We confirm our clients are prepared to accept a partial payment of £1238.00 in full and final settlement of the above debt providing payment is received at this office within the next 10 days.
Our client will update your clients Credit File as partially satisfied and we confirm your client will not be pursued for any further monies in respect of this account.
Many thanks for sending this full and final settlement to us here at Johnny Debt:
Full and Final Settlement with Lloyds TSB Bank PLC
A Full and Final Settlement has been reached with Lloyds TSB Bank PLC, resolving a debt of £4059 for a reduced amount of £1238. This successful resolution demonstrates the effectiveness of debt negotiation and settlement. By pursuing full and final settlement, individuals can achieve great results and huge savings on their debts. The substantial reduction of £2821, which is 69% of the original debt, highlights the significant savings achieved through negotiating a short settlement. This success story serves as evidence that Full and Final Settlements can have good positive outcomes.
Full and Final Settlement Spreadsheet
In order to determine the appropriate payment offer for creditors, it is crucial to utilise the Full and Final Settlement Spreadsheet. By using this tool, you can accurately calculate the pro-rata split, ensuring a fair distribution of funds among the creditors. This meticulous approach guarantees that each creditor receives a proportionate share based on their outstanding debt.
Sometimes, the first (or many more) payment offer may be turned down, but it’s important to stick to the calculations shown on the pro-rata split. Even if there are objections, staying firm on these calculations ensures fairness and consistency in the payment negotiation. By relying on the pro-rata split, everyone involved receives a fair share based on their outstanding debts, keeping the process fair to you and your creditors.
Warning on Full and Final Settlements
When it comes to achieving a full and final settlement, there are numerous factors to take into account. Therefore, it is highly recommended to check out other posts on this website, as they contain valuable tips and tricks on successfully attaining full and final settlements. These resources can offer insights on negotiating with creditors, understanding legal implications, strategising repayment plans, and maximising the chances of reaching a favourable resolution. By familiarising yourself with this information, you can equip yourself with knowledge and tools to navigate the complexities of full and final settlements more effectively. This post Full and Final Settlement Successes would be a good starting point.
How long do full and final settlements with creditors take?
The time it takes to complete a Full and Final Settlement can vary. Factors like the age of the debts and the amount being offered. Settlements can range from a few weeks to well over a year if the offer is very low. Patience, persistence, and open communication are important for a successful outcome.