How could a Full and Final Settlement help me?
If you have outstanding debts and come into a lump sum of money your first thought will be to clear as much of the debt as possible from the amount you have available. Money Debt and Credit may be able to achieve a better result for you with a Full and Final Settlement Offer.
How does Full and Final Settlement work?
A Full and Final Settlement is an agreement reached between you and your creditor that if you repay a certain amount of your outstanding debt in a one-off payment the balance will be written off and no further action taken to recover payment.
This can be used to settle one debt at a time or all of your debts, depending on how much you have available and how it is funded (it may come from something like a remortgage, retirement, an inheritance or other windfall, help from family or friends or regular savings).
Our experienced Settlements team will first help you work out how much to offer your creditors then undertake negotiations on your behalf to get the best possible settlement figure for you and remove the stress of dealing with your creditors yourself.
What will a Full and Final Settlement Offer cost me? ยป
Whilst a Full and Final Settlement will clear your debts sooner allowing you to make a fresh start, you should weigh up some of the disadvantages before you decide to proceed, such as:
- Although we are successful in many cases, we can't guarantee that the creditors will accept your offer (we work on a no win, no fee basis so if we don't get a result for you, we won't charge you)
- You will need immediate access to funds once your offer is accepted, and these could be used for other purposes
- Once your creditors know that you have access to a lump sum they may demand full payment of your debt
- Your credit file should show that you have successfully dealt with your debt but will not remove any Default Notices or CCJs previously taken against you. They will remain on your credit file for 6 years from their point of entry
Full and Final Settlement Advice
If you would like to find out more about Full and Final Settlements and whether it could help you call us on
0800 434 6287 or simply fill in the form above. Our initial advice is free and completely confidential so why not give us a call today.
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960