Can I use a Debt Settlement Offer if I have multiple creditors?
You can, although the same percentage amount must go to each creditor based on what’s owed. Remember, when dealing with multiple creditors, each has to be treated as an individual case, and they may decide to deny your offer.
If you’re dealing with debt from multiple sources, it may be advisable to get in touch with Hillcrest advisers to discuss a Debt Management Plan.
How long do Debt Settlement Offers last?
The payment can write off the debt in one action, but that doesn’t mean evidence of debt is wiped away. Anyone going down this route will have to have these debts noted as being only partially settled in credit reports for up to six years.
This can have knock-on effects if you’re looking to apply for some form of credit within that time frame. It can take at least a year after the offer is settled to see your credit score improve.
What alternatives are there to Debt Settlement Offers?
If a creditor denies your offer, or you want an alternative to help pay off debts after inheriting a sum of money, there are other options to consider. For anyone living in Scotland, a Trust Deed may be the most suitable route. Anyone living in the rest of the UK could find that an IVA works for them.
Talk to Hillcrest Finance today
Need help figuring out if a Debt Settlement Offer is the right option for you?
Call Hillcrest Finance for a brief chat on 0141 478 0862, or get in touch via WhatsApp.