Welcome F&F OFFER

kenchov1

I am looking to clear a welcome finance secured loan on my property...

I have offered 20% they want 65%.. First stumbling block..

They are saying they are willing to look at it if I send in a Mortgage statement, income and expenditure and all other debts I have..

Should I send them this. They wont tell me why they want it

glentoran99

kenchov1 wrote: »

I am looking to clear a welcome finance secured loan on my property...

I have offered 20% they want 65%.. First stumbling block..

They are saying they are willing to look at it if I send in a Mortgage statement, income and expenditure and all other debts I have..

Should I send them this. They wont tell me why they want it

You don't have to send them it, but then they don't have to give you a discount, they want to see your finances to see what you can afford to pay them

kenchov1

No way am I sending them a mortage statement and also telling them what equity is in my property. They must be up to something with that?

sourcrates

Hi,
Offering 20% was a little bit cheeky, after all, they will have a charge on your property, and will now want to see exactly how much equity you have available in order to see if accepting some kind of offer from you would give a greater return than any other remedy open to them, should you cease to pay them.

You cant seriously expect them to just snap your hand off at 20% surely ?

You have appeared to start this "process of negotiation" with them, if you will not provide what they are asking for then you are at an impasse, someone has to budge.

kenchov1

Thanks for the reply....

What would you in your infinate wisdom suggest 99.99%? Would that sound ok?

Its called negotiation... I didnt say I was asking them to snap my hands off at 20% may aswell start at that figure than say 55% and they say yes.. Then I could have done myself out of pocket. Or have I got that back to front?

I asked a question to the community but you seem to want to just negate everything. Not the first time I have seen your smart answers.. If you cant have anything constructive to say., I would not say anything..

jellie

kenchov1 wrote: »

They must be up to something with that?

They want to make sure you can't afford to remortgage and pay them a bit more. 20% does seem very low on a secured loan.

kenchov1

Thanks Jellie, Wanted to test their metal. Lower I get it the better for me

I only owe 4k

sourcrates

kenchov1 wrote: »

I asked a question to the community but you seem to want to just negate everything. Not the first time I have seen your smart answers.. If you cant have anything constructive to say., I would not say anything..

Well i`m sorry you feel that way, it was not my intention to "negate" anything, i was simply saying, somewhat clumsily it seems, that the creditor wont accept any offers of less than 100% without seeing your mortgage statement, now i`ll !!!! off and stay quiet.

David301

They will have no reason to accept a low offer if you are up to date with payments.They will just lose themselves money that way.

I got into trouble with a nationwide credit card a while back and i owed a little over £3000, I couldn't meet the payments and they offered me to settle at £2200. I couldnt do that and in the end Ive got an agreement of £60 pm with no further interest on the outstanding so im perfectly happy to let that run its course.

If they think they will lose money they will negotiate, if they are holding all the aces they wont.

It sounds like you have equity at an amount which would make them think twice about giving any offer at all

blisteringblue

sourcrates wrote: »

Well i`m sorry you feel that way, it was not my intention to "negate" anything, i was simply saying, somewhat clumsily it seems, that the creditor wont accept any offers of less than 100% without seeing your mortgage statement, now i`ll !!!! off and stay quiet.

It wasn't even clumsy Sourcrates, not sure what the OP is upset about?

This isn't an unsecured loan? If you don't pay they have a claim on your house? What they are asking is for information to assess if it's worth them accepting a lower offer? How are they going to assess that without knowing the state of your finances and the equity in the property?

65% without any info isn't that bad an offer?

wendym

sourcrates wrote: »

Well i`m sorry you feel that way, it was not my intention to "negate" anything, i was simply saying, somewhat clumsily it seems, that the creditor wont accept any offers of less than 100% without seeing your mortgage statement, now i`ll !!!! off and stay quiet.

Not even faintly clumsy. I dip in and out of this forum, and you, sourcrates, are one of the contributors who are most generous with help and support.