English ‘buy to let’ case settled within 5 months

By on October 12th, 2017

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A young man based in England approached our company regarding an unsustainable ‘buy to let’ property he owned.

After weighing up his options, he decided after much deliberation to surrender the property back to the lender. Thankfully the property sold quickly and left a shortfall of just over £30,000. This shortfall is deemed as a “manageable debt”, especially for someone who is quite young and in full-time employment. “Smaller” shortfalls such as these are notoriously difficult to settle, especially at a lower percentage. They will often take quite some time.

In this instance, however, our clients were in a position to offer £3,000 in full and final settlement, 10% of the debt. The lender was extremely cooperative, thanks to our strong professional relationship and the case settled within a few weeks. From surrender to the settlement, the turn around was just 5 months. Needless to say, our client was ecstatic!

“Smaller” shortfalls such as these are notoriously difficult to settle, especially at a lower percentage. They will often take quite some time. In this instance, however, our clients were in a position to offer £3,000 in full and final settlement, 10% of the debt. The lender was extremely cooperative, thanks to our strong professional relationship and the case settled within a few weeks. From surrender to the settlement, the turn around was just 5 months. Needless to say, our client was ecstatic!

From surrender to the settlement, the turn around was just 5 months. Needless to say, our client was ecstatic!

If you find yourself facing issues surrounding property debt, feel free to contact us.

Our team will endeavor to answer your queries within a few hours of receiving your inquiry.  If your query is of an urgent nature you can call our office directly on  02895 217 373 or speak to a member of our team via live chat. We offer a free consultation and full financial review.

 

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