Debt of £454.16 Settled for £127 In Full and Final Settlement

Admittedly this is only a small debt, but it is another example of how creditors will accept a lower sum in order to settle a debt.

Letter From Regal Credit Accepting a Full and Final Settlement

“Regal Credit Consultants Ltd

P.O. Box 587
Bagshot
GU 19 5YU
Tel: 08445 447 223
Fax: 0871 716 space 8006

Dear Mdm,
Ref: ROYAL BANK OF SCOTLAND-STYLE CARDS
REF: XXXXXXX
Amount: £454.16
We write with reference to a recent communication in order to confirm the following:
We are prepared to accept a full and final settlement figure of £127.00 to clear your liability of the above outstanding liability provided this is received by 30th of March 2012.
Payment should be made payable to ‘RCC Limited’ and sent to the above address with your account number clearly quoted on the reverse.
The offer is also conditional on there being no further activity on this account that impact upon the amount shown above.
Once payment has been received and cleared, you will not be pursued for any further monies by Royal Bank of Scotland-Style Cards all their collection agents in respect of this debt.

Another Great Result in Achieving a Full and Final Settlement

If you are thinking of doing your own full and final settlements, it is worth searching this site for Full and Final Settlement. Or clicking on that category at the bottom of this post. Before you do consider doing your own short settlement, get as much information as you can, so that you will know if a full and final settlement will work for you. If you have any assets that a creditor may be aware of, then perhaps a full and final settlement is not a debt solution for you.

Always Deal with Creditors in Writing

When dealing with creditors and debt collection agencies, it is best to always communicate in writing. This is important to ensure that all parties are aware of the terms of the agreement and to avoid any misunderstandings. Written communication also serves as a record that can be referred to later if needed. This can be done by sending emails, letters or other forms of written communication that can be documented and saved. Communication in writing also helps protect the rights of both parties, as the details of the agreement are confirmed in writing.