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  • FIRST POST
    • kenchov1
    • By kenchov1 15th Jun 17, 9:36 AM
    • 80Posts
    • 8Thanks
    kenchov1
    Elderbridge Secured Loan - Settlement
    • #1
    • 15th Jun 17, 9:36 AM
    Elderbridge Secured Loan - Settlement 15th Jun 17 at 9:36 AM
    Hi

    Hoping someone could maybe offer a little help and direction if possible.

    THE INFO

    - Elderbridge secured loan (Had this 20 years)
    - Slightly behind on payments ( 1 Month)
    - 8.8K left
    - 465 monthly payments
    - Around 19 monthly payments left
    - Not missed a payment for 5 years and paying the arrears off a bit each month.

    THE SITUATION

    I have just called them for a balance enquiry of 8,897 and then asked for an early settlement figure. Quoted as 8981.82!!!!!

    When I questioned that i got interest etc etc thats why its more.

    Anyway my son has very kindly offered to clear this money for me off the matched betting that he has been doing.

    What would you guys advise as best practice to get this cleared and what would you say is a fair figure as he is paying it not me its a gift.

    And also how best to contsrtuct the letter and also what process to follow.

    The lady on the phone said. He would need to provide his wage slips and bank statements. I have no idea why someone would need to do this when its not his account and its a gift.

    Any help would be fantastic. Thank you
Page 1
    • StopIt
    • By StopIt 15th Jun 17, 9:56 AM
    • 670 Posts
    • 614 Thanks
    StopIt
    • #2
    • 15th Jun 17, 9:56 AM
    • #2
    • 15th Jun 17, 9:56 AM
    Why would he need to provide anything other than the cash? That's absurd.


    You know the settlement figure so send them a cheque to that value stating that this is the quoted settlement figure for account xyz, job done.
    • sourcrates
    • By sourcrates 15th Jun 17, 10:44 AM
    • 11,167 Posts
    • 10,836 Thanks
    sourcrates
    • #3
    • 15th Jun 17, 10:44 AM
    • #3
    • 15th Jun 17, 10:44 AM
    As above, they have a charge on your property so will not accept anything less than what is owed.

    It would be different if it was an unsecured loan, some kind of agreement would of been possible, but not in this case.
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  • National Debtline
    • #4
    • 15th Jun 17, 12:08 PM
    • #4
    • 15th Jun 17, 12:08 PM
    Hi there,


    I agree with the other comments on here, that your son shouldn't have to provide any other information in a situation like this.


    One thing I would suggest is that you get Elderbridge to confirm, in writing, how much is required to be paid for the loan to be cleared and the security removed. It is nice to cross the 't's' and dot the 'i's' in a situation like this. Keep the confirmation letter and a copy of the proof of payment made and make sure that they remove their details from Land Registry.


    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • kenchov1
    • By kenchov1 15th Jun 17, 2:09 PM
    • 80 Posts
    • 8 Thanks
    kenchov1
    • #5
    • 15th Jun 17, 2:09 PM
    • #5
    • 15th Jun 17, 2:09 PM
    Is it unlikely the would accept a lower settlement offer? He was considering offering around 50% See if we could do it that way. Just try our hand.

    I will get onto them again. And see what happens.

    Thank you for all the above advice though thats much helped.
    • StopIt
    • By StopIt 15th Jun 17, 2:33 PM
    • 670 Posts
    • 614 Thanks
    StopIt
    • #6
    • 15th Jun 17, 2:33 PM
    • #6
    • 15th Jun 17, 2:33 PM
    If it was unsecured, it would still be very unlikely for an Original Creditor to take a 50% hit for a settlement. Someone with the security of a secured loan? You don't really have much hope here.


    Always worth a go mind you, but be prepared for 90%+ if anything.
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