End of loan contract

Mikeone

Quick update: I hadn’t been called back, so I called Triton (sorry Numpty, but I was concerned about them forging ahead so wanted to avoid sticking to letters just yet!).

I spoke to an agent who placed a one month agreement on the account to last until August. This will take me beyond the point at which the loan will expire.

Just to let you all know, he confirmed that the term ‘loan expired’ does indeed mean that the term meant that the original loan termination date had passed.

He gave me a revised figure and said that would be accepted and that they would not pursue the remaining amount. His quote equated to just under 60% of the balance, however the figure itself could vary by agent as some personal discretion is permitted.

However, the balance would still be on my credit file until I paid it off (he didn’t mention, but I believe that this is a ‘partial settlement’?).

Mikeone

OK, another update folks.

They called this evening and offered a figure of £8.5k, as a partial settlement, which they would confirm to the credit reference agencies. They said would stop them selling the debt on and/or pursuing it further 'though the full outstanding amount would need to be paid sometime'.

Would this be worth it or, as I would still ultimately be liable for the remaining amount, would I be better off just plugging away at it as I have done so far? I would have to borrow the funds to make the £8.5k payment.

Or is there a chance I could push for a complete F&F?

barbiedoll

If they are not going to sell the debt on or pursue it further, how can the outstanding amount still need to be paid? This sounds very dodgy, you need a full and final settlement, not a partial one. They will sell on the remainder of the debt, despite what they say on the phone. Write to them, offering the amount as a full and final settlement, get a template letter from here. Do not pay anything (apart from your usual payments) until you have the offer in writing.

DarkConvict

No, that is a very dodgy offer.

It could be possible they do not own the debt, as such it would not be them selling it on.

You need the clause that you will be released of any liability to the debt, basically you will not be chased further as the remainder is no longer owed.

Also, never accept anything on the telephone, they lie in their favour. They ring you in there interests not yours.

If you like the £8.5k figure. Then write to them with an offer using the national debtline template, that it is a full and final offer, and since they lie on the phone just add this is confirmation of an offer made on the telephone. So long as they agree to the written offer (F&F template) with all the terms included you should be ok.

Mikeone

Thanks guys

I'll check whether I can obtain the funds, and will send the letter if so.