Ideal for:
- Clients with unsecured debt at least £5,000;
- and the ability to pay at least 60% of their debt to their creditors
How it works:
A Full & Final Settlement enables your client to pay a lump sum that is less than the full balance they owe on the debt - in return for which their creditor agrees to write off the rest of the debt.
We'll undertake a full fact find to establish your client's assets and liabilities. Then, with your client's permission we will ask each of their creditors to confirm their outstanding balance. That done, we can prepare a Creditors Report and send it to each of your client's creditors asking them to agree to the reduced payment proposal based on the lump sum available.
Benefits:
- Your client could clear all their debts with a lump sum payment of as little as 60% of their unsecured debt
- We contact your client's creditors on their behalf
The Facts:
- Creditors will only accept a reduced payment where it is demonstrated that your client can no longer maintain their contractual payments and the amount offered to the creditors is the maximum amount your client can afford to pay
- The exact amount of the reduced settlement will be dependent on the creditor, the type of debt and your client's individual circumstances
Need more information? Read our Questions & Answers on Full & Final Settlements.
