What is a Full and Final Settlement Offer?
A Full and Final Settlement Offer is a suitable strategy to clear a customer's debts if they have access to a lump sum of money. This could be from:
- The sale of assets such as a house or car
- Savings
- Remortgage / secured loan
- An Equity release scheme
- Third-party donation from friends or family
- Redundancy
- An inheritance or Lottery win
- Pension maturity
We will offer the creditor(s) a lump sum which is less than the full balance owed. In return for a lump sum payment the creditor agrees to write off the rest of the debt.
Agreeing a reduced settlement figure with creditors requires careful negotiations. We aim to secure the best possible outcome for the customer by undertaking these creditor negotiations on their behalf.
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