Banks - Willing to take an offer on secured loans?

[NotGivingUp]

Hi all

 

My first time here - please be gentle with me.

 

I was made bankrupt over three years ago, and that is all now resolved.

 

Outstanding is a business loan, secured against my house. I had heard nothing from the bank for over three years, until recently.

 

I was told at a meeting three/four years ago that they were freezing interest on the loan, but their current chasing of the money DOES include ongoing interest over the last three years.

 

Anyway. I do not have a regular income. I would like to keep my house if possible. Someone I know MAY be able to provide some funds for me. However, those funds are limited.

 

The bank want a total of over £60,000 (made up of the amount which was outstanding [it had been a bigger loan, which was being paid until the bankruptcy], plus around £10,000 interest).

 

The person who may be able to provide me with funds would have to mortgage an asset. Naturally, I would prefer for them not to have to seek any amount higher than is necessary - not just for their sake but because ultimately I will have to pay it back (though not in the foreseeable future).

 

So. Although I recognise that the bank has a RIGHT to seek the full amount, I am under the impression that they would consider an offer of a lower amount, just to get it settled, and so they don't then have to evict me and take on the house and all its attendant issues in trying to get it sold.

 

Does anyone have any knowledge or experience of how low such an offer might be, and still be accepted?

 

Is it feasible that they might take an offer as low as, say, £10,000? Or would it have to be, say £30,000 even to be considered? How low might they go?

 

I am not trying to "get away" with something. But equally - and naturally - in the circumstances, it would be very helpful to my getting back on my feet (there are other issues involved) if I don't have to pay any more than the lowest amount the Bank might be willing to accept.

 

Anyone who can give me a "feel" for a figure to offer, which would be treated seriously, but not be more than absolutely necessary, would earn my grateful thanks.

 

NotGivingUp

[newstarter]

Hi there i have read your post and you could write to the lender with a figure in mind as in my view if you dont ask you dont get however i wouldnt hold my breath if i were you.In my view and i must stress this is just my view there is no way the lender will accept a full and final on a secured loan aginst your property,i suspect that the most likely outcome here would be that the lender would seek a possession order on the house.Your best option here may be to put forward a payment arrangement to the bank together with a down payment borrowed from the person you refer to in your original post,you would need to act soon as i suspect there may be repossession proceedings in the air.If the bank refuse to play ball here then you would have to defend at a repo hearing and monthly repayments set in court,i just cannot see them accepting a full and final on a secured loan,you can try and it may help if there is no equity in the house(im guessing there is non as the O.R would have made an order for sale) but you may well have to re-think your strategy here.