A real life case study (1) - Avoiding Repossession
We had an interesting case this month whereby the vendor assumed that they had a debt of £85,000, however upon receiving redemption figures the actual debt was £105,000. There was a second charge on the property which had been miscalculated. Clearly the debt was greater than House Quick Sell’s offer and the Customer had to find £20,000 or the sale would have fallen through.
However there is always a solution and House Quick Sell’s debt negotiating arm managed to receive the necessary authorisation from the vendor to discuss a final settlement figure with the second charge company. Having negotiated strongly House Quick Sell managed to reduce the second charge by 50% saving the vendor a whopping £20,000!
Let’s take a look at how this works…
House Quick Sell offer - £85,000
Mortgage - £60,000
Secured loan - £20,000
Total - £80,000 so the vendor would end up with £5000
However we found that the secured loan was actually £45,000 so the total required to clear the debt now was £60,000 (mortgage) + £45,000 (secured loan) which equates to £105,000!
A month of negotiation and three weeks later the vendor was free of debt and profited £5000! Not bad and all in seven weeks…
“I can’t believe how in such a short space of time my life has changed! I feel relieved and do not have to worry about the next payment or indeed the next eviction notice. House Quick Sell have given me a new start and I really thank them for that, they were spot on and although some glitches which naturally occurs they always gave 100% and delivered on their promises! I would strongly recommend House Quick Sell to anyone wanting a quick sale”
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