The case in question was ongoing for several years. Our clients, a family of five, owed in the region of £70,000. The family had fallen on hard times with the breadwinner being made redundant and they were struggling to make payments. Bell & Company entered negotiations with the lender on behalf of the family.
The security value was £35,000 which left a crystallised shortfall of £33,000 after the property was sold. We proposed a settlement of £5,000 which, after protracted negotiations on the part of our strategists and with the cooperation of the lender, was accepted.
This resulted in an overall savings of £28,000 which was a huge achievement as smaller shortfalls are often more difficult to settle because they may be deemed manageable debts, however, this was far from the case in this instance.
If you are having difficulties and need specialist advice Call Bell & Company today on +44 (0) 2895 217 373.