Full & Final Settlement
Yet another example of how full and final or short settlements are still achievable:
Address: P.O. Box 5827, Basildon, Essex SS14 1XS
Creditor: National Westminster Bank PLC
Our Ref: NUMBER
Amount Due: £3842.20
We refer to your recent correspondence regarding the above outstanding debt.
as requested we can confirm that in the circumstances, and on National Westminster Bank Plc’ instruction, we are prepared to accept a payment of £1184.00 in full and final settlement of the above outstanding liability, provided the payment is received within 14 days from the date of this letter.
Upon clearance of this payment we will close our files on this matter and I advise National Westminster Bank Plc. One condition of this offer is that the payment is made by Debit card, Visa or MasterCard by calling the above quoted telephone number. If however, Mr NAME is unable to make the payment by this method we would ask you to contact our office as soon as possible on the same number.
In the event of the payment not been made, we are instructed to instigate immediate action to recover the full amount owed to National Westminster Bank Plc together with interest and legal costs.
We trust that this clarifies the situation for you and await your response.”
This is an excellent result, but I would be a little cautious about their paragraph of how they want payment to be made. I would suggest that if you do settle as they request, it is probably better to get a third party to do this for you, as this will be additional evidence to show that this is payment for full and final/short settlement.
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