REQUEST A CALLBACK
Please fill in your details to receive a call
In recent times, we have been approached by various individuals, businesses and professionals, all of whom have received letters from their primary lender essentially providing them with them with three options as follows:
(a) Pay now in full
(b) Re-finance and pay in full
(c) Failing the above, we will sell to a third party fund
Needless to say, this has caused grave concern for many, particularly as the time frames implemented, along with the options provided, are neither reasonable nor feasible. Recent discussions that we have been party to however have revealed that, as a direct result of Brexit and, indeed, the lingering sense of unknown and uncertainty as to how things will look/operate going forward, there has been complete failure in terms of attracting third party interest for loan purchase.
Previous loan sales have attracted the attention of monumental vulture funds such as Cerberus, Cabot, Loan Star etc. however it would appear that the appetite is non-existent this time round…for now anyway. This means that certain loan sales have been delayed for now which is neither what the Banks wanted, nor what they had planned for. Further communications with the relevant Bank’s have further demonstrated that the Banks are, once again, open to proposals of settlement where addressed forthwith. This welcomes a final opportunity and shot for those, previously threatened with loans sales, to engage with their subject Bank forthwith and to look to put matters to bed once and for all, seeking final settlement and resolution and thus avoiding further delay.
The experience to date with certain loan sales for many Borrowers has been a heightened sense of delay and thus frustration in dealing with matters. We would strongly encourage and, indeed, emphasis to anyone in this position, importance of seeking to deal with matters now rather than putting them on the long finger in which event, the same issues/debts could continue to surround and pressurise months, years even, down the line yet with continued, accruing interest and charges. Why wait – Engage now with a view to finding peace, freedom from the burden of pressuring debt and, indeed, a new beginning!
Call us now in order to discuss your options going forward and to start on the path to resolution