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How do you work out a full and final settlement ?
Posted: Sun Dec 24, 2017 3:32 pm
by lynne251
To do a full and final settlement, how do you work it out
Re: How do you work out a full and final settlement ?
Posted: Sun Dec 24, 2017 3:36 pm
by kallis3
Hi,
Normally you use the amount of payments you have left and offer those. Don't call it a settlement, just a full and final offer. Where would the money be coming from?
Re: How do you work out a full and final settlement ?
Posted: Sun Dec 24, 2017 4:17 pm
by Foggy
As Kallis says --- a full and final amount is based on the number of payments remaining (plus 12 if there is equity to be addressed) multiplied by the current monthly payment. Depending on the time saved this could be rounded down a little. (A settlement figure, as Kallis alludes, is a different thing, being the balance of the full original debt, plus fees and possible statutory interest ).