Lloyds TSB final settlement on Credit Card - Rejected

gg_30

Hi All,

I recently sent a template letter to Lloyds asking for a final settlement figure on my credit card, I've missed multiple payments over the past 6-7 years and feel the only way to get out of this is to finally get this paid off.

I basically went it with an offer of around 30% as full and final settlement stating that i couldn't even afford to make the minimum payments anymore.

I got a letter back from them recently saying they cannot accept this figure in partial payment settlement and that financial advice is available to me on the website.

Has anyone got any advice on what to do next? It just sounds like they don't want to know.

Thanks in advance.

[Deleted User]

They may not. They may feel that you're still capable of making payments so feel they may still get most of their money back.

They could also consider tha the money you've got to make a settlement offer could be used to continue making your regular payments.

MrSilk

If you spent it, re-pay it.

Why not pay £100 per month depending on the balance, I did on my old defaulted balance of £1600 and it's now paid off, I'd rather pay it all than offer a %.

opinions4u

I basically went it with an offer of around 30% as full and final settlement stating that i couldn't even afford to make the minimum payments anymore.

How much is 30% of the balance?

What's the minimum payment?

If you can afford 30% of the balance why can't you afford the minimum payment?

longtermplanner

You say you have missed multiple payments - but have you been paying recently? did you include an income and expenditure sheet proving that you can't afford the minimum payments? Did you explain where the money you were offering came from?

Without this information, it is pretty likely they would reject such a low offer.

eskbanker

How did you get on when you had this issue before in 2011 (as per https://forums.moneysavingexpert.com/discussion/comment/43901828#Comment_43901828), were you able to negotiate a settlement on that card or did that balance become this one?