"Full and final Settlement" in financial terms, relates to an offer to pay a percentage of a debt, on the condition the creditor agrees to write off the remaining amount.

If you find yourself with a lump sum and wish to make a full and final settlement to your creditors, you may be able to offer a proposal that your creditors may accept instead of a low payment for years or having no history of making contributions prior.

Once you have worked out how much you can offer for a full and final settlement for each creditor, you can contact them either by phone or letter with your proposal. If your creditor accepts the amount, they will inform you when and where to make the payment and will specify a time limit. Once payment is made, this debt will then be settled, although your credit file will show a partial settlement as payment in full.

It is our experience that you need to have a good deal of negotiating skills to get the best settlement. This will depend on many situations, all we can say is our services are available if you wish to contact us and discuss.

Our fees for this type of product are set in such away that we charge a very small set up fee for each creditor and if we are successful in reducing the balance take a percentage of what we save you. So its in our interest to get the best possible agreement.

To give you an idea of what we have done in the past, we had a client who had a credit card debt of £10,400. The creditor accepted £2,100