Brothers get over £185,000 worth of DEBT written off, thanks to GDP Mediation!!
In June 2019, two brothers came to see us as they had a mortgage shortfall debt totalling £202,700 from the sale a jointly owned residential property.
Our first aim during our initial free consultation meeting was to give reassurances to the clients that Bankruptcy was not inevitable and that by coming to see us they had already taken the first step by ASKING FOR HELP!
As there was no disposable income available, our overall strategy was mediation with the Bank and then proposing a lump sum settlement to settle the shortfall. This was being very generously provided by family members.
Over the following few weeks, we worked closely with the client to ensure all required information and documentation was provided to the Bank. In August 2019, we then offered a lump-sum settlement to them. After just over a month of negotiations, the Bank agreed to a full and final settlement of £16,500. Our client was delighted with the outcome which was a fantastic and swift result for GDP, but more importantly for the client.
Case Study Summary
Creditor: UK Bank owed £202,700
Proposed Solution: Full and final settlement proposal
GDP Mediated Settlement: Creditors accepted £16,500 (equating to 8.14p in the £)
Settled: September 2019