Whatever your personal circumstances, promise will work to help find you a financial
solution
Full and Final Settlement of Your Debt
What is a Full and Final Settlement Offer?
A full and final settlement offer is an offer of partial payment to your Creditors
in the form of a one off lump sum of money. We can normally negotiate greatly reduced
settlement figures and therefore get your credit paid off at a large discount and
ask for the remainder of the debt to be written off. We often arrange consolidations
loans to raise money for you to do this but this lump sum of money could be from:
- A consolidation loan
- The sale of assets such as property
- Savings
- Remortgaging your home
- Equity release scheme
- Donations from friends and family
- Redundancy payouts
- An inheritance or lottery win
Would my creditors accept Full and Final settlements?
There are a few reasons why creditors will accept a Full and Final settlement:
- It avoids unnecessary legal expenses for the creditors
- Creditors prefer to receive lump sums of money as opposed to smaller amounts over
a longer period
- Depending on your circumstances, your creditors may realize that this maybe the
only opportunity they will get in recovering some if not all of the money they are
owed
What are the advantages of a Full and Final settlement?
- If your offer is accepted, it would mean that you pay less than the amount owed
to your creditors
- Your debt will be paid off sooner than later, leaving you with a fresh start
- Future searches on your credit file will show that your debt is "satisfied"
and show that you have successfully dealt with your debt
- A good chance in improving your credit rating
What are the disadvantages of a Full and Final settlement?
- Access to lump sum of funds can be limited
- Creditors may demand that you pay them in full of the amount owed
- Your credit file might be affected
- There is no guarantee that a creditor will accept your offer
- It will not clear any Defaults or CCJ notices previously applied by your creditors
as they will appear and remain on your credit file for 6 years from the date of
notice given
How do I make a Full and Final settlement offer?
If you have a lump sum of money speak to one of our specialists on 01902 585 017
or complete the enquiry form and we will be happy to discuss your situation with
you
Important Information About Our Service & Fees
Whilst we strive in all cases to negotiate the best deal with your creditors, we cannot guarantee a reduction in interest or charges. Whilst we are able to provide initial advice over the phone without charge, if a debt solution is taken out, please be aware that fees will be charged. We aim to keep these fees as low as possible and believe that we are very competitively priced, for detailed information on our fees, including examples for each product, please click this link
Further Additional Information
Will your credit be affected?
Potentially Yes - Click here
The Insolvency Service has produced a guide: In Debt? Dealing With Your Creditors.
"We tried so many companies, Promise were different. They listened, understood and explained everything in a clear way and didn't blind us with jargon. We were constantly kept informed throughout and we now feel like there is light at the end of the tunnel. Everyone has been so professional but did not sound scripted it was like having a conversation with an old friend" Mrs Worsley, Southampton, Promise Debt Solutions