After a lafge shortfall in monies owed after selling properties, I have negotiated and agreed an informal agreement with my bank (AIB) which writes off some of the debt assuming i fulfill this new agreement and have signed this new loan agreement.
If my financial circumstances change significantly for the worse, do banks enter into a new negotiation based on my new lower income? Does anyone know if this is something that happens in practice?
(While i understand you can t be having a new agreement every 6 months for minor changes)
For my own situation it was a joint debt and the agreement was negotiated as such (i.e. joint and several). The other person has now gone insolvent which means the debt now falls to me. Also my income will be reducing a lot soon.
I guess for now my query is is this a thing banks tend to do....or onec you sign an informal new agreement is that basically it.
If my financial circumstances change significantly for the worse, do banks enter into a new negotiation based on my new lower income? Does anyone know if this is something that happens in practice?
(While i understand you can t be having a new agreement every 6 months for minor changes)
For my own situation it was a joint debt and the agreement was negotiated as such (i.e. joint and several). The other person has now gone insolvent which means the debt now falls to me. Also my income will be reducing a lot soon.
I guess for now my query is is this a thing banks tend to do....or onec you sign an informal new agreement is that basically it.