Full and final

A full and final payment is where you offer creditors a one of payment to settle your debt to them. In most cases this will not be the full amount and a settlement figure will be reached.

The circumstances this can generally be used in is where a family member or relative offers to give you some money to clear your debts, or you don’t have any disposable income but you have some sort of funds available.

A full and final settlement can be done reached through an IVA. By using an IVA as the mechanism it locks all the creditors in to the settlement if 75% by value agree.

For expert advice telephone 01253 299 399