Full & Final offer

Hi all

I have been offered the chance to make a full and final settlement on a motorcycle loan I had some years ago.
The total loan was for £11000 of which there now remains £3500.

I have defaulted on the loan a few times hence the reason I am now in this position.

So my question is.....is there some calculation as to what I should offer or do I just go as low as I think then barter from there?

Thanks
Greg

Replies

  • TixyTixy Forumite
    31.5K Posts
    Hi

    When you say you defaulted a few times did you ever have a formal default notice registered on your credit file (this can only be done once for a debt). Are you still paying the original loan company or a third party with your monthly payments?

    Was the loan secured on the bike and if so do you still have the bike?
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Hi
    Thanks for your reply

    Yes the default was registered against my credit file, When I got behind with the payments it was passed to a third party who with alot of pressure on their part managed to get me back upto date with my payments but due to circumstance I have now fell behind again by 3 months. I do still have the bike and yes it was secured.

    Greg
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