Full & Final Payment

PT66

nickmack wrote: »

The only way to reduce the debt and not suffer any adverse effects is to continue paying towards the outstanding amount until it is repaid fully. It sounds like in your situation, because you don't appear to have a problem with payments, this is the best option.

Usually, the only circumstances a creditor would consider a smaller settlement, is if the account is in default having already missed several payments and they are convinced you have insufficient assets to raise enough capital to cover the amount owed.

If then, they assess it's unlikely they will ever recover the full amount, they may accept partial payment.

However, this would not be without impact on the debtor. The missed payments and default would be noted on your credit file. You will have serious problems obtaining any sort of credit for 6 years if a CCJ is filed against you.

Thank you..This is the sort of information I require and not someone to be judgemental. Like I said previously, circumstances change. Thank you again for your honest advice.