Early settlement figure on a loan

AngryDog

I am in default with a loan, and was in default at the time of requesting an early settlement figure for this loan (in default by about 2 years)

I had the option of paying this amount off at the time, but obviously couldn't afford to.

My confusion is that ever since, they've been chasing me for the amount including the interest. Can I dispute this amount? I have the letter with the figures on at the time, which I could send them a copy of.

It was basically 10% off the loan (interest).

Thanks

thechippy

That's still not making too much sense, can you elaborate a bit?

AngryDog

Sure .

I defaulted on my loan in 2010.
In 2012 I contacted the creditor to see how much it would cost me to pay it off.
They quoted me £xxxx which showed the total I would pay if I didnt settle early, and the total I would pay if I did (removing front loaded interest)
I didnt settle early and kept on making reduced payments.
All correspondence sent to me by the creditor has the full amount (including the front loaded interest).

I want to know if I can get the interest removed from what I owe, or if I am stuck with it, basically.

sourcrates

AngryDog wrote: »

Sure .

I defaulted on my loan in 2010.
In 2012 I contacted the creditor to see how much it would cost me to pay it off.
They quoted me £xxxx which showed the total I would pay if I didnt settle early, and the total I would pay if I did (removing front loaded interest)
I didnt settle early and kept on making reduced payments.
All correspondence sent to me by the creditor has the full amount (including the front loaded interest).

I want to know if I can get the interest removed from what I owe, or if I am stuck with it, basically.

Stuck with it would be my guess, unless debt gets sold on and the DCA that picks it up is willing to settle for less, which quiet often they do.

thechippy

Going from that, if you are after a reduced settlement figure / f&f, I would just treat it as simply as that. You're never technically stuck with anything, it's always open to negotiation.....;)

ViolaLass

AngryDog wrote: »

Sure .

I defaulted on my loan in 2010.
In 2012 I contacted the creditor to see how much it would cost me to pay it off.
They quoted me £xxxx which showed the total I would pay if I didnt settle early, and the total I would pay if I did (removing front loaded interest)
I didnt settle early and kept on making reduced payments.
All correspondence sent to me by the creditor has the full amount (including the front loaded interest).

I want to know if I can get the interest removed from what I owe, or if I am stuck with it, basically.

That figure is the total you would have to pay if you made all the payments as you should. If you pay it off early, they will probably make you a reduced offer again. The interest hasn't been front-loaded, they're just showing you what the full amount would be.

AngryDog

debt is with the original creditor, no CCA has been made available after the request.
DCA has been acting on behalf of the original creditor.

thechippy

So what's your aim. Do you want to use the failure to comply to get leverage on a reduced settlement?

I posted in your other cca thread........;)

AngryDog

yes . I want to get these from under my feet as while I have them they're a burden I do not need or want, and just want to wipe the slate clean and rebuild sensibly

thechippy

So who's the oc and dca?
It won't hurt to name them....;)

AngryDog

NRAM <-> Mackenzie Hall
NRAM <-> Marlin
HSBC <-> Marlin