We are coming into a large amount of money and plan to settle some debts.?

Question

We have requested a settlement figure off one company and they seem to be reluctant to supply this.

Would they rather we did not pay in full for some reason and are they obliged to supply a settlement figure.

Answer 1

Also, as a matter of negotiation... negotiators are taught never to give their "number" first because it gives the other side the upper hand.

Obviously they want the whole amount (let's say $100). If they say $75 and you were willing all along to pay with $80 then they've screwed themselves out of $5. Now imagine this situation with large amounts of money.

Since you owe them money you should be the one to give them an amount. Make it a fair offer, because you do have a moral obligation to pay off the money that you borrowed.

Answer 2

They can be reluctant to provide settlement figures as they're losing out on future interest.

However by law they have to provide settlement figures. See the website below, which states that s97 Consumer Credit Act states they MUST provide you with a settlement figure.  There may be a penalty for early settlement.  

If they won't give you a figure over the phone, request it in writing as they must respond to this.

http://www.desktoplawyer.co.uk/dt/browse...

Answer 3

Creditors are not required in any way shape or form to offer a settlement.

You are required to pay what you owe according to the terms of the contracts and other documents that you signed.

Answer 4

It's possible, though not likely, that there could be an early settlement penalty. Your best bet is to directly ask the company for clarification in writing (e.g. to resend their Ts&Cs) then go down to the Citizens Advice Bureau to find out where you stand.