Hi,
We had a loan(car) with HSBC that ended about 5.5 years ago. It had a $5,000 ballon payment at the end, but we only paid $2,500 then could not pay the rest and I didn't hear anything else from them till today. Was hand delivered a letter from a law office saying we owed $3,500 due in 7 days or they will commence with court proceedings.
My question is will I have to pay the full $3,500 or might they take less? Do I have to pay it all at once within the 7 days . If they were to take this to court how long before that would happen?
Thanks..

I forgot to mention Im in Ontario...

If you could write them a check, they may well accept less and the worst thing that could happen is they say no to a offer you make.