At Debt Academy, we proffer debt relief solutions to clients who have found themselves struggling with un-affordable property debt.
Even if you feel stuck with a property you no longer are desirous of, you are bound to possess a rental property that doesn’t make financial sense any longer, maybe due to pessimistic capital, or you are having an interest just term coming to an end with no way to reimburse the loan, there are way outs in the form of debt solutions help.
Debt Academy has provided assistance to various clients to write off millions of dollars in debt.
How Assistance is Proffered?
Numerous probable solutions are there that are offered to provide a debt assistance resolution to your property debt problems, this is all dependent on your conditions, but for many of our clients a sale and settlement is the only solution to their problem.
This approach, even termed as an informal settlement, has the involvement of the borrower selling the property and our team, bargaining with the creditor to cancel as much of the shortfall from the sale as probable. Then our client will have an agreed, affordable amount to reimburse either in instalments or as a single lump sum payment, depending on what makes the most financial sense for them.
In other cases, an individual voluntary arrangement (IVA) is one of the best debt management options. An IVA is a legal agreement in the midst of you and your lenders. We would consider an IVA in the instances where a landlord is entitled to disburse money to multiple lenders.
Most, though not all, kinds of debt can be included in an IVA, including mortgage debt, credit card debt, unpaid council tax or money to be paid to the IRS. An IVA might even be worth discussing if you own multiple properties with mortgages from diverse creditors, or you have unsecured debt from several creditors.
Once a settlement is agreed with your creditors, it can be paid as a five year disbursement plan, termed as a contribution IVA or, if you can afford it, as a single lump sum.
Restructuring or remortgaging can be more complicated for landlords in comparison to other residential borrowers in light of recent changes to Prudential Regulation Authority rules and the fact that multiple properties can be involved, but for some clients, it is an alternative.
After continuing your review, restructuring your current portfolio or obtaining a new mortgage arrangement may be the most suitable option. Still, this may be available if your properties are in pessimistic equity.
Debt Academy has successfully negotiated hundreds of cases every year where they have made an arrangement of the sale of our clients’ homes and reached an affordable debt settlement with the lender. It provides counseling debt relief services.