Response to Advice on making an offer

The amount of your offer will depend on your Lender's history to be honest. Some accept low amounts, such as 5-10% of the alleged shortfall, others won't accept anything less than half. Your change in circumstances is significant, and they may insist on a review of your finances in a few months before accepting a full and final settlement. School fees are considered non-essential and they will be disregarded in any disposable income calculation. You would not be able to justify being able to pay school fees and not the Lender I am afraid.A court would not be sympathetic to your plight either if this was presented to them. The Lender can get a money judgement order, and whilst they cannot physically force you to take your child out of private school, the bottom line is that their [alleged] debt has priority and you would probably not have enough money left to cover the fees. If you have been talking to your Lender since the repo, or if any contact has been made,they actually have twelve years from the date you were in default to chase you. The [alleged]debt is a specialty debt, and different rules can apply. Sorry to sound so gloomy, but unless you can get them to settle very quickly, you may have to rethink your strategy somewhat. I have assumed that you have disputed the amount claimed and that the true figure is much less - perhaps a low offer made after issuing a SARN might have a little more impact? Best of luck.

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