Hi guys. Will try to keep this breif. Would REALLY appreciate any help.
Basically i owed £30k on credit cards. A change in circumstance meant i couldnt pay. I offered £16k to the 3 creditors for F&F with all the usual rules.
1) Natwest said they don't negotiate and have now threatened CCJ
2) Barclaycard have agreed a F&F but not confirmed my request about not being chased for remaining balance in the future
3) MBNA (Virgin) have declined an offer of F&F but have said they will accept it as Partial Settlement.
I have read about Partial settlements on here but their letter looks pretty water tight? They confirm:
a) We are unable to accept the offer as F&F as it's less than the full amount
b) We can only register factual information with agencies
c) If we don't receive payment by Sep30th then a default will be registered
d) Once payment is received we confirm the following:
1) No default will be reported
2) Accoutn will show as partially settled
3) Balance will show as £0.00
4) No further action to enforce or persue the remaining balance will be taken by MBNA or any 3rd party and you will be released from liability
That last bit is the bit that seems pretty water tight>? should i just pay it then?
Basically i owed £30k on credit cards. A change in circumstance meant i couldnt pay. I offered £16k to the 3 creditors for F&F with all the usual rules.
1) Natwest said they don't negotiate and have now threatened CCJ
2) Barclaycard have agreed a F&F but not confirmed my request about not being chased for remaining balance in the future
3) MBNA (Virgin) have declined an offer of F&F but have said they will accept it as Partial Settlement.
I have read about Partial settlements on here but their letter looks pretty water tight? They confirm:
a) We are unable to accept the offer as F&F as it's less than the full amount
b) We can only register factual information with agencies
c) If we don't receive payment by Sep30th then a default will be registered
d) Once payment is received we confirm the following:
1) No default will be reported
2) Accoutn will show as partially settled
3) Balance will show as £0.00
4) No further action to enforce or persue the remaining balance will be taken by MBNA or any 3rd party and you will be released from liability
That last bit is the bit that seems pretty water tight>? should i just pay it then?