# Nothing paid in 4 years - but gets adjournment anyway



## Bronte (22 May 2019)

- No payments since 2015
- Can sell, pay back bank, and buy a home, but won’t.
- judge put back case until October.
- that’s another six months away


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## Brendan Burgess (23 May 2019)

Bronte said:


> - that’s another six months away



Yes, but they have significant positive equity in their home, so the delay is not costing the lender anything.  Interest will continue to accumulate on the loan until it is paid off.

It's not like the celebrity couple who were in deep negative equity who lived rent free for 10 years and had the shortfall written off.

Brendan


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## NoRegretsCoyote (23 May 2019)

Brendan Burgess said:


> Yes, but they have significant positive equity in their home, *so the delay is not costing the lender anything.  *



But the loan is classed as non-performing. 

Does this not mean that for regulatory purposes the bank has to hold more capital? Is this capital free?


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## RedOnion (23 May 2019)

NoRegretsCoyote said:


> But the loan is classed as non-performing.
> 
> Does this not mean that for regulatory purposes the bank has to hold more capital? Is this capital free?


If you read the article you'll see it's a fund, not a bank.


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## Bronte (23 May 2019)

Brendan Burgess said:


> Yes, but they have significant positive equity in their home, so the delay is not costing the lender anything.  Interest will continue to accumulate on the loan until it is paid off.
> 
> It's not like the celebrity couple who were in deep negative equity who lived rent free for 10 years and had the shortfall written off.
> 
> Brendan


Yes the fact of that was mentioned by the judge. So it does make one wonder why they are digging themselves an even bigger hole. Plus costs are going to go down on them heavily if they keep this up. But more details here (there are always more to these stories)



_The court, which was told in December 2017 that the couple owed € 778,522, set this up within the next month, swearing by Mr. O & # 39; Kane, a quantity verifier, a sworn statement in which he explained their financial position. 

Judge Linnane said she was unavoidable in other cases where banks were seeking possession Billy learned there were other outstanding debts. 

Mr. O. Kane had sought the advice of a financial adviser as part of the personal bankruptcy process, but did not inform the bank when his relationship with this adviser ended. _

- they have other debts
- they sought bankruptcy
- so maybe they just want to string this out as long as possible as they will lose everything eventually anyway[/I]


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## Bronte (23 May 2019)

BUSINESS RESIDENTIAL LOAN

That's interesting.  Odd type of loan for a home. Wonder is it one of the Ulster Bank 18,000.  They borrowed again after that.  Their bank got rid of them and the problem by selling off the loan.

The O'Kane's seem to be disputing ownership, which the judge will hear in October, but I'd say that's akin to the Freeman stuff somehow -and that will not end well. If it's not that, it will be something along those lines that the likes of Ben Gilroy and others exploit.


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## RedOnion (23 May 2019)

Bronte said:


> BUSINESS RESIDENTIAL LOAN
> 
> That's interesting. Odd type of loan for a home


A lot more common than you'd think. Particularly amongst entrepreneurs / self employed people.


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