Hello,
In some circumstances, your creditors may be persuaded to accept a one-off, lump sum payment, which is less than the total amount owed, in return for writing off the remainder of the debt.
You may have access to a lump sum due to a recent windfall, or have some savings you could use. You may even have a generous friend or relative who is willing to contribute a lump sum in order to help you deal with your debts.
We strongly recommend that you seek professional debt advice when making a Full and Final Settlement Offer. Your nearest Citizens Advice Bureau can advise you on what to do and help you to draft a suitable letter.
Any offer you make to your creditors should be made in writing. It is essential that you keep copies of any letters you send, in case a dispute should arise at a later date.
Kind regards,
Julia
For more information about IVAs, please visit my website:
www.supersonicsquirrel.net