Full And Final Settlement Offers

aneb123

Hi Everyone,

Just looking for some advice on the above please?

I have not worked since April due to illness and it doesnt look like ill be back at work anytime soon.

I have quite a few debts as i had a good job and good salary when i was working. I havent paid any of my debts since May so i have now hit 6 months with no payments. I have sold my house as managing the mortgage was also a hindrence due to my current situation, i have some money that i have from the sale of the house, its probably about 70% of what i owe out.

I just want some advice on how i should approach the above. Some of my debts havent defaulted yet, should i wait til they have, should i offer the companies now, should i wait tlonger, im currently at a loss as i dont think my situation will change soon but i also feel a lot of stress due to the situation as its a situation i have never been in before and want to try and remove it as soon as possible.

I havent communicated anything to any of my creditors yet which i know is wrong but i just havent known how to face this situation or where to start.

Thanks in advance for your replies and help.

fatbelly

Your situation does sound suited to full & final offers.

There is a thread dedicated to them here

https://forums.moneysavingexpert.com/discussion/115430

Your debts should have been defaulted (if they are ordinary credit debts) after 3-6 months of missed payments so now should be a good time to start the process