What Next & Where To

emjel

Just had my offer of £7k Full and Final Settlement against an early settlement figure £9.3k turned down by HFC. Even though I said in my letter that I could no longer afford the £400 pm and that one third of the offer ie £2400 was being paid by a friend on the basis that it was used as part of a F & FF, they still suggested I put the £6.9k to paying off a chunk of the loan. All that will do is reduce the actual balance from £15k down to £8k.

Any suggestions on the next step. Thanks

madduck

Are you actually in arrears at the moment? I didn't seem to get from your post that you were? I was under the impression that full and final settlements were unlikely to be accepted where the account was up to date and the account holder was making regular payments.

The other instances where they have been discussed on the site seem to be where people have experienced difficulties in their payments are perhaps the finance house think that there is a risk that they are not going to get all of the money anyway and that a full and final settlement might be a better bet.

emjel

Through a change in jobs through redundancy has lowered income. Have just managed to scrape through but last few payments have been made on credit card so save arrears - robbing Peter to pay Paul. But if I keep adding to credit card, then those monthly payts will escalate. I am surprised that for the difference of £2.2k that they are being awkward. The loan was £12k + £4k insurance Add interest and it came to £32k over 7 years. I've already paid back £18k 4 years ahead of schedule. With the £7k offered makes £25k. Withe early settlemnt rebate of £5k means a difference of £2k.

I did try to cancel my PPP 2 years ago and was told "no can do", but in this last week, I've discovered in the small print that I could have done. So I shall have to go back to them on this. Could have saved £90pm.

Broken_hearted

You might be able to get the payments back if you can prove they misled you over ppi