Will bank accept a low settlement figure?

[neworleans1]

Hi, I have a personal loan for a beauty salon with Bank of Ireland and owe them €42,000, I have sub-leased salon and am getting money off sub-letter which just covers rent and €50 to pay the Bank of ireland weekly (with the help of MABS they have reduced the weekly payment and frozen the interest to this amount). As i'm moving to the UK in the coming months and struggling to keep up payments (don't have job in uk yet) I don't want to start over with such a massive debt, the sub-letter has offered me €10,000 for salon and to be honest thats all its worth now, would I be silly to think the Bank of Ireland would accept this as a full and final settlement figure? I only work 3 days a week and get €240, €90 of that goes on childminding, it would take me years to pay off and ive considered bankruptcy in the uk also but dont want to go down that road, I have a debt management co calling to the house this week and i'm wondering if its a good idea or not? Does anyone have any advice/solution to this? thanks so much

 

[Crugers]

...with the help of MABS they have reduced the weekly payment and frozen the interest to this amount... I have a debt management co calling to the house this week

I would be more inclined to stick with/return to MABS...
They appear to have been of assistance so far and their services are free of charge.
Debt management companies will add to your expenses (they have to be paid!).
Anecdotally I've heard that some institutions will not deal with some debt management companies.
I've yet to hear of any institutions that refuse to deal with MABS.
Hope this is of some help.

 

[neworleans1]

Yes thats a good idea I think, thanks for advice, I will approach them again and see what they can do