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If you can offer a cash settlement for your credit card debt, we can negotiate very substantial write downs with your credit card company
Case Study A: Credit Card Debt
Sean from Bray is a self-employed shop fitter who had built up credit card debt of over €10,000. He reached a stage where the bank had issued legal proceedings against him. Sean did not have the funds to clear this debt himself and the situation was spiralling out of control, with the debt getting worse as time went on, due to interest and penalties.
Irish Insolvency managed to negotiate with the bank to have the entire debt written off in return for a once off settlement of €4,000, which we understand came from a family member. This write off removed his most pressing financial headache and allowed Sean, both mentality and financially, to concentrate on his mortgage situation.
Case Study B: Unstainable Negative Equity in the Family Home
Finn and Wendy are a couple who bought a four bedroom house in Dublin 15 in 2006. Unfortunately this purchase proved disastrous and they were left trying to service a mortgage that was over €300,000, more than the current market value of the property. Finn lost his job as a Project Manager, while Wendy was still working part-time as a teacher and the couple fell into serious arrears with their mortgage with no reasonable prospect of repayment in the foreseeable future. The burden of the situation was having a severe effect on their family life.
Irish Insolvency managed to negotiate a complete write-down of all mortgage debt in return for the surrender of the property and a settlement figure of approx. €30,000 (10% of the shortfall), which was provided by Wendy’s father. This settlement, while not without concession, has effectively freed the family from all debt and left them in a position to move on with their lives. Finn and Wendy are now renting in Dublin 6 and will be in a position to consider getting a new mortgage, if and when Finn gets a new job.
Case Study C: Buy To Let Investor – Problem Portfolio
Phil is a successful businessman who purchased four interest-only buy-to-let rental properties in Galway at various intervals over the last decade. What he had intended as a nice nest egg for his retirement was seriously threatening his financial stability. Earlier in the year, Phil came to us in significant difficulty with his bank as the rental income was not covering the interest-only mortgages and all his properties were in negative equity. Phil was faced with the possibility of a bank appointed receiver and losing control of all properties. This would have left Phil with a huge balance owing to the bank, with no assets left to assist with the repayment. This outstanding balance, which Phil had personally guaranteed, could have been placed in the form of a judgement mortgage on Phil’s family home, which was causing him and his wife, Vera, considerable stress.
Irish Insolvency negotiated with the bank on Phil’s behalf and agreed a solution which involved Phil disposing of the three worst performing properties and keeping the one which he felt was likeliest to return to positive equity in the future. Phil was a position to cash in part of his pension and this was used in a full and final settlement on any outstanding balances owed to the bank on the three investment properties. Thus Phil avoided losing his family home and left him with one investment property to manage, which may provide him with a return on his investment in the future.