Would You Like A Longer Bank Holiday?
Everyone loves a long bank holiday weekend, even us at GDP Equity Experts, but what we love even more is coming back to great news when we return! This morning, the bank contacted us to confirm that they have accepted one of our clients' proposals, meaning we just had £63,500 of bank debt confirmed written off.
Our client is now debt free and can start her financial life afresh – now that’s a holiday from the bank if ever there was one.
When Jill* first came to us, she owed a UK bank £125,000. Due to changing circumstances, and the downturn in the property market, she could not repay her debt and felt unable to deal with the situation. Jill wanted to move but felt trapped, and she hoped that selling her house would help pay back the debt, but her house was worth much less than it was when she bought it in 2006.
GDP Equity Experts listened to Jill as we knew how she felt - many of our other clients had previously felt the same way. However, just like them, what Jill found is that by preparing a plan and submitting her own proposal to the bank, she was able to empower herself to address the matter.
A local agent facilitated the sale of her house and Jill's house was only worth about £50,000 but through a local agent it was agreed for £52,000, therefore maximising the value achievable.
Jill was left with a £73,000 debt shortfall and the team helped her mediate the remaining debt with the bank. In the proposal, Jill offered the bank £9,500 in full and final settlement of the £73,000 debt. The bank accepted the offer and wrote off the remaining £63,500.
We were extremely pleased when we got the news this morning. There's no greater feeling for us as professionals than to tell our client that we've achieved a great result for them. Now Jill can start this week knowing that she is debt free.
In June we had a record month so far in terms of new clients, and we're looking forward to getting the best results possible for each of them. We are finding borrowers are becoming more financially aware and recognising that GDP are the number one solution as market leaders in debt mediation.
We had a relaxing long weekend, and we hope you did too, but now we're back in the office and ready to work hard to achieve more great results like this.
For more examples of what GDP Equity Experts can do for you, take a look at our recent Success Stories, and as always, feel free to Contact Us with any questions you may have about your personal circumstances.
*All names have been changed to protect the identity of the borrower.
NB: A client's personal circumstances dictate the level of mediated full and final settlement achievable. Please note that your Credit Rating may or may not be affected.