A couple from Co Down with a marriage breakdown sought help from our specialists after their divorce as they agreed it was beneficial to sell the property they owned together which forced them into Negative Equity.
The mortgage on the property was for £204,000.
We achieved agreement from the lender to a consensual shortfall sale. The property sold for £70,000
The couple received a letter from a debt collection agent for payment of the shortfall of £138,000. Obviously this was not an option for the client.
Effective negotiation with the agent saw the shortfall of £138,000 settled on a full and final basis for £9,000 by our team.
The couple were delighted that they could finally go their separate ways and move on with their lives after the emotional strain of being tied together by a property with large debt owing.
– Shortfall: £138,000- Settlement: £9,000