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Business loan secured on my property ... early settlement??
saf1976
Posts: 46 Forumite
Hi all,
My business is coming to a close.
I have a vehicle which is on Hire Purchase. I have made 40 out of 60 payments at £160. Is it possible to hand the vehicle over and the agreement ends given the amount paid?
I also have a loan with LTSB for £10k. Although a business loan it is secured on my property. I have made 42 payments of £240 on it. There is a current balance of £3,700. Would it be possible to settle early on this given that it is a secured loan? The property secured is my flat. The mortgage is £108k and was valued at £130 when taken out. Alas it is now worth only £100k ... and falling by the day.
I have yet to calculate what I have but it is somewhere in the region of £1,000 to £2,000. Could i use that to end the agreement with a full and final settlement?
Thanks
Saf
My business is coming to a close.
I have a vehicle which is on Hire Purchase. I have made 40 out of 60 payments at £160. Is it possible to hand the vehicle over and the agreement ends given the amount paid?
I also have a loan with LTSB for £10k. Although a business loan it is secured on my property. I have made 42 payments of £240 on it. There is a current balance of £3,700. Would it be possible to settle early on this given that it is a secured loan? The property secured is my flat. The mortgage is £108k and was valued at £130 when taken out. Alas it is now worth only £100k ... and falling by the day.
I have yet to calculate what I have but it is somewhere in the region of £1,000 to £2,000. Could i use that to end the agreement with a full and final settlement?
Thanks
Saf
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