This husband and wife had moved to Manchester from Northern Ireland and left behind 2 rental properties. Unable to find tenants the couple soon realised the monthly expenses of the properties where too high to maintain. Following a discussion with the Society it was decided to surrender the possession of the properties to the lender who in turn sold the properties.
The couple were left liable for a shortfall of £190,000 and the acting Solicitors liaised with Bell & Company to collect the debt. Firstly, as discussed initially with our clients Bell & Co achieved a settlement of £12,000 payable in one lump. Unfortunately, the client could not meet this brief and so we again renegotiated a payment plan over a three month period whilst keeping the settlement balance capped at £12,000.