Our client, in this instance, had been with Bell & Company for several years. They had simply invested at the wrong time, just before the property crash of 2008. He owned a problematic buy-to-let property portfolio and had a number of properties now in negative equity.
The client’s lender, who are notoriously difficult and reluctant negotiators, prompted Bell & Company’s strategists to adopt extensive techniques in order to achieve a settlement on one of the properties.
The property in question had a shortfall of just over £40,000, which is seen to be a “small” shortfall and manageable debt. “Smaller” shortfalls such as these are especially difficult to settle, particularly at a lower percentage. They often take quite some time.
The best option for our client was to surrender the property and have Bell & Company negotiate the shortfall, which we settled for our proposed offer of £8,000. This meant, our client achieved an overall saving of £32,000.
Our client was extremely grateful and relieved to be finally free from the burden surrounding this problematic property portfolio.
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