Loan Settlement Figure

graceylou

CHR15 wrote: »

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


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.

What a !!!!, completely missed my point and those that have shed light on the issue. Seriously the majority of people in this forum give the website a bad name. You shouldn't judge people until you understand their full situation, if someone asked me where to go for financial advice I'd be reluctant on sending them to this forum.

CHR15

On the contrary,

Imagine I put £9,820 in a Savings account for a couple of years. I try to withdraw it only to have the bank say, "will you take £8000 and call it quits?"

I would be completely outraged.

You managed to amass £8,000, why would the bank settle for you not paying what you owe?

My link was a perfect example of the popularity of people trying to get out of paying, without any justification. When people help by offering advice, it is considered not just dishonest, but illegal enough for a website to be shut down.

I wasn't pointing the finger at you specifically, moreover the tidal wave of people looking for ways out, your post was simply a handy place to put it.

If you are facing financial hardship, popping into the DFW forum is a good place for support, but with £8,000 in your pocket, don't cry poverty in there.

graceylou

CHR15 wrote: »

On the contrary,

Imagine I put £9,820 in a Savings account for a couple of years. I try to withdraw it only to have the bank say, "will you take £8000 and call it quits?"

I would be completely outraged.

You managed to amass £8,000, why would the bank settle for you not paying what you owe?

My link was a perfect example of the popularity of people trying to get out of paying, without any justification. When people help by offering advice, it is considered not just dishonest, but illegal enough for a website to be shut down.

I wasn't pointing the finger at you specifically, moreover the tidal wave of people looking for ways out, your post was simply a handy place to put it.

If you are facing financial hardship, popping into the DFW forum is a good place for support, but with £8,000 in your pocket, don't cry poverty in there.

Have you posted that link up on forums where people are trying to get their bank and card chargers back?

marshallka

graceylou wrote: »

Have you posted that link up on forums where people are trying to get their bank and card chargers back?

Gaceylou, no-one is saying about not making a claim if you feel fit. If it is proved that you have a case and your settlement figure is way to high then maybe you could take it to court or the FOS for them to decide. Anyone claiming back bank charges and PPI is having to do the same. They pay it first and claim it back later. If you feel so strong that you have a case then do it the same way.

wooderz

Graceylou,

Without meaning to sound patronising, you made your bed so you got to lie in it. The settlement figure the bank will accept is the £8990 odd. So to settle the loan, that's what you pay. Because you've kept the account in good working order they know you can afford to keep the loan to term. It sounds like they've offered a good faith deal in which you pay the £8000 and they will then keep the settlement figure open for a period of time, I'd do this, if you can raise £8000 it shouldn't be too difficult to raise the extra to finish this over a few months?

petermb_2

Come come you people. There seems to be some double standards here. Lets be nice children.

If the agreement stands up to the law of the land and you borrowed the money based on that agreement then you have to pay it back.

However, if the lender cannot get their act in order and their agreement does not stand up to scrutiny then who is to blame? the borrower or the lender?

And dont call it a loophole. The agreement either stands up or it does not. That is no loophole.

Again, you can go to the lenders club called the FOS if you wish. All paid for from the institutions, by the institutions for the institutions.