Last month AIB completed the sale of €1.1bn of loans from to Everyday Finance DAC for €800M, a discount on the loans of close to 25pc.
It’s understood most of the loans sold are attached to commercial property and investments after AIB stripped out buy-to-let mortgages, small-to-medium business loans, a number of development loans, and revolving facilities from its original planned sale of Project Redwood.
The borrowers’ loans will transfer to Everyday with effect from 27 July 2018.
Unfortunately, some of our clients who believed (and were led to believe!) that they were close to a final resolution of their debts with AIB have now been notified that their loans have been sold to Everyday i.e. they have been tumbled down the snake back to the very beginning, and now have to start negotiations from scratch again. To say that some of our clients are demoralised is an understatement.
If you have any clients who require expert advice on how to get back on the ladder and achieve a final resolution of their debts, please contact myself or Tom Murray We are experts at navigating the complex interfaces of family homes, pensions, judgments, shareholdings, property receiverships, Personal Insolvency Arrangements etc