Full and Final Settlements
What is a Full and Final Settlement?
Release Money Group's subsidiary company Debt Release Direct can advise on and arrange full and final settlements.
A full and final settlement is an offer of partial repayment of your debts. The offer is made under the condition that your creditors will agree to write-off the remainder of the debt after the payment agreed has been settled.
Debt Release Direct can help you to set up a full and final settlement and will suggest how you can make a fair pro-rata payment to all of your creditors. We will write to your creditors on your behalf to arrange the repayment and organise all of the payments and paper work, so that you are no longer burdened with the stress of the constant letters and phone calls from your creditors.
Once we have written to the creditors with your suggested full and final settlement offer, they will have to make a decision on whether or not to accept the proposal. Once the proposal is accepted the payment is then made and the debt is subsequently settled for good.
Is there a guarantee that my Full and Final Offer is accepted?
Unfortunately, there are no guarantees that your Full and Final Settlement offer will be accepted by any of your creditors. You will benefit from Debt Release Direct's Cert-DR qualified advisors' experience and professional advice, and we offer professional experience of dealing and negotiating with your creditors on your behalf.
Will a Full and Final Settlement affect my Credit Rating?
Although you will have come to a satisfactory arrangement with your creditors, any default notices or CCJs that have been previously taken against you will still remain on your credit file for up to 6 years from their point of entry.
Your creditors will mark the debt as 'Satisfied', so that future searches on your credit file will show that you have dealt with your debt successfully and owe no further debt to the creditors in question.