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Mortgage debt settlement at 4%
An older gentleman had come to us with a second property that had fallen into disrepair. He had an interest only mortgage where the term had come to an end. Our client was being pursued full repayment of the facility as per his terms and conditions, however, given his age and a slowdown in his agriculture business, he was not in a position to meet the repayment terms.
In this case, the lending institution was extremely sympathetic to our client’s circumstances. He did not have the capability to offer a lump sum payment initially, so he entered into a payment plan of a small amount each month. He continued these payments for almost a year, before being offered a case review from the lender. At this stage, our client had gathered enough funds to offer as a full and final settlement.
Due to the cooperation with the lender, along with our team’s continuing strong relationship with the bank and negotiations, a full and final settlement was reached at 4% of the outstanding debt.
This saving enabled our client to get his life back and live the rest of his life with peace of mind his debt wouldn’t be a burden.
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