Bank Debt Settlement
Discussion
One of my family has had an ongoing issue with a bank over an unsettled debt which they were security for. Its a long saga dragging out several years but the basics are
Original debt was over 450k
Half paid via an "agreement" arranged years ago by an ex manager
Last year my relative contacted the bank and they admitted it was off their radar
They done an audit, decided that they had not accounted for the money paid for years, found it and created a settlement figure
Reached out and said they were willing to do a "deal" for full and final settlement
After negotiation started they decided they wanted the full remaining balance as they have security worth about 3 times the debt
Can anyone suggest someone who has experience in dealing with this kind of issue? The accountant has been useless and brokers just want to refinance property at full debt value. Seems like the bank made some mistakes along the way
Original debt was over 450k
Half paid via an "agreement" arranged years ago by an ex manager
Last year my relative contacted the bank and they admitted it was off their radar
They done an audit, decided that they had not accounted for the money paid for years, found it and created a settlement figure
Reached out and said they were willing to do a "deal" for full and final settlement
After negotiation started they decided they wanted the full remaining balance as they have security worth about 3 times the debt
Can anyone suggest someone who has experience in dealing with this kind of issue? The accountant has been useless and brokers just want to refinance property at full debt value. Seems like the bank made some mistakes along the way
Speak to Peter at Trident Recovery - www.tridentrecovery.co.uk - although his core business is commercial debt recovery, PGs and the collection protocol of the banks is something he very much knows about and I'm sure he'll give some good advice.
Remember although the bank may well have security, they often don't want the hassle of having to liquidate it (and the bad publicity that can ensue) so can be brought back to the negotiating table - particularly if a third party is involved who's not afraid to be firm with them.
Remember although the bank may well have security, they often don't want the hassle of having to liquidate it (and the bad publicity that can ensue) so can be brought back to the negotiating table - particularly if a third party is involved who's not afraid to be firm with them.
Edited by Pot Bellied Fool on Friday 7th August 16:43
Pot Bellied Fool said:
Speak to Peter at Trident Recovery (www.tridentrecovery.co.uk) although his core business is commercial debt recovery, PGs and the collection protocol of the banks is something he very much knows about and I'm sure he'll give some good advice.
Remember although the bank may well have security, they often don't want the hassle of having to liquidate it (and the bad publicity that can ensue) so can be brought back to the negotiating table - particularly if a third party is involved who's not afraid to be firm with them.
Thanks, will give him a call tomorrow Remember although the bank may well have security, they often don't want the hassle of having to liquidate it (and the bad publicity that can ensue) so can be brought back to the negotiating table - particularly if a third party is involved who's not afraid to be firm with them.
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