Hi there and thank you for your question,
After negotiating this the lawyers sent me an email saying that my ABSA credit card was R7000 and if I could settle within the next 2 months they would reduce it to R5000-00
This was their offer. It appears that you never accepted their offer, but rather you made a couter offer.
"I accepted their offer via return mail to pay it off over 3 months R2000 for two months and then R1000"
If you never heard anything back from them, then your counter offer was never accepted.
It then appears that you received a letter in the post, which was probably a copy of the email - although you received it later because it took a few days to get to you.
You then reminded them of your counter offer - and you were ignored.
Legally, there is no agreement in place then. You never accepted their offer, and they never accepted your counter offer.
Then, you say that they made a mistake! R17,000 and not R7,000.
My advice is that you ask them for a reconcilation of all of the amounts that you've paid, and where the money has gone. i.e. to paying off interest, costs or capital?! You are legally entitled to a reconcilation!
Am I correct in saying that they accepted my offer of settlement of R5000 and it is binding on them.
Unfortunately not. Sorry.
If there is something more specific that you need clarity on, please continue in this same thread. Let me know if you need more advice!
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Good luck and best regards,
Please note: This answer does not create an attorney-client relationship. Please consult a local attorney in person for legal advice. This information is being provided so you can better discuss legal matters with your attorney.