This procedure will settle all your debts and can save
you between 15-70% of your total debt depending on your
circumstances. For example if you have a debt of £3,000
with MBNA bank and a settlement is negotiated and agreed
you will pay £1,200 and the remaining £1,800
will be written off as a bad debt.
This
procedure is only available if a lump sum is available
for immediate repayment i.e. funds from consolidation
loan or re-mortgage, And if you circumstances are so
bad that you are unable to meet the creditors requirements
or minimum payments. You are also able to use this method
after any long or short term repayment plan.
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