Loan Settlement Figure

graceylou

Hi I need some advice on my bank loan.

My loan is £9820 with Nat West. I've managed to raise £8000 to pay off my loan but the bank have said that my settlement figure is £8990. I asked if they could go any lower but they've said no.

Is this correct? My mortgage is going up so I my financial circumstances are worsening. Will they not just accept the £8000. Is there anything else I can do ?

CLAPTON

In general creditors expect to be paid in full (i.e. the settlement figure).

_Andy_

Why do you think they won't accept the lower amount?

Because - surprise - you owe it to them.

Why on earth would/should they take lower?

di3004

graceylou wrote: »

Hi I need some advice on my bank loan.

My loan is £9820 with Nat West. I've managed to raise £8000 to pay off my loan but the bank have said that my settlement figure is £8990. I asked if they could go any lower but they've said no.

Is this correct? My mortgage is going up so I my financial circumstances are worsening. Will they not just accept the £8000. Is there anything else I can do ?

Hi there.

Was this including insurance cover (PPI)?
And did you get the chance to ask them beforehand of the settlement figure?

I know its probably very frustrating that there is just £990 difference in the amount.

Was that the expected amount £8000 to pay this off hun?
Ask them to send you a written breakdown of how these calculations worked out, other than that I don't think there is anything else you can really do, sorry to say hun....:o .

Bear in mind that the amount of settlement could change daily.;)

Someone may have other ideas here to lead you in the right direction.

Good luck.
Di

graceylou

Thanks for the advice Di.

I never took PPI out on the loan because of the loop holes in it. The figure they gave me is the final settlement figure including a two month fine you pay for settling it early.

Maybe I'm naive but with Mortgages going up and other financial difficulties I thought the bank might accept what I have, considering I might not even be able to make the correct payments next year would it not be beneficial for them to accept this?

_Andy_

If you've got £8000 in your pocket I doubt you'd have problems keeping up the payments.

~Brock~

Would you ask the cashier at Tesco if she would take 80p for a can of beans priced at 89p ?

graceylou

_Andy_ wrote: »

If you've got £8000 in your pocket I doubt you'd have problems keeping up the payments.

I'm not going to even argue my corner on this. Obviously you people only have time for those that take advantage of the banks services and then file for their chargers to be credited back.

The only person thats been of any help is Di, the rest of you have been quite patronising. All I've wanted is a bit of advice but you've all just managed to make me feel iditotic in asking .

I'm trying to do the best by myself and my family. I came to this website for help and guidance on what to do but feel even more deflated

~Brock~

Er....excuse me!!??

Your original question was not much different to this one

"My bank has told me I owe them £8990 but I only want to pay them £8000 - I dont want to pay the full amount that I owe them so what can I do to make them just accept £8000 ?"

The general consensus is - No there isn't anything you can do.

My reply was to simply present to you a similar situation which would hopefully put into context what you were asking.

If this is not the answer you came here looking for then I am really sorry but why is that the fault of the people giving the answers? Geez.....some people

Kavanne

graceylou wrote: »

Thanks for the advice Di.

I never took PPI out on the loan because of the loop holes in it. The figure they gave me is the final settlement figure including a two month fine you pay for settling it early.

Maybe I'm naive but with Mortgages going up and other financial difficulties I thought the bank might accept what I have, considering I might not even be able to make the correct payments next year would it not be beneficial for them to accept this?

You can make a lump sum overpayment. So you can throw that £8000 at the loan then I imagine you only have a few months left to pay?

~Brock~

Kavanne wrote: »

You can make a lump sum overpayment. So you can throw that £8000 at the loan then I imagine you only have a few months left to pay?

Not strictly true I'm afraid. The loan balance is £9820 remember? If £8000 is paid in the the full £1820 remains payable because it is not being settled.

Apologies to OP if that is also not what they want to hear. I'll shut up now.