YOU DON’T HAVE TO GO BANKRUPT!!!
In December 2018, we were approached by a lady who had owned a buy to let property which was now vacant. Unfortunately, throughout the last 10 years the property had decreased in value, and of late the monthly mortgage payments became too difficult to maintain.
The lady advised us at the initial meeting that the advice to date was she simply had to go bankrupt. Again we have commented on this many times in the past, but this advice is simply incorrect. Formal insolvency through bankruptcy and the IVA process is always an option, but the informal approach through mediation also can resolve this issue.
It was the latter we all agreed on to move this case forward. We were duly appointed and agreed with the bank on our clients behalf that a consensual sale of the property, was the best way to deal with this problem. We would then mediate the remaining shortfall balance.
The house was sold in March, leaving a shortfall balance of £80,000. Thankfully we were able to get the bank to accept our offer of £10,000 by way of full and final settlement on the case. Another great result for us at GDP EQUITY EXPERTS and our client.
Creditor: Irish Bank owed €80,000
Proposed Solution: Full & Final Settlement GDP Settlement: €10,000 (12.5c in the €)
Settled: May 2019