Full and final satisfaction – from StepChange Debt Charity

posted by in Living with debt

Full and finally

Full and finally

We often get asked about how debts get settled early. This happens when some money suddenly becomes available to our clients.  It usually comes from family members, unexpected inheritance, an insurance pay out or a successful payment protection insurance (PPI) claim (find out here how to reclaim PPI for free).

If you’re a StepChange Debt Charity client and find yourself in receipt of some unexpected funds, give us a call as we may be able to make an offer to your creditors which will settle your debts. There is no charge for this “full and final settlement”  service.

How does full and final work?

Previously if clients came into some unexpected money, they had to write to each creditor, making individual offers. This was a complicated process and clients could find themselves in difficulties, paying too much to clear one debt and not having enough left to clear another. There was also always the danger that the creditor could chase what remained of the debt later.

Our new service eliminates the need for clients to negotiate with creditors, all we ask for is the most recent balance on the debts and details of the total amount money you have available to offer.

Our new team

The settlements team is one of the newest at our charity but it’s staffed by some of our most experienced debt advisors who’ll speak to creditors on the client’s behalf and make offers based on what funds are available.

We have contacts at all the major creditors which means we are well-placed to make offers on clients’ behalf.  We don’t negotiate as such, but we will listen to any counter offers from creditors and report these back to you and wait for your further instruction.

We’re experts at debt management but we’re also experts at helping people to be debt free. If you come into any funds it’s definitely worth considering speaking to the settlements team here.

How much will be written off?

You have probably seen ads which claim to be able to get ‘your debts written off’. These usually refer to IVAs or assisted bankruptcy . A full and final settlement offer means that some creditors will possibly write off a percentage of your debt.

We don’t have set figures for what you can offer creditors, indeed the funds sometimes come from a third party like a relative. In some cases we may even refer you for a lump sum IVA if this is seen as a better solution.

Where can I get the cash?

As we said, third parties may offer funds to help you clear your debt, money could also come from inheritance, redundancy, PPI claims, selling a property or even equity release. There are no fixed figures that your creditors will accept we can only advise you based on funds that you have in place already.

Just be reassured that we’ll make the process as hassle free as possible for you – most full and final settlement cases are completed within 6 weeks. However, we cannot guarantee that your settlement offer will be accepted by your creditors. This is an all new service for our clients and importantly, it’s completely free of charge.

At StepChange Debt Charity we want you to be free of debt and save money.

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Tags Living with debt
  • clive grundy

    could you explain more about the offers to people, I may be getting some Money off my mother, about £5,500 can you tell me what my debors will accept? (41 thornwood wn88rb)

    I wrote to MBNA asking this question some months ago and they said no, however they have sold my debt to somebody else which is disappointing because they never gave me a chance to offer the same amount

    • Hi Clive – it would be best to give us a call and ask to speak with the Settlements team. They would be able to help you further.

  • Capildeo Udhin

    Just to update you what i should do my case are with cccs at present last Thursday I went tribunal and the judge give the virdict in my favour now I have to made my claim through the tribunal against the unfair dismisal from my Employer the false allegation they made against me that affected my health with my Blood pressure and Blood suger runing very high it been affected my concentration it difficult for to deal with my day to day life the health authority I was working they’re stong and powerful poeple

    • Hi and thanks for your post.

      If you’re on DMP with CCCS it’s best to give us a call to see what we can do to help.

      If you receive any monies from the Tribunal this could change the options open to you.

      I hope this helps.

  • Richard

    Are you actually the CCCS (Consumer Credit Counselling Service) or are you a seperate organisation? It is very unclear in your wording who you are but you seem to keep asking to make phone contact which worries me as to your motives. Bottom line is I am not paying for a service which the CCCS gives for free. Please could you explain further.

    • Hi Richard,

      Yes, MoneyAware is part of CCCS, and we agree that no one should pay for a service that we provide for free!

      Hope this helps,

      Peer (CCCS Social Media Manager)

  • Betty

    I’m surprised by your advice to give you a call and you will liaise with the creditors re a settlement figure. I have already given you a call (last week) and was told that I had to contact them myself, which I’m in the process of doing. One has told me to settle the full balance as it would look better on my credit history instead of debt settled by agreement. I don’t know if this is true or if they are trying to get more money out of me. You are offering conflicting advice on this subject. However, apart from this I am extremely grateful for your help over the last few years.

  • ceri

    Hi I have a dmp with a company who charge me a lot in fees so my balance isn’t going down by much which is upsetting. I want a mortgage soon and know that will be difficult. I have a small amount of cash £6k coming in and would like to see if I can clear my DMP with my creditors which amounts to £17454. I am reluctant to contact my DMP provider as they will take a large cut! I also just want to continue paying my DMP whilst it’s sorted as I can’t afford to default on my DMP whilst I get this sorted. Can I pass the list of creditors to you and ask you to contact them for me for a F&F whilst still paying in to my current DMP? thanks

    • moneyaware

      Hi Ceri,

      Thanks for posting.

      You mentioned that you’re paying for a DMP at the moment. As a charity we offer free DMPs and a range of other debt solutions.

      If you’d like to chat with our advisors about this, they can let you know about any debt solutions suited to your situation. If they recommend
      a DMP for you we can offer you guidance on how to switch, if this is something you’d be interested in.

      Our advisors will also be happy to see if a settlement offer is a solution suited to you. If it is, they’ll be able to help you with your next steps.

      It’d suggest you give our Helpline a call to have a chat with one of our advisors about this. You can find out how to get in touch with us here:


      Kind regards,