Santander loan settlement

gjs6385

Hi,

I have a personal loan with Santander. I went through a DMP but then came out and liaised with them directly.

They froze the interest on the loan, which was taken out for £8k. I pay £90.55 per month and the current balance is £1871.19.

I was thinking of writing to them and offering a full and final settlement of £750, which I will be able to pay by the end of the month.

I just wondered if anyone has any experience of them accepting offers, and if so whether there is any precedent in terms of the % of outstanding balance they may accept. I don't want to waste my time offering if they will just refuse it.

Thanks.

Spoonhead88

I've been trying to get Santander to accept a 50% payment as a full and final settlement. They acted like they didn't know what one was. When I final understood what I meant they told me they prefer just to keep receiving my monthly payment.

Good luck my friend, do everything by post its a waste of time speaking to them on the phone.

sourcrates

Full and final settlement offers only work well, when the debt has been passed around a bit, through various DCA's.

Original creditors show little interest in doing deals as there is no benefit to them.

gjs6385

I've written offering F&F of £750 on the o/s amount mentioned in my 1st post so will see what they say....I'm not holding out much hope but you never know...In the meantime I've stopped making my monthly payments whilst they are considering this offer.

owen_money

I would suggest you keep on making the monthly payments.