As a result of the downturn in the property sector in 2008, Negative Equity has continued to adversely affect property owners across both the UK & Ireland.

Bankruptcy or handing the keys back, legally known as voluntary surrender, are no longer the only options available to those people who find themselves trapped by Negative Equity.

Over the past 9 years Allied Partnership has been providing property owners with the required blueprint to discharge their liabilities and the torment of Negative Equity.

In order for major banks and lending institutions to clean up their balance sheets, it has become common practice for them to sell their large loan portfolios.

These loans which total to billions of pounds/Euros have in the majority of cases been acquired by USA private equity companies and ultimately they become the legal owner of the debt which you remain liable.

You should expect to receive letters from your bank and separate notices from the new lender both informing you that your loan is being sold.

At this point, by instructing Allied Partnership to act on your behalf, we will engage with the new loan owner. Our next step would be to present you with a clear and realistic road map for an acceptable resolution.

Over the past 10 years unsecured borrowing has seen a major increase.

More and more financial institutions are prepared to lend large amounts of money without the normal request for assets (ie property) as collateral for the borrowing.

Personal Loans and Credit Cards are the most common forms of unsecured lending and have become very quick and easy to obtain. Most unsecured lenders can usually approve borrowers for Personal Loans and credit cards within minutes. This makes it very attractive to borrowers but equally dangerous with many people finding themselves in financial distress.

Allied Partnership can remove the distress from the equation and provide clear and effective solutions. The most common solutions are:

• Debt Management Plans (DMP)

A DMP is an informal and flexible payment plan negotiated on your behalf between you and your creditors. A DMP is a very effective solution, allowing you to pay one affordable monthly payment and ultimately stopping all contact from the creditor.

• Lump Sum Full and Final Settlement

A Full and Final settlement is negotiated on your behalf with your creditors, requesting they accept a one off lump sum payment instead of the full balance owed on the debt. If accepted the creditor agrees to write off the rest of the debt. 

This is a very effective and quick solution to becoming debt free and removing all financial liabilities. The sources of lump sum payments to execute such settlements are usually from a 3rd party, such as a family member or friend.

Please refer to section “success cases” for examples of Full & Final settlements Allied Partnership have successfully negotiated.

• Bankruptcy

Usually proposed as a “last resort”

Bankruptcy too can be a very effective and permanent solution.

In the past Bankruptcy carried a stigma which has greatly reduced over time and especially following the global financial crisis in 2008/9.

Before proceeding with such a stringent solution, Allied Partnership will supervise and guide you through the Insolvency process of Bankruptcy.

Bankruptcy is a form of Insolvency, through which people who cannot pay their debts seek relief from their creditors. Bankruptcy is a legal process and imposed by a court order often initiated by the debtor.

Allied Partnership can oversee and guide you through the Insolvency process of Bankruptcy. We help remove the stigma of Bankruptcy and make what can be a daunting event, amicable.

If you are thinking of declaring yourself bankrupt or a creditor has initiated bankruptcy proceedings against you, remember you are not alone, Allied Partnership is here to help.