paying off c/c and loans in lump sum

j_g_5

ive been left some money and will use to pay of loans and a credit card

obv i dont want to overpay, and would like to pay out as little as possible

is there agreements that can be reached to bring a total payment down, or any other advice i should know about

can i bargain with loans companies or is it just fixed at what i owe?

two loans will be paid back 3 years early

thanks

CLAPTON

banks lend money on the assumption it will be paid back in full with some interest.
if you pay back early then the total interest paid will be less than if it runs to full term.

NickX

j_g wrote: »

can i bargain with loans companies or is it just fixed at what i owe?

You can actually bargain with them, but for them to accept less than is actually owed you need to give them a reason to think that they may struggle to collect the full amount. This really means multiple late\missed payments and possibly defaults. They will then entertain negotiating a deal but you must ensure that they agree the deal as a "Full and Final" settlement and have this in writing before paying them a penny.

Bear in mind that the effect on your Credit History will impact your ability to get credit for up to 6 years.