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As will know, there has been a multitude of bank loan sales of late to a variety of recovery companies and vulture funds. This includes Ulster Banks loan sales to Cerberus and Cabot for example amongst many others (further batch of letters issued end of May to notify of yet another pending loan sale)
When a borrower initially receives correspondence to notify them of a pending sale, they are usually provided with several options in order to prevent the sale however most involve full repayment which is simply not feasible for the majority to receive written indication of such a loan sale can be distressing for any person or business, particularly where they have been banking w the same institution for many years
many of these funds or companies can be commercial and will make pragmatic decisions so long as the correct approach, attitude and presentation is adopted, for example we have recently engaged in a negotiation resulting in settlement at in and around 1% which was a phenomenal outcome for our client.
It is essential that a proactive approach is adopted to avail of this opportunity.
In the event that an individual/business does not engage or communicate and instead, chooses to ignore the matter, it is highly likely that the fund will become aggressive and choose to litigate.
You will have seen it publicised in the media of late that mass actions are being taken by certain vulture funds resulting in a multitude of borrowers receiving a summons and inevitably, in due course, judgment will be sought. This can be avoided by being forthcoming with regards communication, submissions and proposals.
We at bell & co have first-hand experience of the opposite response from these funds as we have witnessed directly how making the correct approach can result most favorably for the borrower in terms of settlement and savings.
If you or someone you know have received an indication that you loans will be entered into a loan sale, we would urge you to be proactive in taking advice and seeking to reach conclusion allowing all then to move forward.
You can do so by calling my colleague Karen Isaac now on 02895 217 373