Avantcredit

steveuk7979

quick question

last year i took a loan out with avantcredit, it was for £2000 over 5 years, i was due to pay back about £4000 with interest, i paid the first 5 months then due to a drop in hours i could no longer pay the monthly payment, anyway i buried my head in the sand and ignored them even with them keep adding on the monthly missed payment amount of £12 to account,

this year was almost a year to the day since i made last payment and hours have slightlu increased at work so tried to call them too arrange a payment plan to settle my account, was told at first that total amount owing was £3535, then they said we could offer settlement balance of £890, i said i wouldnt be able to pay that then they said how about if we offered u a settlement balance of £605, i said would i have to pay that straight away today

They said no, that they could set it up today and that as long as i paid the £605 in next 45 days that they would consider the account closed and i would owe no more to them and that i would save myself £2930 and that they would update credit file to show settled partially and closed

How can they do this when the total amount i will have paid will be about £1250 which is £750 short of original amount borrowed and doesnt count for any interest added

fatbelly

steveuk7979 wrote: »

quick question

last year i took a loan out with avantcredit, it was for £2000 over 5 years, i was due to pay back about £4000 with interest, i paid the first 5 months then due to a drop in hours i could no longer pay the monthly payment, anyway i buried my head in the sand and ignored them even with them keep adding on the monthly missed payment amount of £12 to account,

this year was almost a year to the day since i made last payment and hours have slightlu increased at work so tried to call them too arrange a payment plan to settle my account, was told at first that total amount owing was £3535, then they said we could offer settlement balance of £890, i said i wouldnt be able to pay that then they said how about if we offered u a settlement balance of £605, i said would i have to pay that straight away today

They said no, that they could set it up today and that as long as i paid the £605 in next 45 days that they would consider the account closed and i would owe no more to them and that i would save myself £2930 and that they would update credit file to show settled partially and closed

How can they do this when the total amount i will have paid will be about £1250 which is £750 short of original amount borrowed and doesnt count for any interest added

I've just alluded to this in another post. Avant have a debt with a headline figure of 3535, and you're not paying them.

They are now thinking of selling it to a third party. In my other thread I made a guess that they might get 15% for it, or about £525.

If you paid them £605, that's still a better deal for them.

However, a 17% full & final is very unusual unless there is something defective with the debt.

There hasn't been a 6-year period without payment, and I assume you signed an agreement. I can only think that Avant are in dire straits financially.

If you can afford it, get them to confirm the deal in writing, then pay it

fatbelly

Thought so...

Avant, Chicago's largest player in the burgeoning field of online consumer lending, has taken some tough medicine to recover from an industrywide crisis of confidence coupled with the company's underwhelming performance. But the cure seems to be taking longer than expected.

After laying off 30 percent of its staff last year and dramatically slowing lending, Avant posted a net operating loss of $176 million on $438 million in revenue. That was much greater than its $118 million loss in 2015.

CEO Al Goldstein allows in an interview that Avant will lose money again in 2017. He forecasts a profitable 2018, but a lot has to go right, including a bet that stricter lending standards will yield better results.