Full & Final Settlement
A Full & Final Settlement is a debt solution enabling you to make a lump sum payment which is at least 60% of the money owed to your creditors. In return, your creditors would agree to clear the remaining sum of money and could not ask for this back again.Usually, the lump sum is acquired from family, friends or releasing equity from an asset, such as a house.
Your creditors will not accept a repayment simply because you ask. IF you can demonstrate you are struggling to meet repayments and this is a last resort then usually your creditors will accept your proposal.
A Full and Final Settlements is suitable for:
- Anyone with unsecured of at least £5000
- Anyone able to make a one off payment of 60% of their debt
to their creditors