Full and final settlement offers

fluffydog128

Currently on a debt management plan and have sold our house to release equity to pay off our debts. We have a couple of issues with this we owe 56k and have 50k available but I am currently 8 months pregnant and our car is broken - cracked windscreen, doesn’t lock, front door doesn’t close properly and we cannot fit all 3 children in the car. Stepchange have told us we can purchase a car which I need asap but I don’t want the full and final to not be accepted and then have wasted the whole selling our house as the point was to clear our debts. We also don’t want to buy a car that is going to be unreliable as that is one of the reasons we have fallen into debt in the first place. My question is how likely are creditors to accept a full and final settlement? What is the rate that they’re most likely to accept? I need to know what budget I have for a car seen as step change can’t tell me what is an acceptable amount to pay, we really want to have this big weight lifted off our shoulders but ensure we don’t enter into the same issues we’ve previously faced. We’re currently offering 25k towards debts and aren’t forecast to pay off our debts until 2066 on our current debt management plan. What’s the likelihood of this being accepted? What evidence will we be asked for in the process of full and final settlement offers?

ArtyJ931

Pop this over in the main forum. You’re in the diaries section at the moment. X