Full & Final Settlement Success Stories
Full and Final Settlements (F&F) are not easy to achieve, but they are very much achievable with a bit of effort and quite a bit of nerve! The thing with a Full and Final Settlement, is that the more things that stack in your favour the better the settlement.
Third Party Family Friend
Whenever you are negotiating a Full and Final Settlement, never say that you have the funds! It is always best to say that a Third Party or Family Friend will be offering the funds. If you say that you are holding the funds, then there is a chance creditor can gain access to those funds.
Full & Final Settlement and Property
If you own a property and there is equity in the property, then you may stand at a disadvantage. If a creditor knows this, then maybe they will hold out for a higher figure.
Ask for a Full & Final Figure First
By asking a creditor first what they would accept as a Full & Final Settlement, you may be surprise what they will accept. Remember if the debt is old, it may have been purchased by other debt collectors for pennies in the pound. So if you are making what you think is a low offer, this offer may be well above what they paid for the debt in the first place.
Full and Final Success Stories – Click on the link to see other examples of Full & Final Success Stories
Debt Management Plan and Full & Final Settlement
If you are in a Debt Management Plan (DMP) and considering a Full & Final Settlement. A creditor may not be as ready to accept a F&F, as they may be happy that they are receiving monthly payments. If they are not receiving monthly payments, then they may be more readily to accept an offer.