Would this be accepted for full and final?

Charityworker

I owe £3634 on my loan which I pay £241.70 a month by DD. I've managed to save up £2384 by various means - doing people's nails (yes I am registered self employed), ebaying, asking for money instead of presents for birthdays etc. do you think they would accept it as full and final settlement or shall I just send them a cheque and carry on paying it off. Thanks.

ViolaLass

Is that the amount you currently owe or the amount you will have paid in total by the end?

Nice_Weather_For_Ducks

If you are in default and seriously in arrears they may consider it.

If you are just trying it on then not a hope in hell!!

Charityworker

I'm not in arrears. The amount is what currently owe.

Do I phone them and ask this first or do I write to them with a cheque? Thanks.

YorkshireBoy

Charityworker wrote: »

I'm not in arrears. The amount is what currently owe.

Do I phone them and ask this first or do I write to them with a cheque? Thanks.

You ask them for a settlement figure (you may have to stipulate a date [your cheque will take a few days to arrive/clear], so they know how much interest to add).


Then you send the money.


Your OP sounded like you were trying to settle for less than the actual amount required under your T&Cs. That's not the case is it?

ViolaLass

If you currently owe c£3700 and are offering £1300 less than that whilst being up to date on payments, they would be mad to accept. What's in it for them?

Charityworker

Ok thanks for your replies. Ill carry on as I am then.

YorkshireBoy

Charityworker wrote: »

Ok thanks for your replies. Ill carry on as I am then.

So it was the case then...you were trying to settle for less than you were contractually obliged to pay.


Just so you know, when people do this their credit history is damaged for up to 6 years. Food for thought?

Apples2

Were you trying to pay them back less than they lent you in the first place, let alone any profit?

Monkeyballs

Hi,

I'm afraid that folk have mentioned above, if you've kept up and never missed any payments then they there is nothing in it for them...

Although if it's someone say like Welcome Finance... Then it might be worth a shot? Who is the loan with? Have you tried contacting them to ask for a settlement as you might be able to save a few hundred in interest just by paying it off early?

MB

Charityworker

The loan is with fortis lease uk. It's one of those loans where the interest is all up front so I've already paid that. They sent me a letter when it was on £17000 saying I could have a full and final for £11,000. I couldn't raise the cash then.

For those of you having a dig - I'm not trying to get out of paying anything, I'm just asking a question. I've never had a loan before and I never intend to have one again. I've paid the correct amounts every month since it started. I'm not in arrears.