Resolving Financial Crisis Amidst Personal Struggles

Many business owners imagine entering their retirement years with financial security and enjoying the fruits of their labour. However, reality often takes unexpected turns, leaving individuals grappling with unforeseen challenges. In this particular case study, we delve into the story of a client who found himself in the middle of financial turmoil and health adversity.

The Key Issue

At 70 years old, our client was trying to navigate personal guarantee exposure following the liquidation of his company. To make matters sadly worse, our client was diagnosed with stage 4 cancer. Our client found himself putting all his focus and energy into addressing creditors, which was deteriorating his health. Recognising the emotional toll of his cancer battle and the weight of financial strain, our client knew he had to seek out a solution.

Discovering our services online, our client reached out and attended an initial case review. He was determined to safeguard his £600,000 asset position and achieve financial peace of mind. Understanding the urgency, we swiftly transferred his case to our specialised debt support team. Our team leveraged extensive medical evidence, highlighted his vulnerability, and meticulously curated his financial profile to present a compelling offer to creditors.

Challenges and Persistence

Despite our efforts, creditors initially resisted settlement offers, likely due to our client’s substantial net worth and the comprehensive medical documentation required. Overcoming their objections demanded persistent negotiation and diligent documentation.

Our team did not let this deter them. Through counteroffers, our team negotiated a full and final settlement with the lender. Despite an original debt of £89,000, we secured a settlement of £32,000, effectively resolving all outstanding matters and achieving savings of £57,000.

Averting the Worst-Case Scenario

Had our client not appointed our services, he would have faced imminent bankruptcy proceedings, which would have destroyed his overall asset position.

Upon conclusion of the case, our client expressed immense relief and satisfaction. His gratitude underscored the profound impact of our assistance during a challenging period, emphasising the importance of not facing such trials alone, especially amidst health battles.