCA for recovery. Am I being over mistrustful here?! Or could this happen. This debt no longer appears on my credit file as the 6 year default lifted in 2015, so I am not concerned about that.

[nemesis45]

Re: Wording of partial settlement on a debt

Good morning, welcome to LB .

This offer of full and final settlement of this matter is made under the following conditions.

1. Any remaining balance will not be sold or assigned for collection to any third party at anytime in the future.

2. The offer is made as gesture of good will and without admission of liability.

3. Credit reference file will be amended to read " Partially Satisfied.

nem

[R0b]

Re: Wording of partial settlement on a debt

The way it is currently worded, I would have some concern too. Technically they could sell it on to a new debt purchaser because they won't be the current client so it wouldn't prevent them from recovering the remaining balance.

What are the terms of the settlement? If it were me I would be making sure that it says provided the amount is paid in accordance with the settlement terms, the sums paid are in full and final settlement of the matter. I would also suggest that they undertake (they are unlikely to agree to an undertaking but worth a try) not to assign the remaining debt amount to any other person as part of the settlement conditions.

If you are able to post the letter minus any personal info we could see the full terms.

[Brassduck]

Re: Wording of partial settlement on a debt

Good morning, thanks for the welcome and taking the time to reply.

Does that hat mean I should insist on that wording and that what they have written is not adequate?

[Brassduck]

Re: Wording of partial settlement on a debt

There are no terms for settlement other than what I have quoted. This is why I need it worded correctly to prevent any future pestering.

[nemesis45]

Re: Wording of partial settlement on a debt

All you need todo is send the letter with your payment.

nem