Debt Resolution – following repossession
Reduced debt settlement following repossession – client saving 42%
We were approached by a property developer whose investment property portfolio had recently been repossessed by a bank.
The properties had been sold leaving a shortfall of approximately £130,000. The bank took legal action against him, obtaining a County Court Judgement for the amount, as well as a Charging Order over his home.
After reviewing the banking arrangements we found a number of procedural issues which helped us negotiate a final settlement at the reduced amount of £75,000 – a client saving of ₤55k or 42% of the original debt