Full & Final Settlements
EuroDebt offer a specialist Full & Final Settlement service as a licensed debt adjuster. We have been providing these services since 1996 and our performance on the last 6,000* proposals to creditors has been an average write off of 50% of the outstanding balance.
Whilst the Full & Final Settlement service can be used in isolation from a Debt Management Plan (DMP), it is most effective as an integrated part of your DMP. Our clients circumstances may change over the lifetime of their plan and it is not uncommon for clients to have access to one or more lump sums several years into their plan where they would like us to get the best return with regard to settling as many of their debts as they can. This may result in partial settlement or full settlement of your debts based upon the negotiated amounts we achieve with your creditors. We will take into account those credit agreements where your creditors have not agreed to freeze interest or where there may be a charging order or judgment debt which may impact your ability to obtain credit in the future.
Your creditors will generally want to know where you have obtained the funds from and their policies may vary widely depending on your personal circumstances and homeowner status. Examples of how funds may become available are; re-mortgaging, friends & family, bonus payments, inheritance, pension release, sale of endowments and other windfall payments. EuroDebt's role is to discuss with you the outcome of negotiations with your creditors and to determine the best outcome for you based upon your personal preferences, if we are unable to clear all the debts (e.g. settle interest charging accounts, settle smaller accounts, settle a large balance).
How much does it cost?
- Our fees are based upon the level of write off we achieve on your behalf. We will charge a fee of 10% of the outstanding balance that is written off by each creditor, with a minimum fee of £25 per settled account. You will be fully advised of the amount payable to your creditors and the fees payable to EuroDebt.
* Figure accurate at October 2012.