When you find yourself in a position where you owe money to a company, are behind with payments, or are on an arranged payment plan, then there may be scope for negotiating with that company to payoff the debt in full at a lower figure than the original balance. This process is known as full and final settlement.

How does it work?

Basically we negotiate with your creditors on your behalf and offer them a sum of money based on an equal distribution of the funds that you have available to payoff all of your other debts at the same time. The negotiated reduction for full and final settlements can vary dramaticaly from case to case but can be anywhere from 10% right up to 50% . For example, if you had a total amount outstanding on your credit card of £8000 and we had managed to secure a 50% reduction on a full and final settlement then you would in fact only have to pay the credit card company £4000 in order to clear the debt in full.

How do I know if I would qualify for a full and final settlement?

Full and final settlements would normally be accepted by a credit company if the outstanding debt was heavily in arrears or had been sold on to a third party debt collection company. This is because in effect this debt has already been written off the company's balance sheet as a loss so any kind of lump sum repayment would be classes as minimising that loss.

How much would it cost me to get a full and final settlement on my debts ?

The fees for full and final settlemnts will vary from case to case depending on the amount of debt involved and the size of the reduction achieved. A full breakdown of the fee's charged would be available before any work was undertaken.