GE Personal loan how much should I offer?

[Blueeyes123]

Hi

I have a personal loan with GE for my car its a new enough car and the interest is really good 6.5%.

I think my settlement will be around €9500
There is 2 years left, I have been paying €610 a month off it to get rid of it.

I will be getting my redundancy money soon and want to clear it but I dont want anything going against my credit rating.

What would you guys ask for ?

they said If I want a reduced settlement figure I have to fill out a statement of means, but I just want to get the money and pay stuff the same day... otherwise it'll be spent on stupid things.

Thanks in advance.

Blueeyes

 

[UFC]

I don't really understand what you are asking.

Are you saying you don't want to pay back the full €9500, and also don't want a bad credit rating?

EDIT: After reading your other posts, I believe I have correctly understood you. If you can afford to pay back the loans in full, you should pay them back in full. You are an adult now so you should try to be responsible.

 

[legallady]

I initially was confused also but after Reading the post a few times I figured it out.you borrowed the money and spent it.therefore you must pay it back.debt settlement is used in a very small number of cases when the debtor has absolutely no way of paying.this is not the case with you as you have rdundency money.I was unemployed for a number of months last year and got nothing from my employers only an office whip around which totalled about 200 euro.however,not once did I try to avoid my financial obligations.it just made me hungrier to find a job,which I did.use your money to pay your debts.use the dole to live on and hopefully you'll find a job soon

 

[calvin&hobbs]

you have been offered a settlement by GE which they work out on their system. im assuming that if it is for a car then it is not a personal loan but a HP or lease.
you are not under any obligation to settle early but you get a reduction if you do.
ring and ask for a settlement figure and haggle like crazy. when you get your redundancy you should have the settlement figure already in mind and be able to work with it around your redundancy package.

 

[Blueeyes123]

Hi,

Thank you everyone for responding, basically I am an adult, and yes I owe the money, & yes I spent it... but what you are forgetting is, that I spent the initial loan (€23500.00) on a car, GE tried to screw me over - at over 10% APR.

Until I realised and (thank god) spoke to a lovely guy in retentions 2 years ago who reduced the APR down to 6.5%. The original loan meant that I would have paid GE €6500 in interest over 5 years which is crazy.

So its the interest that I am looking to settle, not the amount I have borrowed.

I didnt even know settlement figures were done, until GE advised me (( & only for special cases, i.e. compul redundancy), I will not be in a position to finish paying this loan off, Im sorry if anyone thought that I am very rich or have a lot of money as I do not, and to be honest some people think Im cracked in the head paying all my redundancy of all our debts.

Original loan amount €23500, of this the total I have paid so far = €15627.07.

My settlement figure will be around €9400.

I will offer €9000, I feel that is fair, they still get over €1000 in paid interest and the original loan is paid in full.

I find it funny that some people think I am trying to pull a fast one, ok I got in over my head with loans, hmm who didn't - and now based on what the radio stations are saying there might be get out of jail cards for people who signed themselves way in over their heads ( with morgages .... ) I will have no money left from my redundancy, I wont apologise to anyone for getting it, if anyone read my previous posts, I have been through hell and back, and its the least that I deserved, but the bottom line is that my role was made redundant, hence so then was I.


I dont need any more advise of this, as I have decided what I am going to do.

Thanks to calvin&hobbs as I am following this advise.

Blueeyes.