A full and final settlement is where you offer your creditor and one-off lump sum of money and in return they write off the rest of your debts.
Full and final settlements are poopular with both debtors and creditors. Debtors like to know they are debt free with their creditors and no longer need to worry. Creditors like them as they get a lump sum of cash there and then rather than a slightly larger figure over a course of (possibly) 10 years.
Full and final settlements require a lot of negotiating on our part, and largely rely on the good relationship we have with creditors. This relationship has been slowly built up over the years and stems from the fact that we offer a good deal to both the debtors and the creditors.
Each creditor requires a different method of negotiation to be successful in negotitating a full and final settlement.
A full and final is not the most popular type of debt solution, but mainly due to the fact that people who are struggling with debts tend not to have a large lump sum of money.
Typically a client will let us know that they have received a lump sum of money, this tends to be from family members, accident claims, redundancy pay, or more recently PPI claim payouts. It's seen as a win-win solution to debt problems, with all parties happy with the outcome.
Visit our full and final settlement page for more information.
