get advice. 3. Offer a reduced lump sum to finalise the debt Depending on the size of the debt, the age of the debt and the gap between your offer and the actual debt, the debt collector may accept a reduced lump sum settlement offer. If you wish to make a reduced lump sum offer it should be on a ??without prejudice?_ basis. If the debt collector accepts your lump sum offer it is critical that you get their acceptance of your offer in writing. Any acceptance offer should state that the amount is in ??full and final settlement of all monies owed?_. 4. Do nothing Your final option is to do nothing. If there is no way that you can afford to repay the debt and you have no property that could be sold to repay the debt, or your income is too low to be garnisheed you may opt to do nothing. However, you need to keep in mind that the creditor/debt collector has six years to commence proceedings against you in relation to a debt in relation to a contract (12 years if the debt is based on a deed), and 12 years to enforce any court judgment obtained against you (in some circumstances even the 12 years to enforce judgement may be extended). You may have income or property at some time in this period. If this is the case, you will have to pay the debt PLUS interest, which after many years may be a