Full and Final Settlement

Full and final settlement is a debt clearing solution whereby our company, on clients, behalf, negotiates with their creditors to find a solution which involves them repaying a lesser amount to find a solution which involves them repaying a lesser amount than they actually owe, over an agreed period.

This solution will often involve the debtor using some assets as a part of their offering to creditors in addition to a lumpsum or a regular payment programme. This solution is suitable for debtors with any level of debt who have little or no disposable income, but who do have a lumpsum amount available (perhaps from the sale of an assets) that they are able to offer to their creditors in exchange of them agreeing to write off the remainder of the debt.

Full & Final Key steps explained
1. Debtor contacts debt management company to finf out about full & final settlement.
2. Having compiled financial statement advisor agrees that debtor has no disposable income and full and final would be the best option for this situation.
3. Advisor prepare offers and send it to creditors.
4. Creditors accept offer and payment is made.
5. Creditors update debtors credit file to show that the debt is paid in full or partially settled.

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Money Advice Service

To find out more about managing your debt and receiving free debt advice visit www.MoneyAdviceservice.org.uk

Further Additional Information

The insolvency service has produced a guide for people who are struggling with debt. This guide outlines each of the available solutions. You can download the guide by clicking the following link – In Debt? Dealing With Your Creditors.

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©2018 ACME Credit Consultant Ltd. 

Authorised and Regulated by the Financial Conduct Authority for Regulated Debts Ref No. 666760 

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All debt solutions should be very carefully considered. Fees will be charged if a solution is taken in order for us to set up a plan and maintain it - all fees will be outlined during the consultation. Retained payment may place our client further into arrears. Acme Credit Consultants Ltd complies with the Consumer Credit Act and The client has the right to a cooling off period of 14 days. It is likely that their ability to obtain further credit in the short term will be affected and this may also be the case over the medium to long term.We DO NOT offer any lending services, we are a team of debt managers.Calls to our free phone number from mobile phones and other networks may be charged.

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