It was recently been reported in the media that Permanent TSB now have a strong investor interest in their Project Glas which is a very controversial portfolio of debt secured against 11,200 homes. At the same time, AIB, have confirmed that a consortium led by US distressed-debt firm Cerberus had agreed to acquire €1.1 billion of bad loans. In addition to this, the former Bank of Scotland (Ireland) is selling €5 billion of residential and buy-to-let mortgages, in a move estimated to affect more than 20,000 homeowners.
We have repeatedly informed the public that Private Equity Firms have an ever increasing influence over every corner of Ireland and this will continue to grow and grow. We really can’t emphasise enough the importance of having a plan and strategy in place should your loan be sold on to one of these Firms.
At present, statistics have confirmed that Private Equity Firms have not repossessed more houses than mainstream banks. Nevertheless, this does not mean that this will remain like this in the long-term. It has been argued that Private Equity Firms have been preoccupied with dealing with larger loans. Therefore, please be assured that they will eventually start to deal more swiftly with distressed mortgages. As a result, you need to act today in order to be prepared for this eventuality.
We have met with hundreds of individuals who have been affected by this situation however, for whatever reason; they chose to simply ignore this issue. As a result, they now fear losing their homes due to a lack of engagement with the new owner of their new loans. Please ensure that you do not fall into this category. It is understandable how having to deal with a new organisation can be a daunting experience however ignoring the issue will not make it go away. It is merely sweeping this issue under the carpet.
What should I do?
Having a plan of action in place to deal a Private Equity firm is a must. Present evidence would indicate that these firms will not be around for the long-term. They are not banks. They will immediately seek one of two things from you. Either a restructure of the loan or a repossession of the property secured against the loan.
Subsequently, it is vital that you are fully prepared and have the necessary funding and plan in place to address this matter. Please do not bury your head in the sand any longer as a problem is always dealt with more effectively head on.
It is also very important to take advice in this regard from a regulated team of debt advisors to plan for the future, and the time to act is now.
What we can do to help?
Since 2011, we have helped hundreds of families, individuals and businesses deal with issues regarding loan sales. We have been leading the way in this specific matter over the last few years. As a result, our team are more than ready to engage and assist if you have been affected by this.
We have particular expertise in dealing with private equity funds, and we would like the opportunity to share this with you.
Solutions are available and it can be quite empowering once one works out the different options open to them. Our team have significant experience in this area as we have restructured hundreds of millions of pounds worth of loans in the last seven years.
We know what is expected and how to get you to where you want to go. In short, we WANT to hear from you today.