Bank of Scotland settlement offer

G

geriatric

Registered User
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57
Hi all.

I've got 56k left on a mortgage with Bank of Scotland. Will they consider an offer of settlement below this amount. If so, how much should I offer?

Thanks
 
Have you left out a zero or is the amt you are looking to negotiate a settlement on actually 56k?
 
We contacted them a while ago saying we would be coming into a lumpsum shortly & would they consider reducing what we owe on a loan of €120,000. They rang back (nothing in writing although we had written to them) - wouldn't speak to me just the husband (although my name on it also) & wanted to know how much the lumpsum was going to be - we wouldn't tell them - & wouldn't consider any reduction on the interest only loan we have. We got the usual rubbish about how it would be in our own interests to pay off the loan etc. So no joy. I'd be very interested to see if you have better luck than us, so keep us posted if you can.
 
Hi,

I would also be interested to know how you get on.

I owe BOSI €106k on my mortgage with 13 years left.

I rang them a few weeks back asking would they consider reducing if I was considering paying them off. They told me to submit my offer in writing and it would be considered.

I have a tracker at 0.55% above the ECB rate.

Would 75K be a realistic offer or would I be chancing my arm a bit too much?
 
ANORAKPHOBIA said:
If you can afford it,why don't you pay what you owe.
Click to expand...

Because these are tracker mortgages and the discounted value of the mortgage when you allow for the lower tracker rate is much less than the nominal amount outstanding.

If it was a standard variable rate, there would be no basis in looking for a discount. I don't think that BoSI did SVR mortgages. Even then, it might be in their interest to give a discount as they want to wind down their loan book as quickly as possible.

Brendan
 
Bank of Scotland settlement

Hi

I made the offer of 40k in writing to B of S via Certus and this was rejected. The reply letter did say that if I wished to discuss this response to contact Certus. I phoned Certus and their response was that B of S are not offering any reduction in the redemption amount outstanding in mortgages at present.

What do ye think, should I put in another offer, if so, how much? Love to know if anybody made successful offers in the past?

Thanks
 
Is it that anybody who have settled with BofS have signed confidentiality agreements to gaurantee non-disclosure of the details of their settlement?
 
The only people I have heard of who have come to agreements with Bank of Scotland / Certus are those with non-performing loans. If Certus was satisfied that the person has no realistic means to repay the loan at the agreed terms, they will do a deal. I'm not aware that Certus are agreeing deals with people who can afford to repay at the original terms. But this is all anecdotal.
 
To be honest, if your loan is performing I can't see them taking anything less than what you owe them.

I owe approx €65k and asked my mortgage advisor at my local branch about getting a reduction if I was to pay off my mortgage (its also a tracker), and was basically told not to bother wasting my time, as it was too small, I was paying every week and had never missed a payment.

In your case I think offering 40 v 56 was way too low. If you had offered maybe 50 you might have got taken slightly seriously.
 
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