Full and Final Settlements Help

Anniek1969

I'm getting a settlement from my mis-sold endowment and I'd like to pay off some of my smaller debts, there are about four or five that I owe between £400 and £500 and I'd like to try and get a F/F settlement but not sure how to go about it.

I don't need to put the money back into my mortgage as this has already been changed to repayment and as it's not a big mortgage my endowment will cover what I still owe when it does mature so I thought that paying off some of my smaller debts would be the best thing to do.

Do I ask them for a figure of do I just pick my own and see what they say or is there a way of working it out? Never done a F/F before so not sure what to do.

Any help would be really appreciated. Thanks.

Broken_hearted

Start by offering 50% and see what offer they come up with.

hindsight_2

Hi

I called up one of my creditors yesterday and asked how much they would take if I can make a one of payment. The guy said I should make them an offer and they will see. The bill is for £300 and I am thinking of offering them about £150 to start with. I explained to him that I didn't have the money yet as I get paid next week. He said they are more than likely to accept my offer of there abouts.

Good Luck

Anniek1969

I don't have my money yet either, it should be about another 2 weeks by the time I get the cheque and it clears so I was thinking about writing to them and asking them for my balance so I would know how much I owed and then offering them about 50% and see if they'll accept that.

If I can get them to settle for about 50% I should be able to get rid of about £1000 worth of debt and it would mean about an extra £20 pm to pay to something else.

Broken_hearted

Good luck. Hope they accept it. Remember to offer less than you can afford so you have some room to move if needed.