A reader asked what she should do as her reasonable Full & Final settlement offer had been rejected. It's going to seem obvious, but the creditor rejected the offer because it didn't seem reasonable to them. You may think "I paid off the amount I borrowed ages ago, their interest is too high" or "They probably bought this debt for pennies, so they should be happy to accept 20%" but … [Read more...]
Articles about Full and Final settlements
A Full and Final settlement (F&F) is an offer to a creditor of less than the amount you owe. If your lender accepts, the remaining debt is wiped out.
They are described in detail on Debt Camel's Full & Final page, together with their advantages and disadvantages, when they are most often useful, how to offer a Full & Final settlement; their effect on your credit ratings etc.
Getting a clean start after gambling debts
A reader, let's call him Mr C, asked: I have been in bad mental health and have in periods of illness suffered big losses due to online gambling. I used to earn £32,000, I now only work part-time, getting c £700 a month, and have moved back to my parents. I have debts of £27,000 with £1,000 a month repayments. Some debts are very new eg a £8,000 loan three months ago. I am very unlikely to … [Read more...]