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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.
If you find yourself facing issues surrounding property debt Contact Us.
Our team will endeavour 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.