How is my settlement figure calculated? - MotoNovo Finance (2024)

FAQs

How are loan settlement figures calculated? ›

Once the settlement date has been decided, we calculate your settlement figure by taking the current capital element of the balance outstanding, adding the interest due up to the agreed settlement date, plus one month's additional interest (as outlined above).

To request a settlement figure, log into MyMotoNovo. To log in, all you need is your agreement number and personal details.

Understanding your settlement figure

Your balance might be lower than your settlement figure because of a Direct Debit payment you've made. A Direct Debit could still go out after you get a settlement figure and before you pay off your loan. This will reduce the amount you owe and make your balance lower.

How do I get a settlement figure on my car finance agreement? All you have to do is get in touch with your finance company and ask them for a “settlement figure”.

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To determine a potential settlement value, they first combine the total of medical expenses to date, projected future medical expenses, lost wages to date and projected future lost income. The resulting sum is then multiplied by the pain and suffering multiplier value to produce a projected settlement amount.

For this reason, it is typically wise to demand about 20%–25% more than what your car is worth. Additionally, to successfully negotiate with an insurance company, you should have a desired settlement amount in mind before starting negotiations — plus a minimum settlement figure that you will not go below.

Paying the settlement figure to clear your finance is cheaper than continuing with your repayments. You want to own the car outright. When you finance a car through hire purchase or PCP, you won't own the car until you make all your payments, so paying it off early means you own it sooner.

The settlement figure is the amount you owe on your car finance, but might also include extra charges for things like admin as well as early settlement fees. This settlement fee is usually valid for 28 days, and any extra payments you make in the meantime will affect this figure.

It comes down to math. Very roughly, if you think that you have a 50% chance of winning at trial, and that a jury is likely to award you something in the vicinity of $100,000, you might want to try to settle the case for about $50,000.

Can you negotiate a loan settlement figure? ›

Negotiating the final sum of money you owe a creditor can be one of the biggest reliefs. But, it can also be a tricky negotiation, as the lender will typically have to agree to write off some of your debt. Take a look at the amount and figure out how much you can afford to repay.

To calculate a personal loan settlement, assess the outstanding balance, including interest and fees. Propose a reasonable settlement amount, often a percentage of the total owed. Negotiate terms with the lender, considering your financial circ*mstances.

Conclusion. Car accident settlement calculators are not accurate because you can't rely on their results. Most calculators fail to gather enough information to adequately determine the amount of your individual claim. However, they can still be useful for providing general estimates.

Debt settlement, when you pay a creditor less than you owe to close out a debt, will hurt your credit scores, but it's better than ignoring unpaid debt. It's worth exploring alternatives before seeking debt settlement.

To get a dollar figure that might represent the value of the general damages, an insurance adjuster will add up all the "special" medical damages (remember those are your quantifiable losses) and multiply that total by a number between 1.5 and 5 (that's the multiplier).

We calculate your settlement figure by following the Consumer Credit (Early Settlement) Regulations 2004. This means, we calculate your final figure by working out how much is left to pay on your finance agreement, minus the remaining amount of interest.

A payout figure is your final closing balance, which includes any outstanding interest and remaining fees. Early repayment fees may apply on fixed rate personal loan accounts.