AIB Finance & Leasing

Im wondering if anyone has any experience or advice on this please. My husband is a building contractor with a Ltd company.
They fell behind with their finance & leasing on a machine, but had always stayed in contact with AIB finance & leasing and had a cordial relationship, whereby they paid large chunks, eg €5k, of the debt everytime they finished a job.
So the total outstanding is now €11k, (original lease amount was €30k). AIB have written to us advising that the lease is now cancelled and to immediately return the machine or they will collect and dispose of it.
We understand that this is happening regularly at the moment, and that the banks are waiting until the debt is paid down until they can make a profit on the machine and then they look to cancel the lease.
What should we do here, we dont have €11k, but really need the machine. And know it is valued at approx €20k.
Should we offer part of the money as a final settlement? Look to get the lease reinstated? what we have paid so far would easily cover the principal on the debt, whats left is pure interest.
Hope this makes sense, and hope someone here has some advice.
Thanks.

Sharp practice by AIB indeed especially as you were in contact throughout. I would contact them immiediately & inform them that you are now in a position to make a final offer to resolve the situation. Make the offer in writing or get a face to face meeting with them. Do not put your highest offer on the table at first Leave a little room to increase it if needs be It has to be full & final settlement Time is of the essence here Contact is vital Good luck!