can i settle for exactly half or does it have to be more som

Hi nazrul, I think it depends upon the particular lender. They may or may not agree with your terms. There isn't any set rule that suggest that the lender has to settle the account at 50%. However, you should try to settle for an amount that you're comfortable in paying-off.

Depending upon your financial situation, if paying $1000 more can eliminate the account from your report, you should consider doing so.

Hi Nazrul. You said this was for an auto loan, did the bank also take back the car and auction it? If they did what was the sale of the car v/s the amount you owed them. I was under the impression when the loan is actually secured they take the car sale it and you're left owing the balance which that is what I would think you'd be negotating on the amount left after they sold the vehicle. I'm really not sure about this I'm sure others will be along who know more but that's the way I always understood car loans to be.

Hope this helps,
Johnita

I assume the car was a repo and sold and that the $27000 the deficiency balance. If so a settlement if $14,500 isn`t bad considering they could just sue you and garnish your wages which they will likely do for that kind of money.