Where can I find my settlement figure? - MotoNovo Finance (2024)

FAQs

Where can I find my settlement figure? - MotoNovo Finance? ›

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

You can use our MyMotoNovo portal to see your current settlement figure, make a payment or manage your agreement.

All you have to do is get in touch with your finance company and ask them for a “settlement figure”. By law your lender has to post a settlement figure to you within 12 days – usually it will arrive straight away via email or in the post. It must be a letter headed official document.

Write to the lender and ask them to tell you the total amount you must pay to clear the loan in full, this is called an 'early settlement figure'. The lender must tell you the amount you need to pay in full. How much interest you have to pay depends on how much of it you've paid already.

Settlement figures

online through our MyMotoNovo website portal or app. through bank transfer (further details can be found at the bottom of your settlement letter) over the phone by contacting us on 0333 200 0030.

Settlement figures

A settlement figure is the amount left to pay, including any interest. It's valid for 28 days and we won't add any interest during this time. If you decide not to pay off your loan early, we'll add the interest that would have applied during the 28 days to your loan.

Debt settlement typically has a negative impact on your credit score. The exact impact depends on factors like the current condition of your credit, the reporting practices of your creditors, the size of the debts being settled, and whether your other debts are in good standing.

The difference between this figure and your outstanding balance is the interest saved and is known as a rebate of interest. When you request a settlement figure you will also receive the information in writing. Receiving an early settlement figure in writing does not mean it must be paid; it is only for your records.

In a demand letter, you ask for a specific settlement from the insurance company. The demand letter starts the negotiation process. The insurance adjuster might agree to settle for the amount you want, but more often than not, they try to negotiate for a lower number.

How do I get an Alphera settlement figure? ›

To request an early settlement quote, please complete the online form or call us on 0370 5050 125. You'll need your finance agreement number and vehicle registration when you contact us.

An insurance adjuster will examine your car to determine how much it's worth. You can negotiate the car's value with the adjuster or hire an attorney to come to a settlement.

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.

You can see a quick estimate of how much you'd need to pay off your mortgage completely in Online Banking or our app. Log in to your mortgage account and select 'Get a mortgage settlement amount'. We'll ask you to choose a date, and then show you an estimate of what you'd need to pay off the mortgage on that day.

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.