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Full and final settlements on secured loans


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I'm new to the CAG


I'm I am sorting out a similar situation where ocean money have passed a secured loan through to reliance property loans

and I want to offer them a lump sum to get rid of the loan.


Two questions


I'm wondering if the poster had any success with offering them a percentage ?


also more generally, whether that approach usually works ?



thanks in advance...

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Hi all,



I'm new to this, and trying to help out a friend who has a debt secured on her house. The settlement figure according to creditor is over 32k and includes early redemption charges - which is still more than the original loan despite the fact that she has paid them over £20k already.



My question is - do such companies ever accept full and final settlements for percentages given that they presumably have the option of forcing a house sale to get the full amount (there is equity in the property in this case)



If so, what sort of percentage wold be appropriate to offer ?



nb) she isn't in arrears as yet - it is simply that her husband has left recently and so she can longer pay and is very worried.



Any advice on how best to proceed would be appreciated.

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ideally you need to get every scrap of paperwork together


get an SAR off and get EVERY statement.


look for PPI/MPPI/MIF etc etc and any other insurances or life policies

that might have been mis-sold to her.


the bottom line is the only thing the WAS compulsory in MOST cases is building ins

if that already existed and was charged again, that too can be mis-sold.


also look for any PENALTY charges like for arrears/letter/phone/debt advise etc etc.


info gathering is the key thing.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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