Can I haggle with this loan company?

[Littlefrenchmummy]

I apologise if this isn't in the right section, please feel free to redirect me if it is.

So here is my situation and I would really appreciate if someone could give me some advice please!

A few years ago I moved from France to London and took a loan out with Investec to finish my law studies.
£9.000 for the first year + £ 13,500 for the second year = £22,500.

I was very young and really wanted to get my diploma and didn't know/ pay attention to the interest at 10%.
Fast track to now and I am having to pay back approximately £32,000 at £700 a month.

I recently came into a bit of money and phoned them to see if I could get an early repayment and they said if I paid this month I would 'only' owe £27,000.

I can only afford to put in £25,500.

SO my question is the following: can I haggle with them? Is it something one can do? There would still be making money from me.

Also what if I said that I could declare myself bankrupt (I am not). In that case they would get nothing so it would be in their best interest right to accept my proposition?

Does anyone have any advice for me please?

Thank you

I don't think they would take your threat of bankruptcy very seriously when they know you have £25,500 available.

Write to them and offer them that amount as a full and final settlement and see what they say.

If you did declare yourself bankrupt they would get something - the trustee in bankruptcy would divvy up all your assets and distribute it amongst your creditors. I don't think threatening bankruptcy when you've just offered to pay them £25,500 is particularly useful.

I would ask for a settlement figure - it may be that the £25,500 isn't sufficient to pay off the outstanding sum, but if you did pay off a lump sum then your monthly repayments would fall significantly and you'd be able to pay off the outstanding amount more quickly too.

You could offer them something in full and final settlement but they have no obligation to consider it.

I'm guessing law studies and bankruptcy don't sit too well together.

Pay what you can now and pay the remainder as you can afford it.

What were the terms of this loan?

It seems unusual that your settlement figure is still £4,500 higher than the capital you originally borrowed, given you've been making repayments of £700 per month.

Have you had an extended period where you accrued interest on the amount borrowed but haven't had to make any repayments?