Dealing with Negative Equity & Property Debt
Negative equity means if you were to sell your home, the price it fetches would be insufficient to clear what you owe the bank or building society.
It’s a big problem in Northern Ireland where 41% of homes – 63,000 households – fall into that category. If you are one of them, the two minutes it will take to read this article could be the difference between a happy outcome and a fresh start or on-going misery.
Negative Equity Northern Ireland’s (NENI) managing director Phil Davison gets straight to the point.
“Negative equity has caught thousands of people here, through no fault of their own, and they have no idea of how they’re going to get out of it. We see them every day. Thankfully we are in a position to give them the help they need,” he says.
“They can’t sell their home, even though they have outgrown it or can no longer afford the mortgage because of a change in their circumstances. They may be divorcing or moving because of work, or they simply want to downsize, but can’t.
“We can solve those problems.”
Although NENI are the local market leaders, he does not pretend that there aren’t others in the field.
“If you are in this position I would strongly advise that you review all of your options,” he urges. “We provide a service, not advice. We take the pressure off our clients and always get them the best result available.”
So who are NENI, what exactly do they do and why would you consult them rather than somebody else who, at first glance, might appear to be offering a similar service?
They are a Belfast-based company whose professionally qualified staff have backgrounds in accountancy, banking and finance. They also have an insolvency practitioner.
Director Tom Cardwell says: “It is important to our clients that we offer all the services they require. It can be a stressful enough process without having to deal with a number of different companies and we are the only local firm of our type to offer every option a client could need in-house.”
As a potential client what protection do you have? How do you know you will be treated fairly? What stops NENI simply making promises they can’t fulfil?
The answer is that all their resolution work is regulated by the FCA (Financial Conduct Authority) and their insolvency record is monitored by CARB. This gives their clients the peace of mind they require. It’s an exacting standard so not every company can offer customers that level of scrutiny and protection. So make that your starting point before deciding to deal with any company offering help in such matters; first and foremost ensure they are FCA-licensed.
If not, stop right there.
Negative Equity NI are knowledgeable professionals accustomed to negotiating with others of comparable ability. Their experience, coupled with that level of expertise, means they are respected and treated as equals when they sit down at the table to negotiate for you.
Others offer advice, but then leave you to conduct your own negotiations. Not so with NENI.
In addition, NENI’s first consultation – at which the exact nature of your problem is assessed – is entirely free. If you decide not to proceed, there is no charge. NENI’s primary goal is to write off the maximum amount of debt on your property. To that end they have built their team and their business around their customers. People just like you. Their staff’s vast experience after years of working in banking, property and all related finance means they understand how lenders think, how they operate and, crucially, what they will – and won’t – accept.
Too good to be true? Just look at the testimonials on our website negativeequityni.com – and there’s any number of very relieved customers who are now getting on with their lives and able to confirm that there is a way out of negative equity in Northern Ireland. Contact the team today and get a free consultation, we are here to help you.