Can Eversheds force me into making a full and final settlement even when i am paying regular monthly installments that are reviewed every 6 months.

-- Gary Parton (garydparton@blueyonder.co.uk), March 15, 2001

Answers

It's a game to some degree. In theory they can take you to court and ask a judge to make such an order. However, unless you have access to the capital to meet such a requirement, they are unlikely to. The key things to consider are a) how much do you have and b) how much do they know about what you have. [Don'tpost a reply here as it's insecure].

If they are pursuing you they must think that you are holding out on them. Ask yourself if this is possible and how they might have arrived at this conclusion. Perhaps they have skiptraced you and the report indicates you are living well.

I would also add that generally speaking a full/final settlement would be my preferred option. Open ended agreements, that are reviewable, are a no-win situation for the borrower. The threat of court action hangs over your head for the whole time, your credit record is stuffed for the duration, and finally they reserve the right to go for the full amount plus interest if your circumstances improve. I would consider negotiating with them and paying them off if you can, they will discount the debt.

-- Andy Turner (andy.turner@ramesys.com), March 20, 2001.