Cant pay default loan.

Iron_Pyrite

Hi gang, here is my problem>

Having been beg borrowing and stealing to meet payments on a loan (428 per month 14700 left of 25000 ) I discovered that a default was placed on my file in 2007. ( i didnt pay for a year it went to GDM from Alliance and L , i didnt know about the default started paying again 7 months ago ).

So it appears that however my account is dealt with , my credit cant be any worse...

So how do i go about getting a settlement???

Advice most welcome:o

Iron_Pyrite

Are there letter templates for this?? I will want it all by letter not phone calls or should i call them and discuss options??

nomoneytoday

Iron_Pyrite wrote: »

So how do i go about getting a settlement???

call them and ask, then follow up in writing

Iron_Pyrite

I want to , but i got the impression it was something to do in writing only, How do i get them to offer 30% of the amount????

Iron_Pyrite

I am sure i read a thread which outlined a letter to send, with a token payment for 3 months etc and then you send a letter asking for a settlement figure??

iolanthe07

I want to , but i got the impression it was something to do in writing only, How do i get them to offer 30% of the amount????

I don't think they'll take an offer that low, but you could always try. They take the view that you signed up to a repayment schedule so you have an obligation to meet it; but if there has been a material change in your circumstances (perhaps through redundancy or sickness) they may be more receptive to a final offer. It is important to get this in writing, as you say, and make sure that the settlement is "full and final". Let us know how you get on.

ILW

Iron_Pyrite wrote: »

I want to , but i got the impression it was something to do in writing only, How do i get them to offer 30% of the amount????

If you offer to pay 70% in one go, will that not tell them that you can afford to keep making your payments?

Iron_Pyrite

I thought you make token payments for three months and then make an "IVA" offer ???

I defaulted for 1 year and started paying again at christmas, i used to live abroad, but now my credit is ruined, i though i would try to make the most of it??? Maybe say i am moving back abroad?? see if they will take an offer.... they have received 3 grand of me plus an offer of 3 grand they may take..