November Settlements

Another month has flown by here at Rosemary Street and the Bell & Company team continue their excellent work. Despite us approaching Christmas and the festive holidays things aren’t slowing and we have excellent settlements already close to completion despite the month being a mere few days old. We look forward to reporting these settlements once they are confirmed.

The Corporate team continue to make progress with all lenders in both Northern Ireland and Republic of Ireland and assist business owners who are personally liable for debts often due to signing of Personal Guarantees pre-2008 Global Financial Crisis.

An example of a result achieved is outlined below:

Joint Loan Account          £50,000

Personal Guarantee        £43,097

TOTAL LIABILITY               £93,097

Settlement                         £   5,000

SAVINGS ACHIEVED        £88,097


The above settlement was achieved on a Full and Final basis. The couple can now concentrate on running their business debt free. A timely boost before Christmas.

As with the Corporate department, our Resolution team continue to work hard on Regulated Mortgage Debt cases particularly with those suffering from Negative Equity – which as we described in our last post is still prevalent. Bell & Company continue to work with lenders across Northern Ireland, Republic of Ireland and United Kingdom in achieving settlements. Please see the examples below:

  1. A lady approached Bell & Company under significant stress and pressure, her son who lived overseas had fallen seriously ill. Understandably she wanted to move close to her son to care for him. Unfortunately, our client felt trapped in her home due to Negative Equity and when approaching the sub-prime lender herself found them to be unforgiving to her situation. When appointed Bell & Company secured a consensual property sale which resulted in a c£57,000 shortfall. This was settled on a Full & Final Basis for £5,700. An excellent result given the trying circumstances.


  1. Following a property repossession our client was approached by a Debt Collection Agent acting on behalf of a leading UK Building Society. They demanded repayment of £66,000 which was the shortfall balance following the sale of the property in possession. Through protracted negotiations and evidencing the client’s dire situation a Full & Final Settlement was agreed at £4,000. A terrific saving of £62,000.

The team will continue to finish 2015 on a high and we look forward to assisting more borrowers in 2016.

Should you require Independent Insolvency Advice then please call Bell & Company today on 02895 217373 to arrange your free initial consultation.

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