Full & Final Settlement
A Full and Final Settlement is a solution where your creditors are contacted and asked to accept a lump sum payment as a reduced settlement on an outstanding debt. The level of the reduced settlement is dependant on the creditor, the type of debt and your individual circumstances. By accepting a reduced lump sum payment, the creditor agrees to write off any outstanding debt.
For a Full & Final Settlement to be accepted you must be able to make a lump sum payment of at least 60% of the outstanding debt.
New Tomorrow will be able to recommend this solution to you if it is the most effective way to help you become debt free.
Please note for debt management advice we introduce business to New Tomorrow.