Full and Final Settlements

Psychokatz

Hi.. Am wonderig whether anyone has experience of offering full and final settlements. I am on reduce payments after my husband left and have now been made redundant. I have a small sum and like perhaps offering lump sums (which will be significantly lower than owed) as can't continue to juggle everything.. Any advice/guidance would be much appreciated.
Thank you

FireWyrm

Most of us on here have had to do this once or twice. In terms of making offers, the usual starting point seems to be around the 30% mark. You can try for lower, but it's not guaranteed. I once made an offer to the HMRC of £380 on a £6000+ debt and it was accepted which was a shock to say the least, but it's obviously possible. There were quite serious extenuating circumstances ofcourse.

In terms of writing the letter, I've written a couple on threads here and there for people. There are no hard and fast rules, just be honest and to the point. You want to get your problem across and your request in the first paragraph. People read hundreds of these a day and they dont want to be wading through unnecessary information about your great aunt Mabels' in-growing toenail and how this is worrying you etc. Just use your common sense. You are a debtor, but they do not own you. You request their assistance, but you are making an offer which you presume will be acceptable etc....Dont beg, just state your case.

Psychokatz

Thank you this is really helpful