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Posts tagged Mediation
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.

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Bankruptcy – Not The Only Option

This article appeared in the Fermanagh Herald on 22nd July 2015.

Debt continues to affect home and business owners across Northern Ireland, particularly in Fermanagh. The Erne County has always sat on the periphery and it is clear that debt is impacting the people of this region more than most.

“The simple fact is borrowers do not appear to have the same access to information as those closer to Belfast. There are 60,000 people who live in Fermanagh and it is very important they have access to all of the information.”

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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.

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Consumer Debts? Look to the Experts.

If you've read our previous blogs or seen some of our recent success stories, you will know that we specialize in helping people and families who have been caught up in the negative equity trap. It's in our name, after all! But what if you find yourself in financial trouble but don't have negative equity? What if your financial worries are caused by unsecured debts such as credit cards or overdrafts?

Some advisors may tell you that formal insolvency (i.e. bankruptcy or debt management plan/IVA) is the only way to clear up these debts if you can't afford to pay them back, however that may not be your only option.

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Negative Equity: What is it and What Can You Do?

What does Negative Equity mean and how does it affect you? Basically, Negative Equity is when the value of an asset (say your home) is used to secure a loan (say your mortgage) and is less than the outstanding balance on the loan.

Negative Equity is dominating news stories and Northern Ireland is the most affected region in the UK. In Northern Ireland there are over 68,000 mortgages recorded where the loan balances of the mortgages are more than the property is worth. Think about that for a minute; if this was a settlement in Northern Ireland, it would be the fourth largest. If you are in Negative Equity, you are not alone in looking for a solution, we are all working on this together.

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Debt Write-Offs - Not Just A Fairy Tale...

Seven years after the global financial crisis and property crash, many people across Northern Ireland continue to struggle with over 68,000 homes still in negative equity. Recent news stories about the economic recovery of late offer little reassurance to those affected.

In our experience, debt has been an enormous source of anxiety and stress, with many people feeling like they will never be free of their financial burdens, and on many occasions this can manifest itself in illness for those involved.  Against this backdrop, claims of debt write-offs can sound like a fairy tale. When high figure loans are forgiven or significantly restructured, it's hard not to wonder what the catch is...

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