Full and Final Settlement Offer Questions

CLAPTON

The usual process for F&F is this:

-default on your debts (i.e. dont pay the minimum payments ) for a few months.
-they will default your accounts and your credit record will be trashed for 6 years.
-come to an arrangement to pay reduced payments
-after a year or so they will probably sell off the debts to a DCA.
-then you will be in a reasonable position to negotiate a F&F settlement

of course this assumes you have no assetts (e.g. house). if you do then different considerations apply.



I'm afraid that how it works.

xtrouble

OK,
Thanks for all your responses, (RayWolfe I'm not talking to you !) I will go down the route of simply paying the balances.

RayWolfe

butch_dingle wrote: »

are you really so pompous as to think you are paying other peoples debts for them..dearie me

Dearie you indeed. Clearly you don't have a grasp of basic economics. If someone does not pay their debts who do you think does pay them? We all do in higher prices.
If the OP genuinely could not pay their debts, we may have some sympathy and try to help but to say they were coming into money and could settle. Well, draw your own conclusions. I did; some drew different ones.

sicker

Why don't you just accept your good fortune, pay off your debts and start saving the money you are not now requiring to service your debts. It will soon mount up.

John