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Full and Final Settlement question
earthboundboy
Posts: 60 Forumite
Hi
I've been contacting our creditors to see what they would be prepared to accept as full & final settlement. Most of our unsecured debt is with Yorkshire Bank on two foolish consolidation loans we did a couple of years ago. Now, the lady at YB told me that they will not accept a reduced amount as full settlement on a loan that is still within its original payment timescale (both loans were over 60 months, so about 3 years left to run on each).
Has anyone heard of this before? The guy at the CCCS hadn't, and said it might be worth trying to speak to someone else there to get a different opinion. It does seem rather unfair, especially as if we sold our house and went to into rented we'd potentially have about 70% to offer, which seems to be the golden percentage from speaking to some of the other creditors.
Thanks in advance!
S
I've been contacting our creditors to see what they would be prepared to accept as full & final settlement. Most of our unsecured debt is with Yorkshire Bank on two foolish consolidation loans we did a couple of years ago. Now, the lady at YB told me that they will not accept a reduced amount as full settlement on a loan that is still within its original payment timescale (both loans were over 60 months, so about 3 years left to run on each).
Has anyone heard of this before? The guy at the CCCS hadn't, and said it might be worth trying to speak to someone else there to get a different opinion. It does seem rather unfair, especially as if we sold our house and went to into rented we'd potentially have about 70% to offer, which seems to be the golden percentage from speaking to some of the other creditors.
Thanks in advance!
S
0
Comments
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are you paying them as normal or have you defaulted on the payments?0
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