You can try to come to some arrangement with them, but whether it would be accepted I don't know. As to a full and final, there is a possibility they would accept a lower amount as this often happens.
Is this your only unsecured debt? If you have others as well it is possible that an IVA could be a solution for you.
I recommend that you speak to a professional. Visit www.iva.com for a list of companies and reviews and give one or two a ring and you will receive free and impartial advice as to all the options open to you.
Professional advice is key at this stage, especially if you have other debts as well to service. How much do you feel you would be able to pay this creditor on an ongoing basis?
Patrick I do have some questions which will clarify your situation:
1 Is it your only debt?
2 What level of equity do you have in the property? (property value and mortgage)
3 How old is the debt?
Petitioning for bankruptcy where there is only one debt (notwithstanding the fact it is a £19000 debt), seems a little heavy handed. A repayment proposal is certainly a realistic possibility. You can email me **email address removed** where I will gladly assess any solution we have at our disposal, the advice will obviously be free with no obligation.
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