Full and Final Settlement- should I asked for less

peteuk

I had a payday loan, which is nearly two years old. The amount loaned was £500. Already paid was £361.34 and outstanding was £347.56

This was added to my DMP and I have been paying it off at £25.71 a month. Last week I asked for a full and final settle figure. This cam back at £250.00

I then returned to them and asked if they would accept £175 as full and final payment, which they did....

could I have asked for less, maybe £150....

redux

Maybe, but no point now in wondering.

Just be glad to see the back of it, and it wasn't a huge difference anyway.

Look forward instead. If there are larger amounts yet to be settled with others, then fine tuning those offers will be proportionately more important, and this has made you think about that.

National_Debtline

Full and final settlements are always looked at on a case by case basis so it’s difficult to predict what a creditor might accept.

As redux says, they may have accepted £150 but they may not have. Either way you’ve had a good result as their initial offer was £250.

James
@natdebtline