Some Good News as Financial Markets Head South
As the financial markets are taking a battering today there is no doubt that some people will be feeling the Monday blues. On that note we thought we would share some financial good news that one of our clients received today.
Our week got off to a great start when a prominent Irish bank phoned today to accept our client’s offer of €10,000 in full and final settlement for their €80,000 debt shortfall post sale of a buy-to-let.
Our clients are absolutely delighted at the result, and they can now move forward with their lives without worrying about the Negative Equity that was in their investment property. That's €70,000 of debt written off and they remain in their family home! How's that for a Monday pick-me-up?
The financial crisis has hit banks and borrowers in both the North and South and this result only proves to highlight that it's still possible to mediate debt with banks on both sides of the border – it is, after all, something that we at GDP have been doing for years.
In our experience, banking with an Irish bank does not mean that you cannot access help and advice. We've had great success in the past with both Irish and UK banks. Our clients' mortgage was with an Irish bank, but we were able to mediate with them in much the same way as we would with a UK bank.
The Irish Government has been trying to put in place options for Irish citizens for dealing with their debt, leaving some people in Northern Ireland worried that they can't seek help if they have debts with Irish banks. The answer is of course you can.
If you have a property in Negative Equity with an Irish bank, don't be afraid to seek advice from regulated debt advisors. Speaking to someone about your financial concerns can put your mind at ease and may help you develop a plan to overcome your financial obstacles. GDP don’t work for banks but will work with banks on your behalf to find an amicable mediated agreement. We are market leaders for debt advice on the island of Ireland.
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.