A final payment is the payment — whether a single lump sum or the last instalment of a payment arrangement — that brings the outstanding balance on your account to zero. Once a final payment has cleared, the account is settled and closed.
What happens when your final payment clears:
- Your account balance is updated to zero.
- Recovery activity ends — no further letters, calls or reminders will be sent in relation to this account.
- We notify the original creditor so their records reflect that the account has been paid in full.
How to get confirmation: Once your final payment has cleared, we can provide written confirmation that the account is settled and closed. This is sometimes called a settlement letter or a receipt of final payment. Many people keep this document for their records — particularly if the debt relates to a business account or may be relevant to future credit applications.
To request written confirmation, contact us after your payment has cleared and quote your reference number. We will issue a confirmation to the contact we hold on file.
If your final payment is a bank transfer, allow one to two business days for it to clear before requesting confirmation. Card and PayID payments typically clear sooner.
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