Full and final - how much?

Stillsmiling

Hi,

I posted another thread about being made redundant and offering full and final settlement of about 36% to each creditor. However a helpful person suggested I should start at about 20% instead. I've not posted the letters let so am welcome to opinions on how best to handle this.

Thanks in advance!

fermi

How long is a piece of string?

I would always start cheekily low, and the go from there.

How low is low is going to depend on how long you've been paying off, whether it's been sold to debt collectors, whether the creditor/DCA realistically thinks they will get paid back in full in the short/medium term etc......

Some have settled accounts for much less than 20%. While for others you are not going to push it down below 70-80%.

Squirrel29

Nationwide recently accepted settlement at 25% for me.