Full and final settlement help thread

endoftherainbows

Best of luck with it Laineygirl, let us know how it goes.

Well my letters offering 20% have been sent..........lets see who replies first!

claire1234

hiya everyone,

just been reading though this thread, very interesting,

ive got a interest only loan which totals roughly £8500

the monthly payments are £70ish

ive never missed a payment on this account and have been
paying for a few years now,

ive have some savings, nowhere near the full amount but i was
wondering would a company take into account the monthly amounts that have already been paid?
what they even consider a f&f when the account is up to date?

ive no problem paying the £70 per month but it would be lovely
to get it paid off sooner rather that later,

any advise/help is grateful
thanks from claire.

averageguy11

Has anyone any experience of full and finals with Lloyds?

TIA

claire1234

anyone any advise?

KeepFighting_2

claire1234 wrote: »

hiya everyone,

just been reading though this thread, very interesting,

ive got a interest only loan which totals roughly £8500

the monthly payments are £70ish

ive never missed a payment on this account and have been
paying for a few years now,

ive have some savings, nowhere near the full amount but i was
wondering would a company take into account the monthly amounts that have already been paid?
what they even consider a f&f when the account is up to date?

ive no problem paying the £70 per month but it would be lovely
to get it paid off sooner rather that later,

any advise/help is grateful
thanks from claire.

Claire
As oyu are up to date then I would say that they are not going to entertain a f&f. If this is interest only how are you going to repay the capital of the loan at the end, if you have access to this now and it is sufficient and the rate of the loan is higher than the rate you are earning on the capital then it may be beneficial.

claire1234

KeepFighting wrote: »

Claire
As oyu are up to date then I would say that they are not going to entertain a f&f. If this is interest only how are you going to repay the capital of the loan at the end, if you have access to this now and it is sufficient and the rate of the loan is higher than the rate you are earning on the capital then it may be beneficial.

hiya,

thank you so much for your reply,

i have been saving so that im prepared for when the term of the loan is up,

i have roughly half of the loan amount saved up and have paid almost half of the total loan amount through the interest only payments,
so i was wondering if they would take that into account with
a f&f.

i know if i send them extra money now it reduces my monthly payment and saves money in the long run,

maybe i could draft up some letters and send them off just
to see what they say, i suppose theres no harm in trying

thanks from claire.

KeepFighting_2

claire1234 wrote: »

hiya,

thank you so much for your reply,

i have been saving so that im prepared for when the term of the loan is up,

i have roughly half of the loan amount saved up and have paid almost half of the total loan amount through the interest only payments,
so i was wondering if they would take that into account with
a f&f.

i know if i send them extra money now it reduces my monthly payment and saves money in the long run,

maybe i could draft up some letters and send them off just
to see what they say, i suppose theres no harm in trying

thanks from claire.

Claire
The issue will be is that if this is interest only you have only paid the Interest and no capital so they are going to be looking for the total rapyment of the capital sum.
Worth trying but dont hold out to much hope.

claire1234

thank you KeepFighting

maybe its worth trying and if not i could always pay what money i
have saved up to get the capital down a bit and then my
monthly payments would go down a bit and save money in the long run

thank you

Biffy64

Advice please...

Approx £32,000 in debt but just sold my share of a property and raised £30,000 ish? Looking for any advice from fellow members with similar experiences on F+F figures against below amounts

1. Loan £11,700

2. Loan £10,300

3. Card £4,700

4. Card £3,900

5. Bank O/D £1400+

Can i just say a massive thank you to Buzz Man for his template thread No227 which i will be tweeking & using for my creditors, Also like to thank FATNEK for his blunt but honest opinions on the banks thread No377....it made me smile for some time:rotfl:

Thanks in advance

Chris.

KeepFighting_2

Biffy64 wrote: »

Advice please...

Approx £32,000 in debt but just sold my share of a property and raised £30,000 ish? Looking for any advice from fellow members with similar experiences on F+F figures against below amounts

1. Loan £11,700

2. Loan £10,300

3. Card £4,700

4. Card £3,900

5. Bank O/D £1400+

Can i just say a massive thank you to Buzz Man for his template thread No227 which i will be tweeking & using for my creditors, Also like to thank FATNEK for his blunt but honest opinions on the banks thread No377....it made me smile for some time:rotfl:

Thanks in advance

Chris.

Biffy
You do not say if you are in arrears or not this is an i,portant part of the answer as companies are not going to accept a f and f if you are not in arrears. If this is the case I would say that you repay your most expensive borrowings and then increase your payments on the others so they are paid off quicker or at least you reduce your monthly outgoings. I personally would not use all of these savings to pay off these debts if you are not in arrears because my experience says you should have rainy day money, because when it rains thats when you find no one will help you.