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You can use a lump sum of money to pay back the people you owe. This is either a ‘full balance’ or 'partial’ settlement depending on how much you can pay back.
You might be able to use a lump sum from:
Get debt advice to find out if a settlement is right for you.
Our team will take the stress and strain away for you:
Find out more about our free settlements service
A partial settlement is when you have some money, but not all you owe.
This means:
A full balance settlement is when you have enough money to clear your outstanding balance.
A partial settlement offer shares out the lump sum fairly among all of your debts.
Not all lenders accept partial settlement offers.
They are more likely to if:
1. Work out what you can offer the people you owe
2. Send your offer to them in writing
3. Ask them to confirm they accept your offer in writing
4. Keep any letters your creditors send you about the settlement offer
5. Negotiate with your creditors if you need to
6. Make sure you send on time payments to the people you owe
Use our template letter to offer a partial settlement to your creditors.
It depends on what you can afford.
Your full and final settlement should offer equal amounts to each creditor.
For example:
Debts included in a partial settlement are marked as ‘partially settled’ on your credit file.
It is removed from your credit file six years after:
Debts repaid in full are marked as either “satisfied” or “settled” depending on if the account defaults.
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