# Personal loan and debt collection agency.



## random? (5 Sep 2011)

i borrowed a sum of money from a friend 3 years ago,due to ill health and subsequent unemployment i have been unable to make regular repayments,i thought i had the duration of his mortgage to repay the full amount,but now they have contacted a debt collection agency,i have offered eur55 pw,if this is refused,what should i expect?


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## hastalavista (5 Sep 2011)

who are the 'they' here?

what paperwork was put in place?

55 euro out of context doesn't help, how much was borrowed and what is ur income now

More information will get you a better answer


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## random? (5 Sep 2011)

sorry for being vague,the friend i borrowed the money from,and his partner,no paperwork,a gentlemans agreement,the amount was 33000,and my income is now 186pw.hope that helps.i do want to repay the loan,it's just my situation at the moment is beyond difficult,and i thought i had 20 years.


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## hastalavista (5 Sep 2011)

If the debt collector is a proper one it cannot proceed without proper paper work as it will need proof that you owe the 33.

I take it you are renting etc so have no assets


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## random? (5 Sep 2011)

i actually own my house,my insurance company cleared my mortgage when i was diagnosed with c,my fathers name is on the deeds though he does not live with me,and due to my illness the bank will not lend to me and nor will they release equity.i live here with my son,who is still at school.can they force me to sell my home?


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## hastalavista (5 Sep 2011)

If your name is not on the deeds of the house then its not your house to either release equity or be sold out from under you.

If your name is on the deeds with your fathers then, if they can prove the debt then they can get it sold

As I said to do it properly they need paperwork, ot really depends on what sort of people you borrowed from


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## random? (5 Sep 2011)

my name is on the deeds,and they were friends,my friends wife has recently lost her job,so that is why they need the money asap,now that the collection agency are on board,i cannot contact my friends,i am hoping that the debt collection agency have bought the debt,but i think that is unlikely.mabs have agreed to contact the debt collectors on my behalf,as i cleared other debts through them and i never missed a payment,so i am hoping they will go for that,heres hoping!and thank you for taking the time to reply.


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## Panacea (5 Sep 2011)

random? said:


> i actually own my house,my insurance company cleared my mortgage when i was diagnosed with c .....


 
I am hoping that maybe you can expand on this a little either here or by private message as I have a sibling who was diagnosed earlier this year and the outlook while unclear does not seem positive. Is there a particular clause in your policy that triggered the underwriter to clear the mortgage when you were diagnosed as this would certainly provide her with more options in the event that she remains unable to work and her employer eventually has to cease paying her in full. I understand completely if you are reluctant to elaborate but even if you can point me in the right direction I can start the process with her.

Hope everything works out for you.


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## wbbs (6 Sep 2011)

I would imagine the OP had critical/serious illness cover as well as life cover in their policy, this would explain how mortgage was cleared.


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## Bronte (6 Sep 2011)

Random are you sure you cannot talk to them?  Have you explained to them you have the big C and that you only have the dole as an income?  If you own your home outright (this is not clear) could you transfer a percentage of it to them as you do owe them the money?


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## random? (6 Sep 2011)

have offered,they need the cash..screwed!


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