Full and Final Settlement

[RoadtoPerdition]

Good morning ....I have been involved in a debt negotiation deal with a bank. I entered into an agreement and sold two properties (BTL), I am paying a loan down monthly for a pre-agreed portion of the debt and the remainder once this loan is paid is due to be written off.

As there was a confidentiality agreement in place, I would prefer not to get into specifics...

I am in a position now where I can through a small inheritance from a death in my family .. pay off the loan and exit this deal sooner. I will have about 5 thousand left over after its paid.
I want to move on with my life and I feel like I cant breathe with this hanging over me.
Does full and final settlement really mean full and final settlement ? I have heard from a friend that a different bank has offered her "full and final " but require yearly statement of affairs for a further few years ? Will they try to take my five thousand ?

Any advice welcome, I apologise in advance for not giving fuller details but I am scared to divulge too much

Thanks

 

[noproblem]

You could always go to the bank and tell then a relative is giving you a few bob while they're still alive, the present/gift, or whatever, might be the same amount as you owe or be very close to it. I hope i'm not breaking any rules in proposing that?

 

[Brendan Burgess]

I entered into an agreement and sold two properties (BTL),

Is the agreement in writing?

Does it say that when the agreed balance of €x is cleared, the remainder will be written off?

Is there any caveat to this?

If it's absolutely clear, then tell them that you would like to pay the amount due now if they would quote you a figure for early settlement.

Brendan