Posts Tagged ‘Nothern Ireland’

Despite difficult lender, a 10% settlement can be achieved


A settlement of 10% can still be achieved, even when faced with a difficult lender

A couple with a large shortfall of over £120,000 with a notoriously difficult lender approached us for help. While we had overseen the sale of the property and had been attempting to negotiate with the lender for quite some time, the couple began to consider the option of personal insolvency. Personal Bankruptcy has so many negative connotations associated with it. Bell & Company feel, however, since 2008 the stigma associated with the process has gradually lessened.

Bankruptcy can have benefits and it is an excellent tool when armed with the best advice. Sometimes, if a person is saddled with excessive, unaffordable unsecured debt then Personal Bankruptcy can be the best route forward. Our team was able to utilize innovative new strategies and within a few months, the lender settled at 10%. A massive achievement, as this lender, in particular, is not usually open to negotiations!

If you find yourself facing issues such as insolvency, contact the team here or call 02895 217 373 to discuss your circumstances and take the first steps towards your fresh start in life.

English ‘buy to let’ case settled within 5 months

A young man based in England approached our company regarding an unsustainable ‘buy to let’ property he owned.

After weighing up his options, he decided after much deliberation to surrender the property back to the lender. Thankfully the property sold quickly and left a shortfall of just over £30,000. This shortfall is deemed as a “manageable debt”, especially for someone who is quite young and in full-time employment. “Smaller” shortfalls such as these are notoriously difficult to settle, especially at a lower percentage. They will often take quite some time.

In this instance, however, our clients were in a position to offer £3,000 in full and final settlement, 10% of the debt. The lender was extremely cooperative, thanks to our strong professional relationship and the case settled within a few weeks. From surrender to the settlement, the turn around was just 5 months. Needless to say, our client was ecstatic!

“Smaller” shortfalls such as these are notoriously difficult to settle, especially at a lower percentage. They will often take quite some time. In this instance, however, our clients were in a position to offer £3,000 in full and final settlement, 10% of the debt. The lender was extremely cooperative, thanks to our strong professional relationship and the case settled within a few weeks. From surrender to the settlement, the turn around was just 5 months. Needless to say, our client was ecstatic!

From surrender to the settlement, the turn around was just 5 months. Needless to say, our client was ecstatic!

If you find yourself facing issues surrounding property debt, feel free to contact us.

Our team will endeavor to answer your queries within a few hours of receiving your inquiry.  If your query is of an urgent nature you can call our office directly on  02895 217 373 or speak to a member of our team via live chat. We offer a free consultation and full financial review.