Settlement amount on a 9k loan

Anonmagee

Hi so about 4-5 years ago I took out with Barclays a £10k loan over 5years repaying at £210 pm.

I became unemployed and spoke to Barclays who combined my overdraft and loan into a resolve loan, repaying what totalled £11k at £108 pm with I think little to no interest.

I soon got a job, then a better job etc etc I informed Barclays of this and the lady on the phone said it was probably best not to disclose this. I was rather surprised as I assumed all the calls were recorded and she would end up in trouble.

Anyway, whenever I log into my Barclays account online, It shows the current balance on my resolve loan and I have the option to click it and arrange a settlement balance.

The loan doesn't appear on my experian credit file so I see benefit to paying it monthly.

So in short my question:

The loan currently stands at £9200.
If I offer to settle the account in a single lump payment, what should I expect them to ask for?
I figure about the £8000 mark but I'm just plucking numbers out of the air.
:money:

[Deleted User]

I'm not sure why they would accept less than the settlement amount. Have you asked them for this?

Anonmagee

They haven't given me a settlement amount yet.
I'm simply asking on here before I call them to find out.
I'd like to know other peoples experiences, perhaps it's negotiable and I can talk them lower than they offer.. No idea :-)

Alternatively perhaps I should bite their hand off in case settlement offers are rare.

somethingcorporate

You can make an offer and they can reject it.

CLAPTON

Anonmagee wrote: »

Hi so about 4-5 years ago I took out with Barclays a £10k loan over 5years repaying at £210 pm.

I became unemployed and spoke to Barclays who combined my overdraft and loan into a resolve loan, repaying what totalled £11k at £108 pm with I think little to no interest.

I soon got a job, then a better job etc etc I informed Barclays of this and the lady on the phone said it was probably best not to disclose this. I was rather surprised as I assumed all the calls were recorded and she would end up in trouble.

Anyway, whenever I log into my Barclays account online, It shows the current balance on my resolve loan and I have the option to click it and arrange a settlement balance.

The loan doesn't appear on my experian credit file so I see benefit to paying it monthly.

So in short my question:

The loan currently stands at £9200.
If I offer to settle the account in a single lump payment, what should I expect them to ask for?
I figure about the £8000 mark but I'm just plucking numbers out of the air.
:money:

depends whether the 9200 is the capital outstanding or whether it is the total cost of loan i.e. includes the interest to normal loan repayment

thebritishbloke

CLAPTON wrote: »

depends whether the 9200 is the capital outstanding or whether it is the total cost of loan i.e. includes the interest to normal loan repayment

I'd presume it's the former, since the interest on loans are calculated daily and overpayments can almost always be made.

CLAPTON

thebritishbloke wrote: »

I'd presume it's the former, since the interest on loans are calculated daily and overpayments can almost always be made.

no point in 'assuming'
it's either correct or incorrect

downhillfast

I very much doubt the settlement figure will be negotiable. Maybe if it had been referred to a collections agency and you had missed payments since the arrangement was put in place... they may be getting it all back slowly... but they are getting it back.
My OH was in a DMP and because of reasonable and regular payments wasn't able to budge 2 collections agencies on a settlement when her PPI claim came through... needless to say they are still being drip fed it back (albeit still interest free!) - debt free in Feb though which will be nice!