We have been very busy this month on the debt resolution side of New Beginning.
Through our regulated debt management firm we negotiate directly with creditors without going through a formal process. Our philosophy is never to kick the can down the road. Payments can continue over time – but there must always be an agreed final resolution.
Earlier in the month we had a client who had an unsustainable mortgage of €280,000 on a home valued at €100,000. A member of our client’s family had a sum of money which they were willing to make available. We offered €85,000 in settlement and finally agreed on a payment of €90,000 in full and final settlement of all liability. Our client is now debt free with the fund accepting a write down constituting over 68% of par value. What we really liked about this deal was the speed at which it could be done.
Another client was facing repossession but agreed to reduce their mortgage by €40,000 through a lump sum available to them after which we agreed a long term restructure on an affordable basis. After 5 years of being hounded our client went to a full resolution in a matter of 3 weeks.
We agreed the resolution of a commercial portfolio which included our client being permitted to refinance aspects of the portfolio with funds sourced by New Beginning. The properties critical to our client’s business have been protected and now are on a sustainable footing. Other properties were sold and a contribution was made in settlement of the shortfall.
We are delighted to welcome Noreen Kavanagh Solicitor on board who, along with Eugene Carley, provides the excellent legal back up we need to bring deals to speedy conclusion.
Finally our Personal Insolvency practice continues to grow. Time and again we see families getting restructured mortgages on their homes and resolution on all their other debts allowing them to have the New Beginning that they deserve. We expect this trend to continue as word finally begins to get out – there are great solutions out there – you just need to ask!
If you would like more information regarding our services please call us on
01-5240000 or email firstname.lastname@example.org today.