Can i get settlemnt figure reduced

D257

Hi I have a secured loan that i have defaulted on Ive been hammered on default payments and interest Ive request a settlement figure I cannot pay the full amount it is over 14,000 but i can pay 12,200 How do i go about offering the company this amount and getting them to agree The company is Black horse Do i stand a chance of getting them to agree

Edi81

You could try offering a full and final settlement.

dealer_wins

The fact that its a secured loan greatly reduces your bargaining power!

(And the fact you have defaulted and incurred the fees and charges)

D257

Hi Do i just simply tell them by telephone that i dont have the full amount and offer them all i can afford you mean I suppose it could be that simple

Gaz83

It would be far better to put it in writing. Explain your circumstances and that you have £12,200 to offer as a full and final settlement and are prepared to make payment immediately following acceptance.

Whether they accept or not is down to them, but if you have played ball with them despite defaulting (i.e. kept them informed of your circumstances and attempted to make payments as much as possible) then they are more likely to accept than if you just tried to ignore it.

Thrugelmir

D257 wrote: »

Hi Do i just simply tell them by telephone that i dont have the full amount and offer them all i can afford you mean I suppose it could be that simple

The loan is secured. So they have the equity in your property to repay the debt. They are under no obligation to settle for a reduced amount.

D257

Just to give a bigger picture of the situation I am a co signer of the loan I have a joint mortgage but have separated with my partner I can carry on paying the mortgage but because of the secured loans cannot have my partner taken off or reduce his share of the deeds to 1% There is another secured loan in just my partners name i will also have to pay If i cannot clear these loans i have no choice but to sell my home

Gaz83

D257 wrote: »

Just to give a bigger picture of the situation I am a co signer of the loan I have a joint mortgage but have separated with my partner I can carry on paying the mortgage but because of the secured loans cannot have my partner taken off or reduce his share of the deeds to 1% There is another secured loan in just my partners name i will also have to pay If i cannot clear these loans i have no choice but to sell my home

Those are the potential consequences of defaulting on secured loans.

Have you actually spoken to someone at the loan company? Which company is it?

D257

There is not enough equity in the property to pay both secured loans They will probably stand to get half of what im offering Im assuming they will take this into consideration

Gaz83

D257 wrote: »

There is not enough equity in the property to pay both secured loans They will probably stand to get half of what im offering Im assuming they will take this into consideration

Okay, so, again, have you tried speaking to them?

D257

Ive not spoken to them yet Ive ignored the loans for about a year I was in july 13 told Black horse had sold my loan to marlin europe 11 But after a few days of phone calls its turned out the loan was returned to Black horse They have only given me the settlement figure today Im upset to say the loan from 2005 was for 13,500 and all and full payments were made for 3 years It was only when my partner was made redundant that we failed to make payments the settlement figure is now £14,800 In 2010 we were advised to go bankrupt and since 2010 very few and only small payments have been made and none in about 2 years since our separation Im only now in a position to pay and would like to wipe these debts to stop my unscrupulous partner trying to take half my house in years to come But unless im able to clear them for less i will not be able or willing to keep the house