Full & Final Settlement

Full and final settlement can help you be clear of your debts at a reduced rate, by negotiating with your creditors, you can pay a lump sum, which is less than the full balance you owe on your debt.

In return for the lump sum payment the creditor agrees to write off the rest of the debt and inform the credit reference agencies that your debts have been satisfied.

Full and final settlement could be for you if:

• Your day-to-day circumstances are unlikely to change for the better in future.

• You've recently come into a lump sum or have some savings.

• You have some equity in your home that could be released to produce a lump sum by either a remortgage or a secured loan.

The amount your creditors will accept is based on your individual circumstances but professional advisers can work with you to negotiate the best deal for you. Full and final settlement includes making pro-rata offers to your creditors, which means each creditor gets a fair share of the money available.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on your mortgage. 

For a free confidential chat with one of our friendly experienced advisers

call 0161 241 4538