how to offer full and final settlement ?

Symbeaux1

When nearing the end of repayments under arrangement, does anyone know the best way of calculating a full and final settlement with creditors ?

zx2011

If you live in England or Wales see the sample letters section at http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6 for "Full and final settlement letter for any debt" sample letter.

There's also a factsheet at http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

in-it-to-win-it_4

Thanks for this post, this has helped me a great deal.

One question though, will this work with a debt that has a ccj asigned to it????

fatbelly

in-it-to-win-it wrote: »

One question though, will this work with a debt that has a ccj asigned to it????

Not as such - the court has already decided you must pay the full amount under judgement.

You could vary the order to pay by lower instalments, and in certain circumstances (total debts < 5k) you could get an administration order which would mean that you may not have to pay the full amount

Have a good look at this factsheet

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=09_administration_orders

Symbeaux1

Thankyou for your responses to my question, most helpful. No CCJ assisgned, just opportunity to pay off after prolongued 'arrangements' in place.

maz1964

Hi all

so am i understanding that we can ask for a full and final settlement figure once we get to a balance we can afford to pay off, would that have to be with all the creditors at once or could it be applied only to one creditor at a time?

This has now intrigued me

many thanks
MAZ