Persistence Pays Off: Asset Protection Amidst Recovery Action

Our clients, two brothers, jointly owned three properties that fell into negative equity dating back to 2007. To find a resolution, they decided to voluntarily surrender these properties back to the lender, who subsequently sold them and pursued the clients for the residual debt. The clients, facing threatening county court action letters, engaged Bell & Company’s services to assist in settling the residual debt and, most importantly, protecting their residential home where their parents and children resided.

Bell & Company Engagement

Our Debt Solutions Executive Luke began by conducting thorough equity calculations and preparing comprehensive outcome statements. We initiated negotiations with the lender, putting forward an offer for a reduced full and final settlement; however, the lender continued to demand payment in full. Where most would take the first answer as the final one, we kept pushing.

Finally, our perseverance paid off…Cue motivational quote! *

The lender agreed to carry out their own RICS valuation which came back with a downturn of approximately 44% from the original valuation they held. This gave our team the opportunity to revamp our proposal alongside our equity calculations to make a final offer which was ACCEPTED, achieving savings of £97,725 whilst also safeguarding our client’s home and business.

Worst-Case Scenario Without Bell & Company’s Intervention

Without Bell & Company’s assistance, our clients would likely have had to endure recovery action from the lender, lose their homes, and displace not only themselves but also their parents and children.

Conclusion

This case exemplifies the challenges and successes when it comes to negotiating settlements on crystallised shortfalls. It is not a DIY exercise.

Through strategic negotiations, Bell & Company were able to achieve significant savings for our clients while protecting their vital assets. The clients’ cooperation and the teams strategic approach were crucial in securing this favourable outcome.

Are you ready to take control of your financial future today? Contact our specialist team for guidance and support in navigating your property debt challenges. Don’t let obstacles stand in your way – let’s work together to achieve a commercial solution for you. Call us on 0330 159 5820 or send us an email at [email protected]

*Perseverance is the steadfast commitment to overcoming obstacles, where each setback becomes a stepping stone towards success.