What is a Full and Final Settlement Offer?
A Full and Final Settlement Offer is where we ask your creditors to let you pay a lump sum which is less than the full balance you owe. In return for having a lump sum payment the creditor agrees to write off the rest of the debt.
What will a Full & Final Settlement Offer cost me? »A Full and Final Settlement Offer is a suitable strategy to clear your debts if you have access to a lump sum of money. This could be from:
- The sale of assets such as a house or car
- Savings
- Remortgaging your home / secured loan
- An Equity release scheme
- Third-party donation from your friends or family
- Redundancy
- An inheritance or Lottery win
- Pension maturity
Advantages of a Full and Final Settlement Offer
- If your offer is accepted, it would mean that you would pay back your creditors less than the full balance you owe them
- Your creditors will no longer chase you for payments
- Your debt will be paid off sooner and you can make a fresh start
- Your creditors should then mark your debt as "Satisfied" so that future searches on your credit file will show that you have successfully dealt with your debt.
- Clearing your debt may improve your credit rating
Disadvantages of a Full and Final Settlement Offer
- You may need access to a lump sum which 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.
- It is not guaranteed that your creditors will accept your offer.
- Clearing your debt will not remove any Default Notices or CCJs previously taken against you from your record. They will remain on your credit file for 6 years from their point of entry
What will a Full & Final Settlement Offer cost me? »Advice on Full and Final Settlement Offers
Agreeing a reduced settlement figure with your creditors requires careful negotiations. At Money Debt and Credit, through our Full and Final settlement service, we aim to secure you the best possible outcome by undertaking these creditor negotiations on your behalf.
We have a team of dedicated staff offering a professional approach to setting you on the road to a brighter financial future. Our advisors are here to take away the problem and stresses of your dealing with your debts and work on your behalf, liaising with your creditors to help you make a fresh start.
We will keep you informed of what we are doing every step of the way
Debt Service and Full and Final Settlement Advice Help Line
Act now. Call us free 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.
Insolvency Practitioners at Money Debt and Credit Ltd act without any personal liability
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ