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Full and Final Settlements

A full and final settlement is a partial offer of repayment to your debts. It is made under the condition that your creditors (the companies or people to whom you owe money) agree to write-off the remainder of the debt.

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When can Payplan make a Full and Final Offer on my behalf?

If you are already a Payplan client and have been in receipt of a lump sum of money, Payplan can advise you on how to make a fair (pro-rata) payment to all of your creditors in writing.

Once we have worked out together how much you can offer for a full and final settlement for each creditor, they can be contacted with your proposal. If your creditors accept the amount, and payment is made, the debt is then settled or satisfied.

What guarantees are there of my Full and Final Offer being accepted?

Unfortunately, there are no guarantees that your Full and Final Settlement offer will be accepted by any of your creditors. As a Payplan client however, you will benefit from our experience of dealing and negotiating with creditors on your behalf.

What happens to my credit rating if my offer is accepted?

Even though you will have come to a satisfactory arrangement with your creditors, any Default Notices or court action (eg CCJs) taken against you will still remain on your credit file for 6 years from their point of entry.

However, your creditors should mark the debt as ‘Satisfied’, so that future searches on your credit file will show that you have dealt with your debt successfully and owe no further debt to those creditors.

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Example IVA

In this typical example, we arranged an IVA for our client who was struggling to repay his debts. His payments are now more affordable!

  • Debt: £20,000
  • Creditors: 3
  • Was paying: £520 per month
  • Now paying: £120 per month
  • Written off: £12,000
See examples IVA advice

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