Full and Final Settlement

What Is It?

You can be clear of your debt by allowing Greenoak Debt Solutions to negotiate with your creditors, so you can pay a lump sum which is less than the full balance you owe. In return for the lump sum payment, the creditor agrees to write off the rest of the balance and inform the Credit Reference Agencies of your settlement.

In order to calculate the offers fairly, we divide your lump sum payment between the creditors on a pro-rata basis. Therefore, the creditors you owe more to will receive the higher payments.

Do I Qualify?

If you are able to raise funds in order to clear your unsecured debts, then you qualify for a Greenoak Debt Solutions Full & Final Settlement, simple as that!

Full & Final Settlement could be for you if:

• Your day-to-day circumstances are unlikely to change for the better in future
• You've recently come into a lump sum or have some savings
• You have some equity in your home that could be released to produce a lump sum

Once we have established how much you can repay to your creditors, we will send offers to each of them on a pro-rata basis and ensure we can get the lowest possible settlement on every outstanding loan or credit card. We can even help you raise the funds to clear your debts, either by way of Re-Mortgage or a Consolidation Loan

To see how much we can save you, call our dedicated Full & Final Settlement team now on 0845 20 20 808 (Option 1).

Advantages

• Upon receipt of payment, your creditors should change your credit reference file details to show the balance is satisfied and the date paid
• Allows you to negotiate a reduction in the amount of debt owing to your creditors, effectively paying more with less
• If you have a extremely unhealthy Credit Scoring, then it may improve slightly by clearing the debt
• You may be able to clear all of your debt for substantially less than the amount owed, based on your individual circumstances
• Allows you to remortgage in circumstances where there isn't enough equity available to clear your debts, but consolidation is required to secure the lending
• Gives you the immediate chance of a fresh start

Disadvantages

• We cannot guarantee that creditors will accept lower settlements
• You may not be able to clear all debt if you do not have sufficient funds. However, we will always place you in a better financial position