Are you in Negative Equity? We can help!

There is a considerable amount of misinformation surrounding property debt and negative equity. The aim of this and subsequent articles is to provide an overview of how we have been assisting homeowners and landlords with property debt issues since 2012.

CD Fairfield was formed by Philip Davison (MD), and myself as a reaction to the fallout from the unprecedented property crash in Northern Ireland in 2008. At the time it was estimated that approximately 60,000 properties had mortgages greater than their value. The Council of Mortgage Lenders estimated the negative equity total to be circa £2.5billion.

Of course, this isn’t an issue for everyone in negative equity, but for those who need to sell for financial reasons or otherwise, many found themselves in a “bad debt” situation for the first time in their lives, and through no fault of their own.

The “party line” from Lenders and Government Agencies was to speak to your lender. I can tell you from significant experience that in many cases that is the last thing a borrower should ever do!

It was clear that a bespoke mediation service was required to take borrowers by the hand to not only guide them through this minefield but provide full representation, an end-to-end solution.

As well an being authorised and regulated by the Financial Conduct Authority we have an in-house Insolvency Practitioner, Edward Walsh, a member of the Chartered Accountants of Ireland and R3 (The Association of Business Recovery Professionals). We also have Senior Management who holds membership of the Insolvency Practitioners’ Association.

With these associations and levels of regulation, we have the full suite of debt solutions under one roof which includes:

  • Mortgage re-negotiations (with the existing lender)
  • Mortgage Mis-selling Claims
  • Informal/Negotiated Settlements
  • IVA (Individual Voluntary Arrangement)
  • Bankruptcy

We also recognised that there were a number of distinct differences based on whether we were helping homeowners or Landlords in Northern Ireland or in mainland UK. This being the case variations in brand were created as follows:

Negative Equity UK

Negative Equity NI

Landlord Debt Advisory

Get Help With Debt

What sort of results does Negative Equity UK achieve? This is a snapshot of some settled cases: Settled Cases

Our independent Client Review show an approval rating of 4.89/5.00

Securing successful outcomes for clients is front and centre in all that we do. How do we do this?

  • Developing and maintaining excellent working relationships with lenders
  • Recruiting highly competent staff from the legal, accountancy, insolvency, banking and financial services sectors
  • Continual investment in systems and people
  • We listen to our clients and implement constant improvement based on feedback

 

(up to April 2018)

In my next articles I’ll provide specifics; the mechanics of a case, the process that followed and the outcome for the clients.

 

CD Fairfield Secures Major £2M Partnership with Move With Us

CD Fairfield Capital, one of the UK’s leading Non-Statutory and Statutory property debt specialists, has secured an exclusive two year rolling contract with Move With Us to be the sole approved provider of debt services to its group. Move With Us is the UK’s largest network of independent estate agents (with over 1200 high street locations) and is owned by London private equity investors Palamon Capital Partners. This new relationship will see CD Fairfield Capital create 25 new jobs over the next 18 months, 21 in Belfast and 4 in Cambridge.

Speaking on the announcement, Phil Davison, Managing Director at CD Fairfield Capital said: “This is a great result for all involved in CD Fairfield. It has taken over a year to deliver what is a hugely exciting development for the company. This allows us to bring our expertise to the widest possible UK market; becoming a partner with a company of Move With Us’s size and scope can only be a validation of five years of hard work.

“The property market in mainland GB is experiencing a downturn with property still 20% below peak 2008 price levels in parts of the North of England and Wales and prices falling in London and the South. With interest rates expected to rise and the Bank of England warnings around house prices in the last week; we are posed to bring our specialist expertise to beleaguered buy-to-let landlords and those requiring property debt advice.

“With our experience and growth in this specialist area of debt management, coupled with the economic and fiscal outlook over the coming years looking less favourable for landlords in particular, we expect to see the number of Clients CD Fairfield are helping grow exponentially, thanks to this exclusive partnership with Move With Us.”

Speaking on the decision to partner with CD Fairfield Capital, Ben Greco, Managing Director at Move With Us says: “Move With Us started working with CD Fairfield last year when some of its NI property-debt cases required properties to be managed and sold in England and Wales. Being a leading residential asset manager, Move With Us were a good fit.

“CD Fairfield brings bespoke help to a range of property-linked debt problems for investors, accidental landlords or actual homeowners. Its case studies really are testament to the help it gives and what can be achieved to mutually benefit all parties involved in those issues. With interest rates likely to rise further, property prices flat at best, landlord tax breaks being squeezed, and the wider market suffering from Brexit-based uncertainty, I think the number of property owners that may need this sort of individually tailored help with their debt and property situation will rise steadily in coming months.

Ben continues: “Our job is to bring the best processes and agent partners to the table to achieve the optimum sale results for all involved. All in all, I expect our relationship with CD Fairfield to grow closer and stronger as case numbers rise steadily and consistently. I am looking forward to developing this new partnership over the months to come.”

Founded in 2013 by Directors Philip Davison and Tom Cardwell, this is a significant development for the business, that currently has over 650 retained clients and is regarded as the best specialist property debt company in the UK. Settling over 500 cases with an average debt write down of £57,000 for buy to let landlords and homeowners.

CD Fairfield, Director, Tom Cardwell adds: “This collaboration marks an exciting time for CD Fairfield and sees significant financial development in our NI base. It will see the expansion of our team and the investment in new offices to house the increased capacity required.

“At CD Fairfield we have a unique service and the only company of our type to currently offer clients the full suite of potential property debt resolutions under one roof. By partnering exclusively with MWU and extending our reach as a company, this can only be good for the UK consumers.

“From day one our focus has been on our clients and as we continue to grow that will remain the cornerstone of our company philosophy.”

CD Fairfield Capital operate in the UK under the trading styles Landlord Debt Advisory and Negative Equity UK, In NI under the trading styles Negative Equity NI and Get Help With Debt.