Settling a £30k debt with Sainsbury's

Nc016163

Hello,

I have searched around but cannot find the exact advice I am looking for.

I have a loan for 25k from Sainsburys, unfortunately soon after taking out the loan, I lost my job and have never found a role that has been permanent, or paid above minimum wage since. As a result I have been paying a reduced amount every month for about a year. This means I have defaulted on the loan and the amount I owe is now closer to 30k.

A family member has offered to settle the debt for me, but when they found out the large amount, they said they would only be able to offer something like 10k.

My questions are has anyone done a "Full and final" settlement with Sainsbury's for 30% of an outstanding balance?

Are they likely to say OK we will take the 10k but you still need to pay x amount a month? as the family member will not give me the money on that basis, they want to help me move on.

There is still no job on the horizon for me. I have been offered an unpaid internship in a different country within the EU which I am going to take, but I want to square this away before I leave

Any help/advice would be much appreciated

Kind regards

Marktheshark

Do you own property ?
If not, no job, 30k Debt makes you a candidate for voluntary bankruptcy.

Pixie5740

I honestly don't know if Sainsburys would accept a 30% full and final settlement. Have you spoken to one of the debt charities about your situation (Step Change, CAP, PayPlan)? I wouldn't be so quick to offering up this £10k just yet.

dealer_wins

Cant you sell what you spent their £25K on?

Not a cat in hell's chance on them settling for 30%

im-lost

dealer_wins wrote: »

Cant you sell what you spent their £25K on?

Not a cat in hell's chance on them settling for 30%

Coming in here with your good suggestions, we don't need your type around these parts

DCFC79

Who knows OP, its a large amount for them to write off. Can write to them or call and ask them, just don't be surprised if they say no.

weatherlobe

Don't understand post 4 as I believe you are not always rigorously questioned as to the purpose of a loan when it is applied for (and in any event you could probably put anything down) therefore if it went on debt consolidation or general living expenses, no tangible assets would be available to sell!

suicidebob

weatherlobe wrote: »

Don't understand post 4

It was just a fairly regular question, and it wasn't that hard to understand.

just.me_3

I would suggest taking the 10k and instead of offering Sainsburys a final settlement, continue making payments at an agreed rate from the 10K you have which should cover you for some time until you find employment that pays what you need?

It's highly unlikely they'd accept 30% in F&F unless the debt is really really old

micky2phones

Nc016163 wrote: »

Hello,

I have searched around but cannot find the exact advice I am looking for.

I have a loan for 25k from Sainsburys, unfortunately soon after taking out the loan, I lost my job and have never found a role that has been permanent, or paid above minimum wage since. As a result I have been paying a reduced amount every month for about a year. This means I have defaulted on the loan and the amount I owe is now closer to 30k.

A family member has offered to settle the debt for me, but when they found out the large amount, they said they would only be able to offer something like 10k.

My questions are has anyone done a "Full and final" settlement with Sainsbury's for 30% of an outstanding balance?

Are they likely to say OK we will take the 10k but you still need to pay x amount a month? as the family member will not give me the money on that basis, they want to help me move on.

There is still no job on the horizon for me. I have been offered an unpaid internship in a different country within the EU which I am going to take, but I want to square this away before I leave

Any help/advice would be much appreciated

Kind regards

Hi, my thinking is if Sainsbury's don't get paid they then passed the debt on, then maybe the new people may offer you a full and final settlement

DevCoder

25K loan is borderline where it would be secured, I assume this loan is not a secured loan?