Couple secures €100k debt write-down

A West Cork couple who lost the family business as a result of the recession has secured a debt write-down of up to €100,000 on their mortgage.

The deal was negotiated through Dunmanway- based firm, Buckley Financial, in association with Prima Finance Debt Solutions in Killarney.

The deal, negotiated on behalf of the client with AIB bank includes an immediate debt write-down of €48,000, with the potential for the clients to qualify for further debt write-down on their mortgage of about €20,000, if they maintain their monthly loan repayments into the future.

In addition, a further portion of the mortgage, €33,000 is to be set aside interest-free indefinitely and may also be written off in the future.

“The result is that the clients now have a mortgage of €164,000 which they can now afford to pay each month and they are also assured of keeping their home for the rest of their lives,” said Tim Buckley of Buckley Financial.

The restructuring and debt write-down had, Mr Buckley said, transformed these clients’ personal finances and their lives.

“Unfortunately, many of our clients find themselves in a position where they simply are unable to service their debts,” he said.

The company has a number of other cases that were close to agreeing similar resolutions with their creditors/banks.

* Buckley Financial will host a debt management seminar tonight presented by Prima Finance Debt Solutions at the Quality Hotel, Clonakilty, at 7.30pm.