Loan Settlement

CLAPTON

MickH wrote: »

Offered them £1700 and they accepted it! I should have offered less! Considering I could have paid the £2800 they asked for that's quite a result! I told them I can pay it at the end of the month when I get paid and they were fine with it.

I would say anyone else in the same situation offer a really low amount and see what they say

hope you have it in writing

marshallka

Is this sort of thing legal??

No need for secured loans then and people losing their homes, just get the loan and then bank it and the offer to pay an amount that is only a small amount in the hope that they accept and you pocket the difference. Seems that way to me.

Do you go bankrupt first or do you have to get a debt plan. Why would you be allowed to do this??

jonesMUFCforever

MickH wrote: »

Andy I'm pretty sure there's something on here in the etiquette guide about not being a tw@

Andy is most definite not the !!!! on here believe me!!

Extant

_Andy_ wrote: »

Fantastic - and in the meantime those of us who manage our finances and keep to the terms of our credit agreements will pay the price in higher rates. Great.

Sort of. But those with better histories tend to get lower rates in the first place, where as this guy either won't get a loan in future, or will end up paying 23% or something ridiculous.

I know which case I'd rather be.

MickH

I'd like to point out that I didn't get myself in to this situation on purpose and I'm certainly not glorifying it. I thought this website was about getting people out of debt and improving their financial situation. This for me is a massive step towards getting myself debt-free.

I understand that my credit rating is basically non-existant but the damage has already been done. I understand people resent the fact that my debt has been settled for less than what I owed but trust me I'd much rather have just been able to afford to pay my debt off correctly without defaulting