Leading the way with Negative Equity solutions in the North East of England
Andrew Craig, “The Agent of the North” are delighted to announce their association with Negative Equity UK. Having recognised that the knock-on effects of the property market crash of 2008 have left some Landlords and Homeowners with as yet unresolved historic property debt issues, they felt it was important to have an outlet to assist customers with these challenges.
Andrew Craig commented: “As a long-established family business in the area we make it our priority to listen to our customers both new and existing. I felt it was important that we sought and secured a relationship with a trusted organisation who can help customers still stuck in negative equity who need both clarity on their position and the advice and representation needed to help them out the other side.”
“We’ve been working with Negative Equity UK for some time, helping property owners in this position by taking care of the negative equity property sales, with Negative Equity UK negotiating with the customer’s lender. The results we’ve seen have been absolutely fantastic.”
“We wanted to partner up with an FCA regulated firm with a strong track record and a reputation for putting the customer front and centre. Our due diligence led us to Negative Equity UK. We know there may be challenging times ahead for some, and we’re confident that this additional string to our bow will prove invaluable to customers who need this type of help.”
“Immediately after meeting with Andrew I was enthused about working with him”, says Phil Davison of Negative Equity UK. “It was clear from day one that we were on the same page in terms of customer focus and pragmatism.”
“I expect the two businesses will work closely for many years to come.”
Since 2013 Negative Equity UK has helped clients resolve over £70,000,000 of negative equity. Negative Equity UK is part of the CD Fairfield Capital group.
In many, but not all cases, this involves representing Landlords and Homeowners who need to sell their negative equity properties and address any remaining debt in a consensual, managed way. With this type of case they have completed 100s of mortgage shortfall settlements for clients. In 2018 the average mortgage shortfall debt write-off was 77% of the negative equity.
Negative Equity UK is currently the only company that is authorised and regulated by the FCA to advise on all property debt options which include:
And Bob Shanks (Client Relationship Manager) says their tried and tested process yields unrivalled results.
“The first step is the case review – here we request your lending documentation along with your own paperwork such as bank statements and proof of income to enable us to make you a recommendation specific to your circumstances. The reason we complete the case review first, and as a stand-alone piece of work, is so that we can advise you, well in advance of any future lender negotiations how best to legitimately present your case to your lender.”
“When it comes to negotiating the sale and settlement of a property in negative equity, Negative Equity UK has more experience in this field than any other organisation. This is borne out by our results and the sheer volume of Accountants, Solicitors, Estate Agents and Financial Advisers who introduce their clients to us. Long-standing lender relationships enable us to represent clients with the best possible outcome in mind, and the track record to deliver.”
Phil Davison (Managing Director) continued; ““Our clients are happy with the service we provide. Our success rate for those who have come to us for a debt resolution or debt write-down exceeds 96%. This degree of satisfaction is borne out by independent reviews which show a very strong rating of 99% of clients who would recommend us to their family and friends.” (Independently verified client reviews can be found here)
And Phil Davison believes Negative Equity UK has the knowledge and expertise to deliver the solution you need for your problem. “Our clients have access to a vast pool of knowledge and experience – collectively our team has completed over 30,000 debt settlements throughout their careers to date. All options in the UK property debt market are available to you here. We are the only company in the UK at this present time that offers this scope of service,” he added.
But many people wonder why would a bank write-down a debt? Davison said: “We get asked that question all the time; In the first instance, the bank lent money based on the original affordability criteria;
“If one of our client’s affordability has changed due to circumstances beyond their control then the banks are obliged to look at it again.”
“Adding to this many lenders are still vastly over-exposed with negative equity and interest only lending due to their fast and loose lending practices in 2004 – 2008. They know that many of these debts simply cannot be repaid in full by the borrower and from the bank’s perspective any losses can be written off against future taxation.
What protection will you have if you use Negative Equity UK?
FCA Authorisation enables Negative Equity UK (CD Fairfield Capital) to advise and represent clients with property debt issues but it also prevents them from recommending a course of action that is not in the client’s best interest. All advice is open to scrutiny and redress via the Financial Ombudsman Service.