Liability of £120,000 with secured asset worth £195,000 sold to ‘vulture fund’ settled for £38,000
A client’s liability with a major banking institution was sold to a ‘vulture fund’ with a secured asset attached worth £195,000.
The client could not bare the thought of losing his family home and tried to ignore the situation, however at this stage solicitors had been instructed by the vulture fund to take possession of the asset. Giving notice to the client, he seeked independent advice and this is where Bell & Company came in.
With our strong legal & financial backgrounds, our team of strategists were quick to act and thus halted immediate action from the solicitors.
With continued correspondence and negotiations with both the Bank and Solicitors, we successfully managed to stop any further legal action and propose a full and final settlement.
With our steadfastness approach to getting the best result for our client we were able to come to an agreement with the lender and settle the debt for £38,000 in a full and final settlement.
Not only this but the client was able to protect his home and exit the scenario with his liability cleared.
Total Savings of £82,000 achieved!