Natwest full and final settlement

[connie]

I wrote to all my creditors asking for balances so i can send them to my IP.
they seem to be coming back slowly, i've only had 2 replies in 2 weeks.
anyway, today in the post i got a full and final settlement offer from natwest for the loan i have with them.
i was really surprised that my loan is £11,000 and they said in their letter they would take a settlement of £1600.
surely this can't be right? is there a catch?
i don't have the money anyway so as good as it sounds i couldn't do it. but as it seemed like a huge reduction i just wondered.
i'll have to chase my creditors next week (roles reversed for a change) to make sure they send the balances otherwise i'm never going to get the info together.[V]

[MelanieGiles]

That seems a very good deal Connie - and I suspect that there is a typing error in the numbers, but you might like to verify this with the bank!

As you say you don't have the money in any case, so this is rather academic.

[connie]

i thought that but my husband has a loan with them too and he got the same letter and to pay slightly less to settle his loan.
i wish i had the money if its correct.
but i just wondered if there was a catch somewhere.

[Adam Davies]

Hi
Sounds like a typo,mind you if he has a seperate loan and a similar letter it makes you wonder.How long have you both had the loan ?
Regards

[connie]

i've had mine about 2 year and my husband has his about 3 i think maybe longer.

[Adam Davies]

Hi
How long do they have to run ?

[connie]

mine was 10 year and my hubbys was about 7.

[Adam Davies]

Hi
Well definitely a typo,unless it's the amount to bring them upto date if you are in arrears ?
Regards