Informal negotiation with vulture fund

[Autumngirl]

My parents are going through the insolvency process at present and have been advised that the only option left is to put forward a proposal to the vulture fund that have acquired the debt from the bank and enter into an informal negotiation, which would be based on a mortgage in principle obtained by my husband and I. However, this will not cover all of the debt, which has continued to grow due to interest. I just wonder if anyone has similar experience of entering into such negations with a vulture fund in terms of their willingness to write off some of the debt etc.

 

[Jim Stafford]

Whilst the vulture funds do not have the moral hang ups that some banks had about debt forgiveness, they will assess each case on its specific facts and circumstances.

You should be able to identify some parameters for a deal in the below link:

Update on how to deal with the vulture funds

Expert guidance from insolvency experts on how to deal with vulture funds

www.frielstafford.ie

Jim Stafford

 

[Autumngirl]

Thank you that's very helpful

 

[Phillo]

My parents are going through the insolvency process at present and have been advised that the only option left is to put forward a proposal to the vulture fund that have acquired the debt from the bank and enter into an informal negotiation, which would be based on a mortgage in principle obtained by my husband and I. However, this will not cover all of the debt, which has continued to grow due to interest. I just wonder if anyone has similar experience of entering into such negations with a vulture fund in terms of their willingness to write off some of the debt etc.

Can I ask what fund you’re dealing with?