Full and Final Settlement Offers

A Full & Final Settlement Offer is an offer of part payment to creditors in the form of a one off lump sum payment in turn for having the remainder of the debt written off. A Full and Final Settlement Offer could be a suitable strategy to clear debts if you have access to a lump sum of money - this may be from-

Why might creditors accept?

Some Advantages

Some Disadvantages

Full & Final Settlement Offers should be made by the way of a pro-rata settlement with written evidence / proof from creditors confirming their full acceptance.

Making pro rata settlement offers/ payments would not make the arrangement legally binding. There will be a legally binding agreement if either:

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