Full and final settlement offers - worth a go?

squatrack

I'll try and keep this short and simple. I have £28k personal debt, made up of one large loan of £14k and several smaller amounts made up of 2 credit cards and 7 smaller loans as well as 5 other creditors. In total I have 15 different accounts and 10 creditors.

I've had enough. I have a pension I have been paying in to which is only 5 years old and for that reason I can cash out what I have paid in (subject to tax). In the end I could cash out approx £12k.

All of these accounts are defaulted/in several months arrears and are several years old.

Is there anyway I could make several full and final settlement offers totally £12k to clear £28k or am I dreaming? What is a realistic amount I should be looking at to clear £28k?

This has only popped in to my head as one creditor made an offer to me for one of the loans and stated they would accept £260 full and final settlement on a loan with a balance of £1080 outstanding (75% off). If I pro-rata that (and I know not all creditors are the same and are unlikely to do that), 12k would easily cover it?

Advice?

McKneff

Give it a go, you have nothing to lose and everything to gain.