# Thanks all, there is hope! A vulture fund wrote of the shortfall on my buy to let.



## TheDude (6 Sep 2017)

Hi all,

I've set up a new user name here as I don't want to be identified and potentially void my confidentiality agreement but what I can say is that, after starting the process of dealing with a BTL in severe negative equity and unsustainable payments in 2011, our family finally has closure. BTL sold and significant write down on the residual balance with very affordable payments over 5 years.

Thanks to all here for the advise,  support and optimism. Due, in no small part to this forum the only professional fees I paid were for a solicitor to check the final settlement arrangement and my family can now move on. ( our four year old was born in the middle of all this)

At last count we had paid 85k over the course of the mortgage (never reduced capital) topping up rent to meet payments, voids, taxes and maintenance etc, so never had any realistic standard of living or effective financial control. We have now put money into the savings account for the first time in 4 years and since last month and our overdrafts are gone.

We did not realise how much tension it was causing in the house until the monkey was off our back. And I can truly say we have a happier home now.

My nuggets from here that served me well are

1)You have to play hardball with these guys (especially when its moved to a 3rd party).
2)Pay what you can but don't agree to something that's unsustainable
3)No phone calls, everything in writing
4)Your (and your family's) health should come first
5)The family home has exceptional protection in Ireland, so fear of losing it can be exaggerated

So for those that are in the depths of stress and worry, there is hope! I never thought we would see an end but to our problems and were looking at emigration, PIAs etc. but now are able to make decisions for the right reasons.

Thanks again all

Dude


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## Open air (6 Sep 2017)

Great news for you and your family,,good health and happiness to you and yours!


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## Browner (7 Sep 2017)

Well done and congrats.


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## Buddyboy (7 Sep 2017)

That's great news - hopefully others will get encouragement from your post.

(and I hope you got to keep the rug, it really tied the whole room together).


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## Maz2408 (9 Sep 2017)

So happy for you, well done.


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## gahfan (14 Sep 2017)

Just curious how come some tanger prople seem to have had a much more negative experience. Does it all depend on circumstances or which firm you end up dealing with?


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## Kitten (2 Oct 2017)

Congrats, that really is great!  Gives us all hope!


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## TheBigShort (2 Oct 2017)

Congratulations, best of health to you and your family. A good news story all too rare.


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## In trouble (17 Jan 2019)

Hi  
I know it has been quite sometime since this post.
Did you do the negotiation on your own? Can you recommend anyone or a weblink?
What percentage write off? 40%, 80% or more on the residual amount?
Any insight without disclosing your identity would be appreciated.
Thanks & Well done


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