X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Mortgages & Finance

    Borrow off Court Judgment? Great Finance!

    I'm looking to raise £30+K for 3 - 6 Months - any suggestions?

    What do you think of this idea? ........

    I have 2 debtors - one of £70K & the other of £40K. In both cases I have Judgement, and have charges registered against properties, in both cases worth approximately £1.2m, one unencumbered, the other with a mortgage of £220K. Neither debtor is making a move to pay up, so at some point I should go through the process of selling the debtor's properties to settle their debts to myself, however given that the debt principle is earning interest at 8.25% p.a there is no incentive to start this process early.

    However, given that I could do with accessing the cash, is there some mechanism by which I could use these debts as a security against a loan (of interest less than 8%!)?

    0
    0

    Not on the market as far as I am aware.

    You can sometimes sell debt according to the contract, but you may as well recover it in such a case.

    Im not certain even a private lender would be interested, considering how difficult it may be to collect the debt in your absence/default.

    If anyone would - perhaps borro. They do consider almost anything for bridging finance but in this case may be a long shot.

    0
    0

    _________________________________________________________________________


    My posts are not financial advice but often me rambling - passing time on a coffee break.
    Our team at Bespoke Finance offers Limited Company Buy-to-Let and Cheap Life Insurance.

    _________________________________________________________________________

    Thanks Adam, you don't surprise me but I'm hoping a daft idea might gestate into a good one!

    0
    0

    Send a letter saying to are proposing to sell the properties unless they pay up?  Might give them a nudge?

    Offer the £40K debtor a £10K "haircut" if he pays you back £30K now?

    0
    0

    Haircut - no way, you've seen my hair.

    I'm guaranteed payment so why should I accept a penny less? At the court rate I'm paid a great interest rate for such a secure "investment" so I don't really want them to pay me.

    0
    0


    try somewhere like ablrate or one of the other p2p platforms, they might like the look of it

    0
    0

    Seems like you want to have your cake and eat it. If you need the cash recover the debt.

    0
    0