Secured Loan Possession Order

[margaret.cross]

Hi, I am new to this forum and wondering whether anyone can help. We have a Secured Loan which is subject to a possession order which we are now in a position to repay in full. What do I need to get the bank to sign or acknowledge to say that they accept the payment as full and final settlement of this Judgment Order? Is there a particular form I should use. I don't want to pay them anything unless they acknowledge that this will settle the matter in full. Does anyone know of a proforma I can use.

 

Thanks,

 

Mags

[Rorschach]

Things don't work like that. If you want the possession order to be voided then you will need to apply to the court. But then why would you? Presumably you intention is to pay the arrears and then meet the instalment each month.

[Lea_HTH]

Possession Orders aren't 'voided'.

 

OP - if you repay the loan in full then there will be no charge for the secured loan on your property, therefore no possession order can be executed.

 

In order to get the loan company to accept your offer, you first need to make it to them and inform them that what you are offering is in full and final settlement. They do not have to accept it if it falls short of the amount they believe they are owed.