F+FS ben accepted by LLoyds!

code-a-holic

WAHEY! Im so happy today.
Been on the phone to lloyds and they have accepted a full and final settlement of £9000. Loan is £14, 667.37! Have been in arrears for a year. They were saying only 85% (£12,000) and i maintained that there was nt that much available. Originally offered £6,500 - and they wouldnt have it. HE said £12k is minimum - i beged then he said he speak to manager. 1 minute on hold and he said - £9k? But only if you pay it over phone by card by Friday....no problem i say.
Now i got to phone mother in law and tell her the amount. She offerd to pay the full amount of our debts as a family memeber died and she has inherited about £500,000k (nice for some eh!)
Dont shoot us for being dishonet but we ware going to tell her they want 12k so we cna have the rest (terrible, i know) but we really need a 7 seven seater and its the only way we will ever manage it - no way we want to get finance again!

ANyway - our bigest debt cleared!! All our other debts are going on to a 0% card i haver applied for(if the credit limit is enough) -
We may be clear by the end of the year - what a fantastic feling. And all thanks to the MSE site!
:j :j :j :j

LollyLou_2

Sorry, but how dishonest!!!!! Your Mother in Law has kindly offered to pay off the debts that you have created and you repay her by lying to her?!?!?!?

Nice......

MORPH3US

Sorry OP, but I gotta agree with LollyLou.

Just imagine what the mother in law will think if she lends you £12k to pay off debts because you are stone broke and then the next week you turn having spent £3k on a car. I don't think she'll be too happy, but its up to you I suppose!

ceegee

code-a-holic wrote:

WAHEY! Im so happy today.
a family memeber died and she has inherited about £500,000k (nice for some eh!)
Dont shoot us for being dishonet but we ware going to tell her they want 12k so we cna have the rest (terrible, i know) but we really need a 7 seven seater and its the only way we will ever manage it - no way we want to get finance again!

all thanks to the MSE site!

1) It isn't nice that a family member died.

2) Yes, you are acting in a dishonest way and being deceitful.

IMVHO, you should be ashamed.....and do not give thanks to MSE for anything like that.

Tondella

code-a-holic I'm glad that you got such a great deal on your loan settlement, and I really understand the pressure of asking for the original £12k from your MIL, however I would really really ask you to think about the morals of what you are doing - you're taking advantage of a very kind offer from your MIL. Be grateful that you no longer have the lloyds loan to think about and use your money saving skills to seek out the best deal on a seven-seater car finance, or wait until you can afford it. If your MIL had been unable to help you with the loan then I'm sure the seven seater would have had to wait some more.

Yes £3k out of a £500, 000 inheritence is small beer, but think how devastated and betrayed your MIL would feel if/when she finds out what you have done - won't she wonder where this new car has come from?

code-a-holic

I have thought about everything all of you have said - All things i said to my husband....
Talked myself out of feeling bad and now you guys have enforced what i realy believe.
She originally wanted to give us 18K but we told her we didnt need that much. When she first offered the money she said 'you can have enough to get yourselves sorted again so you dont need credit again'
As she never mentioned that bit again i think we are a bit scared she has changed her plan to only paying the loan....which would mean us getting in to credit again geting the car (curently using 2 cars on family outings because we dont fit in 1 - not very economical).
Being very chicken in not asking if what she said originally still stood.
I dont know what to do now - she's transfered it this morning so will clear in to our account in a few days time. I really love my Mother in law so dont want to decive her. My husband thinks its ok though. She just said on the phone that she wants to buy us a leather sofa suite...i told her there was no need because i do feel awful.

code-a-holic

ceegee wrote:

1) It isn't nice that a family member died.

2) Yes, you are acting in a dishonest way and being deceitful.

IMVHO, you should be ashamed.....and do not give thanks to MSE for anything like that.

I definatly did not mean nice as in member of family dying - i meant a nice figure.
And i was thanking mse for making us aware of a f+fs.


-Currently re-thinking my whole attitude to life - cant believe i got carried away and agreed to do what we have done - i am normally very moralistic...the idea of fixing all of our 'problems' in one swoop masked what was 'right'

Philippa36

Just explain - the worst she can say is no, and I am sure she is thrilled to have the money to help out in anyway possible. At least then she can feel she is helping (instead of buying a sofa) and you don't have to suffer the guilt and enjoy having a new car free of debt.

Tondella

wel, clearly she is a generous woman, maybe if you asked her whether she could give (or even loan) you the money for the seven seater then she would be quite happy to help. You need to tell her that the loan settlement was only £9k though, tell a little white lie and say that you managed to haggle even lower with Lloyds, or that when they sent you a statement they gave a lower settlement figure than on the phone or something. Will you be selling one of your cars when you get the seven seater? Maybe you should give the proceeds of that car back to your MIL (or at least offer to).

bank_of_slate

It's a huge moral dilemma isn't it?

On one hand she is offering to give you enough money not only to get you out of debt but to give you a good head start too.

On the other, you would have feelings of extreme guilt about the 'extra' things that you used the money for.

Perhaps you and your husband should actually talk to her about the whole situation.
It will be an extremely difficult conversation, but I feel that if you laid your cards on the table, stating that you were confused about what she wanted to help you out with and what the best cause of action was.
That will make all of you clear about the money and what it will be used for.
Also, Is she likely to be offended by you taking a small amount when she is genuinly offering more to give you a real kick start.
Also, perhaps you could suggest doing something as a whole family to celebrate the life of the family member who passed away?
...Linda xx

PS...keep us posted!

ozzyfan_2

I'm glad that you're re-thinking code-a-holic

I think that you should explain that your f+f settlement has been accepted for less than you were originally quoted & offer to give her the money back.

she sounds like a very kind & generous person so do as philippa suggests & don't take advantage of her.

well done for getting the f+f settlement, I expect it will be a great weight off your shoulders