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Buachaill, Barrister
Category: Law
Satisfied Customers: 10527
Experience:  Barrister 17 years experience
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Is it possible to negotiate the amount secured on a equitable

Resolved Question:

Is it possible to negotiate the amount secured on a equitable charge made by an interim order, if wanted to pay in full?
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. Hello, can you better explain the circumstances. Is there an action still ongoing? What does the charge relate to? Who holds the equitable charge?
Customer: replied 1 year ago.
It was made on 2009 for non-payment of a personal loan. Once the charge was made, there is no ongoing action on it. Barclays holds the equitable charge.
Expert:  Buachaill replied 1 year ago.
2. You will be able to negotiate the amount your repay Barclays. However, be aware at the outset that the beginning negotiating position of Barclays will be full repayment. Banks do not like write offs, so you must show there is a good reason for reduction. However, be aware that the price of a reduction will be that Barclays will never offer you banking facilities again. Bankers will not tolerate customers who give rise to any form of write off. However, as with all financial institutions, Barclays will negotiate a settlement amount particularly given the lapse of time since 2009, which makes their debt harder to recover. The possibility of payment today is worth something to them so they will give a reduction if you negotiate.
Expert:  Buachaill replied 1 year ago.
3. Please Rate the answer as unless you Rate the answer your Expert will receive no payment for answering your Question.
Customer: replied 1 year ago.
You have mentioned it is harder to recover for Barclays. But they have secured it by an equitable charge on my property. Is it still negotiable? Please advise me. thank you
Expert:  Buachaill replied 1 year ago.
4. The amount of the debt is still negotiable even if there is an equitable charge securing the debt on a property. A bank, like Barclays, will always negotiate for immediate payment. If you are not keen to negotiate with them yourself, I suggest you get a debt negotiate such as an Insolvency Practitioner to do the negotiations on your behalf. They will have more experience and will have a better idea where the bank will negotiate with you.
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