I am in my 30s and am a part time property investor; I have spent the last few years building an investment portfolio of several properties. In 2016 due to an administrative error several months’ arrears accumulated on one of my properties. The property was repossessed by the banks solicitors and my tenants evicted, this was without me having a court hearing to explain the situation, and even though prior to the repossession I had cleared all of the outstanding arrears . I heard nothing further until February 2018, I returned from holiday to find a letter from a debt collector demanding over £50,000 for the difference between what the property sold for at auction and the outstanding balance.
I nearly had a nervous breakdown when I opened the letter and thought I would need to sell the rest of my investment properties to clear this debt. I saw my life’s plans falling apart and that rather than becoming a full time property investor and being able to retire from my day job in my 50s that I would probably be working until age 68 or 70.
I spoke to debttactics.co.uk and they contacted the debt collector on my behalf as my representatives, requesting documents and asking questions. That was 3 months ago and it is now my belief that some sort of fraud must have taken place on the mortgage account as the debt collector has not replied, acknowledged any letters, or attempted to enforce repayment of the balance despite two follow-up letters being sent to them.
The fact that the debt collector has gone silent has allowed me to carry on running my property investment business knowing that if and when the debt collector ever replies that debttactics.co.uk will be ready and waiting to take care of the situation for me.
Irvine G
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