Settlement personal loan figure

[Leeview]

I took out a personal loan years ago and there hasn't been a payment on it since 2011. There's a balance of approx 10k and the bank did secure a judgement. I want to make an offer on this to settle, 3k to be paid immediately. Do you think this may work?

 

[Gerry Canning]

1. If they hold a judgment , they can go after present/future assets.
2. We need more info , eg are you working ,have you other assets , because if you have/are Bank will probably not accept k3.
3. In any event, it costs to lift a judgment if you want full closure .

Look @ it from their view :
If you have assets or prospects why should they (deal).
If you have nil assets and poor prospects , why shouldn,t they deal . (they will need proof).

Suggest review your own position and give us more info before approaching Bank.

 

[Palerider]

It will not be accepted but would be a good place to start a conversation that could lead to a deal, it is an old debt at this point after all.