P.ie thread claims 60% debt reduction.....
Sister of a friend was offered a deal within the last week. Pay €2000 to clear off an approx €7000 outstanding.
And here’s the real bizarre bit. Loan was fully performing.
Of course she jumped at it.
I wonder if there is a black mark in her credit history as a result though? I’d be vary wary about these gift horse offers.
I take it that this is just on smallish fixed rate loans? Not on mortgages?
So why the desperate need for cash? Looks like the well has run dry.
Pinch of salt should be taken.
Don’t trust the poster. He\She generally says what suits them. There are an awful lot of eejits over on politics.ie
There were less after I left.
Know of one person who has had a car loan resold 3 times and now is getting offers of clearing it at 35% of nominal.
Evidently once a certain percentage of a car has been paid it is very difficult to get a repo order. So if you can’t afford a loan visit MABS and they will help you negotiate reduced payments with creditors.
Your debt then gets resold because the banks want the risk off the books.
Certain Finance operations are running down their Irish book and exiting fast, GE money is one such but in selective sectors.
Howver most operations are not exiting ( or selectively exiting) and will not make you an offer…you gotta default and black mark first and then you will get settlement terms off either them or the secondary purchaser of the debt,
Would it fair to conclude form this once you car finance amount has reached 1/3 of the total Hire Purchase price then the necessary repo order need is eith to costly to pursue?
Under the " Half Rule " you can hand a car back to the finance company and walk away clean , evidently some are prepared to 'aggle
I know the half rule would be ideal but only just reaching the third rule