Full and Final offers

mountpleasantchick

Hi there! I'm new to this site although i've been on a Debt Management Plan for about 3 years.
I've been offered a redundancy package at work, but i wouldn't want to use ALL of it to pay off my existing debt as that would leave me with next to nothing to live on until i find another job.

My questions are:
- if i wanted to offer my creditors a full and final payment, would they ask to see my bank account details before they accept
- if i owe, say £20,000 what is the likelihood of them accepting about £8000 as a F&F offer?
- are there any disadvantages of offering a F&F offer
many thanks

stupot_99

Hi the only disadvantage to an F&F is that it may be marked on your credit file as partially satisfied. Dont know if that would cause you any problems or not.

alona1

No, they dont ask for your account details. It may take more than one offer to them. I paid approx 50% of what I owed. Your file will be marked as partially settled but it will already be damaged from the DMP. Hope that helps.

Hopelessly_Hopeful

Hi

Sorry to hear about your redundancy. Good luck in finding another job.

It is possible to get F&F fully settled rather than partially settled. The National Debtline has good information and templates for this.

Let us know how you get on.

HHx

mountpleasantchick

many thanks for your responses. I'll go ahead and make them an offer that they hopefully!! wont be able to refuse!!