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does a full and final settlement usually meet with approval

It depends on the level of your debts and the amount you are offering as a settlement. Can you post more details (including a list of your creditors) so that one of the experts can advise you.

Onwards and upwards!!!

Creditors will often be happy to accept a full and final payment over and above waiting for 5 years to accept the money in drips and drabs despite the fact that this will mean that they will receive less.

This will generally only be an acceptable proposal if

- The minimum dividend required plus the IP fees (usually lower in a full and final) can be met by the proposed full and final amount

- All surplus monies that were previously available (i.e Disposable Income) would have to be used to pay the money used to provide the full and final payment (i.e loan from family or mortgage) back. If there is money remaining after the lump sum is provided it is likely that the creditors will want this to be paid to them.




Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

I have never had one turned down, but of course they must meet sensible criteria and demonstrate that you are making the very best offer you can put forward.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk