Full & Final offer 28 February 2011 at 6:33PM in Debt-free wannabe 2 replies 617 views

Gregstac

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

Tixy

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?

Gregstac

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