Offering Less Than Settlement Figure

Steameh

Morning all,

In what scenario am I able to do this? Is it only if your debts have been referred? Basically I will have very close to my settlement figure next month. I will be about £300 short. What are the chances of me sending tesco a cheque and a cheeky letter asking if they will accept this as full and final payment?

Thanks

BenL

They are more likely to tell you to wait a few months, make a few more payments then send them the full settlement amount.

You are in no hardship it appears so they have no interest in writing off some profit. They will get all of their money by waiting until the loan has gone its full term.

If you were behind etc and they had been struggling to get the money off you it might have been possible.

Ben

Rafter

Steameh,

If your credit record is good and you haven't defaulted, then highly unlikely that a lender would accept less than the settlement figure - why would they?

You might think Tesco have got a good deal out of you if you have been paying interest to them for a number of years, but out of that they have to pay the people they borrowed the money from, costs and the losses for the 100's of customers who do default on their loans.

But they aren't just going to forego £300 on the basis of a cheeky letter.

Sorry.

R.

Steameh

No worries. Didn't imagine they would but no harm in asking. Thanks