How do I do a full and final settlement? HELP!

sarahjessica

Hi everyone,

I need some advice.

I am in debt with about 6 credit card companies. They have all been sent to debt collection agencies.

The first question is how do I go about writing a full and final settlement letter? What things need to be put in there and what are the ket things I need to hightlight?

Second question, can I ask for a F&F and ask to pay it off monthly at a fixed sum of say double the minimum monthly payment? Or can you only do one or the other?

Any advise would be great, as I really need to get these debts down.

Thanks,
Sarahjessica

Dylanwing

The F&F is often accepted on the basis that a bird in the hand is worth 2 in the bush. Not all Companies will accept them, and most have a set percentage that they will take (In my experience, 70-80%). Best bet is to put an offer in writing and see what happens. Some will tell you what they will take, others keep you guessing - If the latter, give them a call and just keep upping your offer by £1, eventually they get bored and tell you!
Set out your position honestly, try and sell it to them, and Good Luck. And F&F is that - One payment, no installments. And say it is a family loan and that is all the elative can afford, if they get a whiff that you have cash, you have much less hope.

CLAPTON

worth reading the following

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

sarahjessica

Thanks for getting back to me.

The advice you have gave me will really help. I have just read the attachment and that was helpful.

Sarahjessica