How Long Does It Take To Reach A Full And Final Settlement
This is a question I’m sure many people will be wondering. If you read up on the internet there are various forums where people talk about full and final settlement, usually lots of triumphalism about how much of their debts they have succeeded in “writing off” – but what they tend not to publicise is how long this process takes.
I myself am in the process of writing off a portion of my debts. Thus far I have already written off two of my creditors for just under 30% of the balance outstanding. This process so far, if you start at when I first failed to pay my creditors the required monthly payment under the agreements – July 2008 – will have taken almost eighteen months to get part way through.
I still have a number of creditors to negotiate settlements with, and I expect that it may well take until June 2010 for all of my debts to be settled. It will have taken two years of contstant creditor hassle, including phone calls, letters, solicitors letters, CCJ papers, debt collectors (once) and default notices to get from being in a fairly hopeless situation to being debt free.
It’s not an easy process, you need nerves of steel and the ability to not cave in or get intimidated by your creditors. If I had my time again I would have used a professional debt advisor to help me with the process. If you want professional help, speak to these guys, they have friendly, national advisors that are able to take all of that hassle and stress away.