Loan Settlement Figure

graceylou

~Brock~ wrote: »

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

If thats what I was asking then I would have worded it exactly as that. Its not a case of wanting to just pay them that amount, its a case of having raised those funds and not being able to raise anymore, hence only affording that amount.

I wasn't looking for an answer in this forum I was just looking for further advice IF the was anything else I could do.

_Andy_

graceylou wrote: »

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

Not at all - I'm actually against the bank charge reclaiming thing (and please let's not start a debate on it).
The simple matter is, you borrowed a large amount of money and expect the lender to go "ah it's OK, don't worry about it, give us what you can."

If you can 'raise' £8000 then you won't have an issue paying your mortgage.

CHR15

What did you buy for the £9,820 the bank gave you??

If it was for a new car, why didn't you offer them £8,000 and complain if they didn't accept it?

Doing the best by your family may sound very noble, but you are effectively trying to steal some of the money the bank lent you but justifying it by saying the banks are wrong.

graceylou

CHR15 wrote: »

What did you buy for the £9,820 the bank gave you??

If it was for a new car, why didn't you offer them £8,000 and complain if they didn't accept it?

Doing the best by your family may sound very noble, but you are effectively trying to steal some of the money the bank lent you but justifying it by saying the banks are wrong.

It was a number of debts years ago that I foolishly helped an ex with and then he screwed me over. I'm not saying the banks are wrong. This discussion could just go on, but end up at the same point each time, thanks to those who shed some light on the subject

Extant

_Andy_ wrote: »

Not at all - I'm actually against the bank charge reclaiming thing (and please let's not start a debate on it).

Oh, I like you.

Anyway, to graceylou - offering a "full and final settlement" figure is typically something reserved only for those with very serious financial issues, who are being handled by a bank's collections department. At that point, it's better for us to cut our losses and take what we can.

But, for someone like yourself (since I guess you're making your monthly payment) who clearly has no issue with liquidity, then the original agreement needs to stay in place and you must settle in line with the contract you signed.

chambta

If the payments are the issue Natwest would allow you to refinance the loan by effectively giving you a smaller one to add to your own funds. You could then decide to take that sum over 2-3 years and presumably dramatically reduce your payments.

The issue would be that the new smaller loan would be at a far higher rate than what you owe now but if it's only the payments that are the concern for you then it is a hit you may wish to take.

di3004

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?

Hi graceylou.;)

I know what your saying, as you have the whole amount of £8K now you want to get rid now.;)

Although I have no experience in this actual field hun, give the head office a ring and see what they say.
I wish you luck and hope it all works out for you. Let me know if you can, cheers.:D

Di.
x

CHR15

Here's a good news article about a Website forced to close due to people offering help to people who do not want to pay back their loans.

http://news.bbc.co.uk/1/hi/business/7700423.stm

A couple of Quotes

They objected to posts by someone explaining how he could not afford to pay, and who had tried to arrange a repayment programme with them," said Mr Hone.

n an e-mail to him, the internet company said certain postings on his website's user forum appeared to encourage people borrow money with no intention of paying it back. "The nature of borrowing money with the intention of never repaying is viewed as deception, and is a clear breach of section 15 of the Theft Act 1968," said 1and1 in its email.
"This link shows one of the forum users telling someone to cancel their contact numbers to avoid contact.
"These people are freely admitting that they cannot afford to borrow the money, but borrow it anyway, and then openly use tactics they have learnt from each other to avoid repaying," it added.

Any advice to the OP to help him not pay the rest of the loan is exactly the same sort of help which led to the closure of that website.

marshallka

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 ?

Can you not just pay the £8000 and then get the rest on another loan (or a 0% per annum credit card perhaps) of very little repayments and then all would be happy. I know that its not what you want but if you actually owe this money then surely it would be better to do it this way than to carry on trying your way in getting the loan settlement reduced.(of which i did not know you could barter with settlements)

I think if this settlement was worked out fair in line with early settlement regs of 2004 (which is much fairer than having the 1983 regs put upon you including use of rule 78!!) then you should try to pay this.

Also if you find this settlement unfair in any way you could try to make a complaint to the Ombudsman or courts.

graceylou

BarclaysManager wrote: »

Oh, I like you.

Anyway, to graceylou - offering a "full and final settlement" figure is typically something reserved only for those with very serious financial issues, who are being handled by a bank's collections department. At that point, it's better for us to cut our losses and take what we can.

But, for someone like yourself (since I guess you're making your monthly payment) who clearly has no issue with liquidity, then the original agreement needs to stay in place and you must settle in line with the contract you signed.

Thank you, thats what the bank said when I went in to discuss it further. They said unfortunately I've managed my account well and never missed a payment, I'm not a priority. They did say that the 8990 was standing and that if I paid they 8000 they would hold on to the remaining figure until that was paid .

Thanks to the peeps that have been helpful with my querie