I was speaking with the person looking after my loans recently. My loans are in a resolution area within the bank. He tells me that the bank are de-risking their balance sheet and I can expect my loans to be sold. All of my personal loans are performing and well secured (from the bank's perspective). However I have a joint and several loan where the other borrowers would not pay, the loan went into default three years ago and the underlying property has been sold for 10% of the value of the loan. About E1.2 shortfall now.
I have basically pleaded with the bank with which I have longstanding relationship to entertain a write-off but they will not hear of it.
Anyway my questions are:
1. How much would a loan be sold for?
2. Do the bank give personal information about the borrower to the buyer of the loan?
3. Do the loan buyers do deals to settle and what are the likely terms?
Any help would be great.
I have basically pleaded with the bank with which I have longstanding relationship to entertain a write-off but they will not hear of it.
Anyway my questions are:
1. How much would a loan be sold for?
2. Do the bank give personal information about the borrower to the buyer of the loan?
3. Do the loan buyers do deals to settle and what are the likely terms?
Any help would be great.