Link Financial - Settling Account

Toad

Registered User
Messages
6
Hi All,

I have a question about settling accounts with Non Bank Entities (a term I have taken from mabs), our mortgage was in arrears for 9 years before being sold by EBS to Everday Finance (now Link Financial) the total amount on the loan(s) is 330k with arrears of 90k, we have been servicing the original mortgage amount of (1900) in full for approximately 3 years. We are paying 4.5% interest on the loans.

I have a good credit history, the mortgage isnt in my name but rather against my wife as she had the home and fell into arrears prior to us meeting. I have been approved for a Mortgage of 350k with Avant Money (@ 2.1%) and the house is worth approx 450k in the current climate.

Looking up Link Financial they have on their website "If you find yourself in a position where you have sufficient funds to propose a realistic final settlement figure (in the form of a lump sum), please let us know."

What my question is, do people know what a realistic final settlement figure is in the eyes of these NBE's if I went with the 350k mortgage as a final settlement (which is 83% of the outstanding amount including arrears), I am sure what they bought the loan for will be a determining factor. But just wondering has anybody any experience in these types of offers?

Thanks,

TOAD
 

surfinky

Registered User
Messages
33
What did Everday Finance (now Link Financial) pay EBS for the mortgage? That would be a fair offer.
 

cremeegg

Registered User
Messages
3,929
What Link paid or fairness have nothing to do with it.

If I understand correctly the amount outstanding is €420k.

€350K seems like an offer they might accept, and it would be a good deal for you.

I suggest you write to them indicating where you are getting the money. If they think you have more they might look for more, but a mortgage approval indicates 'this is the figure available'.

Let us know how you get on.
 
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