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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I took out a secured loan/2nd Mortgage in 2007 with Swift Advances.

Resolved Question:

I took out a secured loan/2nd Mortgage in 2007 with Swift Advances. I had requested a final settlement figure from them as I am in a position to do this now. They sent me a letter agreeing to a 'full and final settlement' of £22k so long as it is paid by 16th Jan, which is fine. The worry I have, is that, in the letter, they are not specific about guaranteeing 100% that the charge on my property will be lifted/relinquished by themselves. I called their Litigation Department to request this in writing but was told I would receive a letter indicating this once they have received the monies. Is this correct? I don't want to be in a position whereby I pay this and then don't receive this in writing, or receive a letter from them where they may have added further charges, fees, or any other miscellaneous amounts. I just need to be sure that if I pay the amount they have agreed to in their letter that they cannot start adding to the balance etc .... Hope this makes sense as I am feeling a bit dubious about their reluctance to be more specific until after payment. Many thanks ***** *****
Submitted: 2 years ago.
Category: Property Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

Is £22k going to clear everything?

Customer:

Hi,

Customer:

Hello Alex,

Customer:

The letter is worded "As discussed, we can confirm our management team have reviewed your account and have agreed to accept a full and final settlement of £22,000.00. Please be aware this agreement will only remain valid until 16th January".

Customer:

Hi,I see you are offline now. Will you be getting back to me tomorrow Alex with a reply please ? Thank you, Maria.

Alex Watts :

OK - in that case if it is full and final settlement then they will remove the charge.

Alex Watts :

Full and final means all in, no going back

Alex Watts :

So once you accept and pay the £22k they will have no choice but to remove the charge.

Alex Watts :

The letter does not expressly say so, but they have no reason to keep a charge.

Alex Watts :

If they do you can seek a Court order they remove it.

Alex Watts :

But you may just want them to put in writing that they agree to remove the charge, but it is common sense.

Alex Watts :

Can I clarify anything for you about this today please?

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