When to ask for full final settlement?

nessie_dog

I am really struggling to pay the minimum on my cc's each month. Do I have to be in arrears etc before I can ask for a final settlement figure for them?

Thanks

Deep_In_Debt

Usually creditors will only accept full and finals if you're on a dmp and have been for some time as this shows that you are unable to meet the minimum repayments and aren't likely to be able to for the foreseeable future. My creditors only agreed to full and final settlements after I was a few years into my dmp.

If you are still meeting the minimum repayments then they won't entertain full and final as they will still think that you are able to afford the minimum.

Deep_In_Debt

Perhaps post up an SOA on here and see if we can help to find areas where you can save money so that you won't be struggling.

gargrave50

Ditto the above by DID - why should they offer you a cut price settlement on a debt they are receiving regular payments for? Full and final settlements are reserved for those accounts where actually they offer you a F&F because in their eyes it is better to get something than nothing. Remember that by agreeing reduced payments, DMP etc., your credit record will take a trashing