Author Archives: Pam butler

The options available to people who are unable to pay off their debts include entering into a debt management plan, taking a consolidation loan, and in the most severe cases, bankruptcy. Full and final debt settlements are available to those who have a lump sum which could pay off some proportion of the total money owed. Creditors may accept a full and final debt settlement because they may get more of their money back this way, than by selling the account to a collection agency, or by forcing bankruptcy on the debtor. Note that loans secured on assets such as houses or cars cannot be cleared by full and final settlement offers, as the creditor will have the option of repossession in these cases. Continue reading →