full and final settlements

3431Anna

If I have approx. 30% of outstanding balances to offer as full and final settlement do I just offer each creditor 30%of the balance outstanding to them. Thanks for any help

sourcrates

Hi Anna,


Its best not showing your full hand straight away, however it would depend how much your debts are, how old they are, and if the creditor holds the correct paperwork, or not, as to weather they would settle for 30% or less or not.


In most cases I would say this would be unlikely, but without knowing the full details its impossible to say unfortunately.

Sazzie23

Hi Anna,

Presume you have a range of creditors, I'd start with largest first, offer 15-20% as an opening gambit (more likely to be accepted if there defaulted and DCA). When you know where you are with the largest one, you can work your way down to the lesser debts.

Good luck,

P.s. I think there is an f&f thread somewhere on here, might help