Lump Sum Settlement with Discount
If you are able to raise a sum of money, you may consider approaching your creditors directly to offer a discounted final settlement of the debt through one lump sum payment.
This approach may be suitable if you are able to raise a lump sum amount of money:
1. Selling off assets, such as properties or investments, or
2. Taking a low-interest loan from non-bank institution such as a credit co-operative society or a company loan.
You may then negotiate with the creditor to settle the debt owed, offering an amount less (ie, with a discount) than the full amount owed.
All requests and appeals are subject to your creditors' acceptance.