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Full and Final Settlements - advice needed!!

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Hi Everyone


I'm hoping you will be able to provide me with some advice on full and final settlements and share some of your experiences as I've found this forum really helpful so far :)


So here it goes.....


I've been on a dmp for 5 years of which I've reduced my debt (mix of credit cards, loans & overdrafts) from £21k to £11k. I'm in a position now whereby a family member has received some inheritence and is willing to give me £6k to pay the remainder of my debt however this obviously still leaves me with £5k to pay.


Do you know what the likelihood is of my creditors accepting a reduced payment to pay all of my debt off as a full and final settlement? All of my debts are still with the original creditors.


I am also on a debt management plan with Gregory Pennington and to be honest they don't seem to add much value and take a fair chunk of my monthly payment as a 'management fee' so I'm thinking perhaps I could negotiate with creditors myself? Has anyone done this before?


Any advice would be greatly appreciated :-) xx

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Hi and welcome to CAG


Here is a blog from our own great Sequenci




This will give you some idea of how to approch F&F's

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Everything I say is opinion only. If you are unsure on any comment made, you should see a qualified solicitor

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That's great thanks!!


I could do with knowing if anyones had any luck with getting F&F settlements when their debts are still with the OC and what % eduction was agreed? I'm a bit fearful that my £6k won't be enough to pay the full £11k off as a) the £6k won't be enough and b) my debts are still with Original creditors?????

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i wouldn't see you clearing 11k of debt with 6k if all accounts are held with original creditors... why not write to them and ask for F&F? when you get the figure if it's anywhere near what you wanted, call them and haggle? they can only say no. if you're going to carry on with your dmp, consider using cccs perhaps - as their service is *free* (i used to work at a dca and all had a dim view of people paying someone to distribute cash when it can be done for free!)

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  • 5 months later...


Welcome to The Consumer Action Group.



I am just letting you know that as you haven't had any replies to your post yet, it might be better if you post your message again in an appropriate sub-forum. You will get lots of help there.


Also take some time to read around the forum and get used to the layout. It is a big forum and takes a lot of getting used to.



Once you start to find your way, you will soon realise that it is fairly easy to get round and to get the help you need.


It can be bit confusing at first.

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