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  • FIRST POST
    • jonjon123
    • By jonjon123 11th Mar 18, 3:52 PM
    • 44Posts
    • 1Thanks
    jonjon123
    Can you haggle settlement offers?
    • #1
    • 11th Mar 18, 3:52 PM
    Can you haggle settlement offers? 11th Mar 18 at 3:52 PM
    Hi all, I was thinking of borrowing some money (from a very good friend who has made me an offer) to try and settle of all my debts, paying them off early and therefore save a fortune by avoiding interest over the terms.

    I have got some settlement offer figures from my loan and car finance companies, but is this a case of ''that's the amount you must pay'' no arguments or can these figures be haggled and brought down?

    I've always wandered if you must pay this figure, or whether you can try and do a deal with them by making them a reduced offer?

    Does anybody know how finance companies view this and if it is at all possible, or do they not like it at all?

    Many thanks, will look forward to your views/replies
Page 1
    • StokieBecks
    • By StokieBecks 11th Mar 18, 6:04 PM
    • 4,526 Posts
    • 27,263 Thanks
    StokieBecks
    • #2
    • 11th Mar 18, 6:04 PM
    • #2
    • 11th Mar 18, 6:04 PM
    If you are currently up to date with all payments it is unlikely they will accept lower offers. The settlement offers with loan and finance company will be the full amount they expect yes . It's a bit different if you are behind on payments and they have defaulted the accounts
    • sourcrates
    • By sourcrates 11th Mar 18, 6:19 PM
    • 14,030 Posts
    • 13,286 Thanks
    sourcrates
    • #3
    • 11th Mar 18, 6:19 PM
    • #3
    • 11th Mar 18, 6:19 PM
    As above, you are contractually obliged to repay the full outstanding balance on all credit agreements.

    Some companies may wipe some interest off, like in the case of early settlement of a loan, in which case there is a specific formula they use to calculate your payment.

    The best discounts are reserved for old, defaulted debt, that has been sold on various times, I am guessing your not in that position.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • jonjon123
    • By jonjon123 11th Mar 18, 7:18 PM
    • 44 Posts
    • 1 Thanks
    jonjon123
    • #4
    • 11th Mar 18, 7:18 PM
    • #4
    • 11th Mar 18, 7:18 PM
    As above, you are contractually obliged to repay the full outstanding balance on all credit agreements.

    Some companies may wipe some interest off, like in the case of early settlement of a loan, in which case there is a specific formula they use to calculate your payment.

    The best discounts are reserved for old, defaulted debt, that has been sold on various times, I am guessing your not in that position.
    Originally posted by sourcrates
    No, not in that position.

    Everything is up to date currently, but debts are sucking up everything every month and i do mean everything.

    Going to work basically to pay debts and interest and thats it, no life at all after deductions.
    • John-K
    • By John-K 11th Mar 18, 7:21 PM
    • 654 Posts
    • 1,010 Thanks
    John-K
    • #5
    • 11th Mar 18, 7:21 PM
    • #5
    • 11th Mar 18, 7:21 PM
    Aside from the above issues, what will happen when you do to your friend what you are planning on doing to those who lent you money previously?

    I know that you think that you won!!!8217;t stiff your friend, but that!!!8217;s exactly what you thought when you borrowed previously, and yet here you are, about to try to pay less than what you owe.

    Does your friendship mean so little?

    Edited to add, you say that everything is up to date, but you were asking about your defaults a while back. Which version is the right one?

    Edited again, reading further, you are full of it. You were trying to walk away from all your debts only recently, and said that you had been making only token payments for years.

    I feel very sorry for your friend, for what you are about to do to him. You know that you do not honour your fpdebts, and now want to do him over too.
    Last edited by John-K; 11-03-2018 at 7:27 PM.
    • jonjon123
    • By jonjon123 11th Mar 18, 7:26 PM
    • 44 Posts
    • 1 Thanks
    jonjon123
    • #6
    • 11th Mar 18, 7:26 PM
    • #6
    • 11th Mar 18, 7:26 PM
    Aside from the above issues, what will happen when you do to your friend what you are planning on doing to those who lent you money previously?

    I know that you think that you won!!!8217;t stiff your friend, but that!!!8217;s exactly what you thought when you borrowed previously, and yet here you are, about to try to pay less than what you owe.

    Does your friendship mean so little?
    Originally posted by John-K
    Always one isn't there, but thats the way of the world i suppose.

    Who are you to question my friendship?

    Yes i am in debt, however i am up to date with them all and paying them all off currently, i just wandered if there are other options.

    If youre not going to help and just put stupid comments up, why dont u go and troll somewhere else.

    In answer to your other question, I wanted to know why I was being turned down for credit if you must know and I was told on the phone that I have 2 arrangement to pays which is what I thought was causing the rejections, but it isn't that because they are not on my credit files
    Last edited by jonjon123; 11-03-2018 at 7:28 PM.
    • jonjon123
    • By jonjon123 11th Mar 18, 9:02 PM
    • 44 Posts
    • 1 Thanks
    jonjon123
    • #7
    • 11th Mar 18, 9:02 PM
    • #7
    • 11th Mar 18, 9:02 PM
    Aside from the above issues, what will happen when you do to your friend what you are planning on doing to those who lent you money previously?

    I know that you think that you won!!!8217;t stiff your friend, but that!!!8217;s exactly what you thought when you borrowed previously, and yet here you are, about to try to pay less than what you owe.

    Does your friendship mean so little?

    Edited to add, you say that everything is up to date, but you were asking about your defaults a while back. Which version is the right one?

    Edited again, reading further, you are full of it. You were trying to walk away from all your debts only recently, and said that you had been making only token payments for years.

    I feel very sorry for your friend, for what you are about to do to him. You know that you do not honour your fpdebts, and now want to do him over too.
    Originally posted by John-K
    Do me a favour and go get your facts straight first.

    If you are just here to have a dig and try and find facts about people that are looking for help, then why dont you go stick your head in a corner, instead of just being unhelpful, useless and a waste of space.
    • sourcrates
    • By sourcrates 11th Mar 18, 9:06 PM
    • 14,030 Posts
    • 13,286 Thanks
    sourcrates
    • #8
    • 11th Mar 18, 9:06 PM
    • #8
    • 11th Mar 18, 9:06 PM
    Keep it nice people please.

    If you dont the thread will be closed and referred to the forum team.

    Thanks
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • jonjon123
    • By jonjon123 11th Mar 18, 9:09 PM
    • 44 Posts
    • 1 Thanks
    jonjon123
    • #9
    • 11th Mar 18, 9:09 PM
    • #9
    • 11th Mar 18, 9:09 PM
    Keep it nice people please.

    If you dont the thread will be closed and referred to the forum team.

    Thanks
    Originally posted by sourcrates
    Already reported to admin sourcrates.

    Don't need these sorts of people on my OP.

    Not worth giving them the time of day.
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