Can I offer the bank a lower settlement fig?

ShinySnail

Hi,

I'm aware that when your in arrears some banks and finance companies will accept a lower lump sum figure in full and final settlement of a debt - but is this something that can be done when paying off a loan account that has been kept in good order?

I have managed to save up £6500 which is a few hunderd pounds short of the official settlement figure (the loan I have does not allow me to make overpayments)

It's with the Abbey, is it worth a try or am I just being cheeky!
:rotfl:

dougyd

Go for it! You have nothing to lose. Why don't you go a few hundred less and then negotiate from there if they say no?

For instance, say you've managed to get £6300 and would really like to pay it, if they say no, wait a couple of days and then say you're stretching but could afford £6500.

If they still say no, just wait a couple of months and then pay it.

CHR15

Crikey!! someone making all his repayments. Whatever next?

I would be very surprised if they would accept less. I don't think Abbey are really that desperate for an early lump sum (if they would call it a lump sum), when they could get more back by letting it run it's course.

LeeSouthEast

Be careful. It could be marked as a 'partial settlement' to credit reference agencies, which basically means "he didn't pay what he owed", which isn't terribly cool.