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Full & Final Settlements

What is a Full & Final Offer?

A full and final settlement is an offer to partially repay your outstanding debts on the condition that your creditors agree to write off the remainder of the debt. It is a suitable solution to your debt problems if you have access to a lump sum of money such as from sale of property, savings, remortgaging or inheritance. Offers are usually based on a fair proportional basis which reflects the amount owed to each creditor.

What are the benefits of Full & Final Settlements?

The advantages of making a full and final settlement offer include –

  • having your offer accepted means that you will pay less than you otherwise would have done
  • your debts will be paid off much sooner, allowing you to make a fresh start
  • your creditors should mark your debt as 'satisfied' meaning that any search on your credit file will show that you have successfully dealt with the debt
  • creditors may prefer to receive a lump sum now rather than small payments spread over a longer period

What are the disadvantages of Full & Final Settlements?

The drawbacks of making a full and final offer include –

  • there is no guarantee that your creditors will accept the offer
  • if your creditors know that you have access to a lump sum they may demand full payment of your debt
  • clearing the debt wont remove from your credit file any CCJs previously taken against you

How can you help me with my Settlement Offer?

Whether or not creditors accept the full and final settlement offer will depend on a wide range of circumstances. Our advisors will discuss these in detail with you to ensure that we present your case in the best possible way. We will work with you to determine how much you can offer to each creditor with the finances you have available.

For more information on full and final settlements and on all other debt solutions call us today on 0800 043 50 43 or complete our enquiry form.

Please be advised that all of our initial advice and information is completely free and without obligation. However charges may apply if you decide to take advantage of one of our services.

Is an IVA right for you

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Total unsecured debt : £4000


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The IVA Advice site is owned by Guardian Insolvency Ltd. Guardian Insolvency Ltd is registered in England and Wales No. 07906134 whose registered address is Coppull Business Centre, Mill Lane, Coppull, Chorley, Lancashire, PR7 5BW. Data Protection Number: ZA093360