Full and Final Settlement, or Short Settlement Offers

What is a Full and Final Settlement Offer?

A Full and Final Settlement Offer is an offer of partial repayment to your creditors in the form of a one-off lump sum payment in return for having the remainder of your debt written off. A Full and Final Settlement Offer is a great way to settle your debts if your circumstances have changed and you have access to a lump sum of money. This could be from;

• The sale of property.
• Savings.
• Remortgaging your home.
• Equity release scheme.
• Funds from family or friends.
• Redundancy.
• An Inheritance or even a Lottery win

If you are an existing client, ask your personal acccount manager about Full & Final Settlement

Why would my Creditors accept a Full and Final Settlement Offer?

• It can avoid additional legal expenses.
• Your creditors may prefer to receive a one off lump sum payment now, rather than smaller payments over a longer period.
• As we assist between 40 - 50 clients each month, this enables Debt Advisory Line to obtain more favorable settlement figures.

What are the Advantages of a Full and Final Settlement Offer?

• If your offer is accepted, it would mean that you would pay less than the total outstanding debt.
• Your debt will be paid off sooner, than the expected Term Time of your Debt Management Plan.
• Your creditors should then mark your debt as "Satisfied" so that future searches on your credit file will show that you have successfully dealt with your debt.
• Your debt will be paid off sooner, giving you the opportunity to manage your finance more effectively.
• Direct telephone number to the Full & Finals Team so you won’t have to go through the Helpline number.

What are the Disadvantages of a Full and Final Settlement Offer?

• Clearing your debt will not remove any Default Notices or CCJs previously registered against you from your record. They will remain on your credit file for 6 years from the date registered.
• It is not guaranteed that all creditors’ accounts will be settled

How do I make a Full and Final Settlement Offer?

• Debt Advisory Line will act on your behalf and send your offers to all your creditors.
• We will deal with all the negotiations and keep you fully updated throughout the process.
• Simply ask about Full & Finals - your personal account manager will be happy to help.

If you are an existing client, ask your personal acccount manager about Full & Final Settlement

What happens if a Creditor does not accept my Full and Final Settlement Offer?

• Debt Advisory Line has years of experience in negotiating with creditors on our clients' behalf, however, we cannot guarantee that your offer will be accepted.
• If this is the case, depending on your circumstances, we will advise you on an alternative course of action.

How do I make the settlement payments?

• Our dedicated full and finals’ team will provide you with all the necessary assistance to make your payments to the Creditors’.

Do I have to be a client with Debt Advisory Line?

• Currently you must be an existing client, however we will soon offer this service to anyone. You can simply complete the 'Get Advice' form above right, or call the number above and ask about arranging Full & Final Settlement.

What is the cost?

• We thrive on providing an award winning service and our expert full and finals team will discuss all options available to you. Click here for more information on our fee

If you  are an existing client, ask your personal acccount manager about Full & Final Settlement