Business Loan Settlement?

[LaRouge]

I need help and advice to sort out a loan for a business that I owe. The outstanding amount is 180K, the initial loan was for 240K.

The business has been sold, but due to other debts, there is not a lot of money left to pay the outstanding loan off in full.

Is it possible to offer a smaller amount as a full and final settlement? The account is now in collections.

Thank you in advance.

[wales01man]

Re: Business Loan Settlement?

Make them an offer they can say yes or no bit hard for anyone on here to say what they will accept not knowing who debt is with or whether it was secured or not.

[LaRouge]

Re: Business Loan Settlement?

It is with RBS and was unsecured.

[labman]

Re: Business Loan Settlement?

Yes, you can offer what you want. As Wales says, it is hard to determine, especially at a relatively early stage, how much they would accept. Start low - you can always go up! When it gets to final stages, try to get the payment made by a third party, and get it in writing that the outstanding balance is going to be written off completely, with the balance outstanding reduced to zero (get a copy), so it cannot be sold on to a debt purchaser to pursue you further down the line. :beagle:

[LaRouge]

Re: Business Loan Settlement?

Thank you I will give it a go, need this out of my life.

Has anyone ever had a successful FF settlement with a business loan?

[labman]

Re: Business Loan Settlement?

I imagine lots of people have. If it's a case of take a lower settlement or get nothing, or tiny amounts in payments for the next 15 years, it may be an appealing option for them.

[Jackien]

Re: Business Loan Settlement?

If the business loan is secured then then I understand that t needs to be repaid but I have asked the bank for a copy of my loan agreement to see how much I owe after 9 years of 15 loan and they do not have the original agreement. My copy has also been lost, I do not agree the amount they are saying but how to we agree without the original documentation. Help!! Please ?