Loan Sold to Cerberus? Act Now!
In a recent blog we discussed the sale of Ulster Bank loan books to Cerberus. Since then things have moved a pace and at Bell & Company we are pleased to report we have had constructive meetings and discussions with Cerberus thus far.
Cerberus are now starting to initiate contact with borrowers whose loans have are in their book and are looking to arrange meetings with Advisors and their client. Although working through these gradually their turnaround time in negotiations seems most efficient and without doubt more efficient than Ulster Bank previously.
Capita make a decision on initial submissions and they make it relatively clear from the outset and give the following options:
- Write a cheque for full amount or,
- Submit a proposal within 28 days, or
- Debt Enforcement/Recovery
Capita has a number of ex Ulster Bank employees who then report to Cerberus, we have an excellent relationship with staff here.
To date Cerberus have been open in their approach and Bell & Company have found we can talk to them quite openly. They are keen to come to settlements and believe it is in the best interest to do this on behalf of the borrower and their stakeholders. They seek fresh settlement offers, and any previous settlements put forward to the Bank should be used for reference only.
Cerberus too seem to wish to avoid any acrimonious proceedings and therefore clients who had issues with the Bank in the past can look to move past these and drive negotiations.
Although many have expressed concern about their loans being sold there is an excellent opportunity to be had to negotiate a reduced Full & Final Settlement or re-finance elsewhere. We have noticed some advisors telling their clients to be aware of these “vulture” funds, but in Bell & Company’s experience to date providing you enter amicable dialogue and understand the protocol’s Cerberus work within then meaningful results can be achieved.
If you have been contacted by Cerberus or Capita, or expect to be contacted in the near future then call Bell & Company today on +44 (0) 2890 517047 to arrange a free initial consultation to discuss your circumstances. We look forward to working with you.
As ever being proactive and appointing people you can work with and who understand and know the processes involved, “warts and “, is vital …. So call us today.
Terry Bell – Director