Accept Less than settlement

Ashs

Hello

I have a loan with Lloyds TSB of which I owe £15,900 on. I am able to keep up payments on the loan but have recently taken out another loan for £18k to pay this loan off - I got a bit extra for a holiday.

My question is is Lloyds will accept any less if I pay off in full and if so how should I go about it. I rang them today to ask and they just said no over the telephone but I didn't put much pressure on.

Is there a way I can get them to accept less without it adding any marks on my credit file or should I just pay the loan off via the figure they say?

Any guidance useful

Thank you

villarenter30

why would they ? would you ?

Asbestross

Hi Ashs,

Unfortunately this would be very much at the discretion of the Lloyds. You will find, that they are extremely unlikely to accept any amount lower than the actual amount loaned in the first instance, but there is no harm in trying.

The £15,900 outstanding, is this inclusive of interest? If so, I would request a settlement figure which should knock a substantial amount of interest off. Also check your original agreement for the early terminatation clauses, that should give you an idea of how much you'll be expected to pay in the event of paying the balance early.

Providing you follow what you are contractually held to, then there should be no negative affect to your credit files.

Good luck

Takeaway_Addict

Generally companies will only do deals if you are failing to make payments etc.

Have you been able to renegotiate a better rate or is it just to get the money to go on holiday and have you looked at an SOA to start overpaying the loan...its alot to be hanging over the neck don't you think?

falldown7timesgetup8

Ashs wrote: »

Hello

I have a loan with Lloyds TSB of which I owe £15,900 on. I am able to keep up payments on the loan but have recently taken out another loan for £18k to pay this loan off - I got a bit extra for a holiday.

My question is is Lloyds will accept any less if I pay off in full and if so how should I go about it. I rang them today to ask and they just said no over the telephone but I didn't put much pressure on.

Is there a way I can get them to accept less without it adding any marks on my credit file or should I just pay the loan off via the figure they say?

Any guidance useful

Thank you

Are you just paying the minimum payments on the loan you are paying? If so, I would recommend you pop the info into the snowball calculator - it will tell you how many years it will take you to clear the debt you have - it might be a shock.
id recommend not to take out any more credit at all in all honesty - I think perhaps you need to look at where you are overspending. The level of debt you have is extremely high already, and taking EXTRA debt to pay for a holiday probably isnt the greatest idea?