# notified by the bank to close up all the accounts within 21 days and pay off balances



## in_bad_debt (21 Apr 2009)

Hi, 

I have just been notified by the bank to close up all the accounts within 21 days and pay off balances. 

The only problem is that my salary is €15,000 and I have a mortgage plus two kids to feed and abut €70,000 in loans. 

I am losing my sleep over this and don't really know what to do...anyone went through the same and can you offer any suggestions?

Much appreciated.


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## lawdable (21 Apr 2009)

*Re: Debt Collection agency*

ibd: Talk to http://mabs.ie as soon as possible.


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## in_bad_debt (21 Apr 2009)

*Re: Debt Collection agency*

i did one year ago, and there was an agrement set up with the bank since last year, but the bank now decided that they are not going to wait any longer and i cannot pay them, i just don't have any money. mabs is saying that there isn't much i can do, i have to let it go to court...i am very afraid, never been on this situation in my life.


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## ajapale (21 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Split from another thread and moved from  Askaboutlaw to  Banking, Borrowing, Budgeting and Credit Cards.


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## Vanilla (22 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Have you kept to the agreement that was set up last year?


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## Complainer (22 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Is the 70k debt a business debt? Is it secured on your home? Have you any other assets?


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## in_bad_debt (23 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Hi Guys,thanks for your posts. the debt is a result of a business (partnership) that closed off with huge losses. At the same time I have lost my job (redundancy) as well. I used the money from the redundancy against the debts and then was unemployed and with huge debts. got a job paying 17500 per year last year and took it as it is not easy to get a job in our days. since then, have been on agreements with the bank, i never failled any payment,in fact, I am proud to say I never in my life missed one single payment. ..and that's probably why i can't even sleep any more. BOI has decided descontinue the agreement and gave me from 10 to 21 days to clear balances. the house was never used to secure any loan.they are now telling me that if i don't pay,they will get an order from a judge and will make me sell the house. I do not have the money, i hardly make enough money to pay the groceries every week....i don't know what to do! if you have any suggestions pls help me.


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## Brendan Burgess (23 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

that is very odd. 

You should write a letter to the bank setting out your position very clearly. 

That you have an agreement and that you have adhered to it. 

That you are doing your best but you are unable to clear the loan until your economic situation improves. 

They will have to get a judgement against you.

Then they will have to register it against your home. 

It is very unlikely that a judge will give them a repossession based on what you have outlined. 

Brendan


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## in_bad_debt (23 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

to clarify my current salary is 19.000 but i am working on reduced hours because of the current climate, my actual salary is about 15000year. i sold everything i had during the last year including coffee table , the only thing i still have is the beds and ele. appliances. also have an 06 car but it is not paid, tried to sell it but the money i will get won't even pay the loan, so i will be walking and paying the car, also, I have 2 small kids, really need the car to take kids to creche and  to work


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## in_bad_debt (23 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Brendan, i know it is so odd, that i hardly can believe it myself! i went to the branch where my account was opened today and asked to talk to the manager, she had a very extensive look at all my accounts and then she started laughing and said - ahn,...this is ridiculous, leave it with me, nobody is closing any account, you have very credit rating, leave it with me. I left the place with a big smile thinking why did i not asked to talk to this person before? less then 5 minutes later, she called me from her personal mobile and told me she couldn't get involved, my case was very serious and that i should move very fast or I won't even be able to open up an account in Ireland any more....when i asked why, she said BOI recovery is dealing with the case and she cannot get involved.?!...si i spent the all day shopping around for another bank, i have decided to open up an account with an post and am really scared! it really looks like they can do whatever they want and whenever they want.


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## Bronte (24 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Are you saying you kept to ALL the scheduled payments and they are still demanding you pay up forthwith ?  We seem to be missing something, can you afford to pay all debts that you have on time each month including the business debts?  Were you late with even one payment?  You must have a low mortgage is you can pay that plus repayment of a debt of 70K with a salary of 15K.  Can you claify exactly what help and advice MABS gave you?  If you give a more comprehensive outline of the events and the debt you will receive better advice.


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## gallogly (24 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

I am assuming that you have been keeping up your side of the bargain with the bank and that you have opened another bank account as advised.

We (i.e. the Irish tax paypayer) are bailing out the banks and now it sounds like your bank is shafting you. 


Get on to every TD in your constituency 
Get on to every elected county councillor in your locality
Get on to your local paper(s)

In this climate especially, the banks cannot be allowed to behave like this if you are keeping to an agreed schedule.

I can't believe that MABS has said there is nothing you can do. This is outrageous.


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## Luckycharm (24 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Mabs can make a suggestion but it is up to the supplier/bank whether they accept it or not- it is not legally binding.
It looks like you have made every effort to try and clear your debts and not ran away from the problem. Is your mortgage in your name alone or with a partner. What they can do is get a judgement against you, they will probally go for a judgement order- if it is a family home there is no way a judge will kick you out but if you sell it in the next 12 years if after the mortgage is cleared you will have to pay off this debt. 
The bank can also go for an installment order if they do make sure you turn up in court to plead your case- if you show you have been doing all you can - the judge will only make you pay what you can afford. If you do not show up he can make you pay any amount he feels like.


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## in_bad_debt (24 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

ok, there's the details:

salary:19.500y but taking 1 day off every week (parental leave)= between 15 and 16.000
mortagage= small mortgage (thank god) 470/m - never missed a payment
debts from the business as follows:
37.000 + 11.000 (1180 +360 per month)-this is not a prob yet as they froze my savings against it,it will fee it until september this year.
18.500 - in arreas and under agreement 90 euros a month (never missed any of the agreed payments,currently 1500 in arreas
10.000 - over paid, paid over 4000 in 2008
cc - 5500, still in debt but all payments up to date

the 18.500 loan is the problem. they wanted me to put at least 1700 euros on the account this month and i don't have it so they issued notice to close off the accounts.

this is the truth, that's why i don't know how to deal with it, it is just riduculous!
and i am also proud of saying that I NEver in my life missed any payment , nothing at all. I have been their customer for about 10 years.

cannot afford solicitor fees, am really losing my sleep, found myself losing it completely over anything...I am losing it.


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## in_bad_debt (24 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Bronte, you are not missing anything in there. 

I have been fixing socks for the last 2 years an the only fashion brand known in this house is Pennys.

I have 2 trousers an 1 pair of boots that will have to last for another year. 

There isn't one day that I don't cry before i go to sleep.

I sold everything I had last year to keep up payments and now don't have anything else to sell.

I even sold dresses an coats!


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## Bessa (24 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Hi In bad debt, 

I always heard that banks are ruthless and this is a prime example of this. Could you get yourself onto a radio show to highlight this and embarrass the BOI. (BOI deserve this). 

I think they would back down.


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## colm (25 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

i think going to the media is a good idea. I couls see Joe Duffy loving that .


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## bleary (25 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Possibly open a credit union account, it would be good to build up a relationship with your local credit union .
Definitely second the call to a local councillor or TD, with elections coming up they may be very motivated. It sounds very odd especially the reaction of the local manager..


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## colm (25 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

I find it very strange thet it would be out of the hands of the branch manager.


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## Towger (25 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*



colm said:


> I find it very strange thet it would be out of the hands of the branch manager.


 
The local Branch Manager has no control over lending (except to deny it) and has not had for years. I know of one BOI manager who gave a small loan to a customer he knew for years, who was in trouble. The loan request was turned down, so he ended up covering it with his own money.


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## Bronte (27 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

I'm still finding it hard to get to grips with your loans and repayments.

I understand you are paying 470 monthly on the mortgage and 90 on the debt of 18,500.

Are you also paying 1180 on 37000?  Or do you mean that this is currently frozen and you will have to start paying 1180 from September.  This cannot be done on a salary of 15K.  

What does the 10000 overpaid mean?

It's difficult to give you advice unless we have the correct figures.  I know it's not easy but just try and do the figures again.


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## in_bad_debt (27 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

10.000 is the current balance, i have overpaid over the last year trying to finish with it. for that, i sold from furniture, clothes, 2nd car etc....you name it.
the big loans are being feed by a savings account that boi froze last year when we close the business, it's being paid every month from the savings and i will run out money in sept 08.
even though it is very difficult to understand how can anyone survive in so little money, i have done for the last 18 months as my partner was unemployed. all you need is will and good organization....now i cannot keep it any longer, kids clothes dont fit anymore and we haven't had a beer or any treat in more than a year,don't even mention going out...to be honest i don't remember when was the last time any of us went out...years...we dont drink, stpped smoking, and thank god, i have a very good family and a dad that once in a while gives me a 1000 or 2000 euros gift


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## Concert (27 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Son took out student loan which he didnt have to pay anything on for one year.  In March loan due for clearance and he then had option to re schedule which means he can pay back over another year.  Myself and OH decided to let him re schedule, to give him chance to be accountable for the loan and we would pay back half. He went to Bank, was told that is fine and I was to go in and sign as guarantor.  On day I was to go in got call to say arrangement had changed and loan had to be paid off in full.  Luckily we are somewhat in a position to do this but we are disgusted with treatment of BOI as I am a good customer.  Wrote a very strong letter to them outlining my grieveances.


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## skingtile (27 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

hi, in bad debt, wish i could offer you rock solid legal advice but cant, just life experience, do not sell any personal items, do not let this get you down to the extent that your mind will not function properly, the bank has not even brought you to court yet, they have given you an ultimatum that you can not possibly meet, it is of no benefit to anyone to persue this action. it is not a question of i cant aford a solicitor, it is a fact that you cant afford not to employ a solicitor, what you have posted is near enough a statment of means, show same to a solicitor,he will write to the bank and let them know that you are prepared to go to court , from what i know only a mortgage holder can go for reposession, if you borrowed only in your own name and the house is in joint names or if you have a partner that can show vested interest the house cannot be reposessed, pretty sure if it does go to court, that a judge will make an instalment order which could be way less than you are paying at the moment, you need a solicitor to tell you all this and put your mind at ease. you need a solicitor to tell the bank that you will go to court if necessary, they could and should in your case back down, if not you could end up financially better off with an improved quality of life for you and your children which you must give priority to.


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## in_bad_debt (27 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

thnak you. since the first post, i have now a much more clear view on this. i am taking the day off tomorrow and will do a bit of work from home.I am writting to the bank of ireland manager outlining the situation, same copy goes to MABS, and solicitor. i am closing the accounts as they asked and start dealing with An Post, and God knows what will happen from here....i have never been in court in my life, but if God exists I am sure he will help me from now on. thanks to all for your opinions and for helping me understand that i am not the only one.


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## skingtile (27 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

good man, let them know you will come out fighting, the banks dont relish hassle and bad publicity, especially when there cannot be any serious financial gain, good luck to you and dont let it get you down.


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## Nickbk1978 (28 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

I am very troubled to read your post - on the basis of what you have said it seems absurd, there must be something that you are omitting to say. I am very interested to know, what precisely triggered this demand from the bank to clear your debts within 21 days? I am a solicitor and am doubtful, that if you entered into a repayment schedule with the bank that you have been adhering to - that they would suddenly take this action. 

Can you explain precisely the arrangement that you had prior to their demand, how was it agreed with and also whether you missed or were late with any repayments?

My advice to you, quite simply, is to write to the Bank immediately. There is absolutely no point in phoning them or calling in to them and speaking to a customer services person who will not even give you their full name and the call will just be lost on the system. On top of this, if it does go to court, the bank will probably say they were not even aware of your efforts to call them. See who sent you the letter from the bank, and reply directly to that person, by registered post. This may seem slightly irrelevant, but make sure the letter is typed rather than handwritten.

In your letter - you should explain that you have debts with the bank of X - that you have been, on the advice of MABS, as the case may be, repaying X a month and that you have adhered to this repayment schedule and that you can pay no more than this - mention your family position with the children etc. Say that you received no warning from the bank until now to the effect that they would issue you with a demand for repayment if you did not alter your repayment pattern and say that there were no aggravating factors to initiate this demand. Say that you will provide a copy of this letter to the judge should the bank seek judgment against you to display that you have been in full communication with the bank and that you have tried to fully explain your situation and the efforts you have made to repay the loans given your personal circumstances. 

Say that you have also been advised to refer your case to the media as this particular treatment seems extremely harsh and something that should never happen. I would finish by saying that you want a response in writing, outlining precisely why this action is being taken by the bank so that you have time to consider and protect your interests.

As an aside, is your mortgage with the same bank that is seeking repayment? If not, and the loans are not secured, the other bank wont let them even sniff near the property unless there is significant equity in it, as they will have already registered a charge over the property so there is little use in them seeking judgment over the property.

I feel very sorry for the way you have been treated and I do hope things work out for you.


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## skingtile (28 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

well done,nickbk1978,the poster really needed that, as it does on the face of it sound totally unreasonable


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## mrsnocash (30 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

I am in a similar situation with BOI. I currently owe them 27k between loans cards and overdraft. Myself and OH are about 65k in debt in total as well as a huge mortgage. Both of us took paycuts etc and we wrote to the banks and explained and included financial staements and suggested repayments. MBNA, Tesco Credit Card & HFC Bank have all agreed to accept reduced payments but BOI will not budge. I keep getting the letters threatening legal action and the phone calls but on each call I explain that I'm aware that we'll end up in court and what more do they want me to do. They have closed one account and will be doing the same with our other two accounts. I've banked with BOI since college and have never defaulted on my loans, a few cc payments were late but that was it The difficulties that I'm having with my current account have always been there (overdraft is usually maxed out) but now that I'm having trouble with other loans they want rid of me and have told me to open another account in another bank.

At the end of the day what is the worst that the bank courts can do. I'm  expecting at the moment and due in Oct and I really can't cope with the pressure of all the letters and phone calls (although I have to say that some of the BOI staff are lovely when the talk to you on the phone). Do i just continue paying  them what i offered them  and worry about their solicitors and court whenever it gets to that point


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## Thrifty (30 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Have you considered whether you are getting all your entitlements. Have you considered Family Income Supplement, medical card (on hardship grounds etc). Start by looking at whats coming in. If your hours have been cut and you are working parttime have you maybe should be applying for Jobseekers benefit/allowance and /or mortgage interest supplement. I may have picked up your situation wrongly but on my calculation on a basic benefit payment you'd be enetitled to €391.90 per week (two adults/two children)which works out at €20378.80pa for a family of your size.


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## in_bad_debt (30 Apr 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

DEar Mrsnocash. I am very sorry to hear your story, I know the feeling and the worst on my case is that it is so ridiculous that nobody even believe me! On my case, with the help from MABS, i wrote to BOI Manager 2 days ago and I am now waiting for their response. On my letter, I included all sort of paperthat I have with me, from docs confirming the outcomings to balances and statements showing that i never missed any of the agreed re-payments. I have also asked for my credi rating from the irish credit rating bureau, it shows clearly that since 2003 I had several loans and Always paid them off before the termination date and NEVER missed one single payment in all my life.after this...i am not doing anything else, i will keep transfering the agreed amount and will wait for the day that they will send me to court.
hope everything goes well with you, think of yourself before thinking about BOI, its not easy to be pregnant specially when you already have kids, the last thing you need is health issues caused by stress.


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## lawdable (5 May 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

First, the legals:

In relation to the mortgage, which must be your main concern, their ultimate step would be to seek repossession of the mortgaged property.

The simple reality is that the Court won't countenance making such an Order if you don't have any arrears.

Continue making the payments as agreed and keep all correspondence with the bank in writing.

The irony on the non-mortgage loans is that if they get a judgment against you (since there's no assets for the Sheriff to take) they'll end up getting an instalment order from the District Court that requires you to make monthly payments in line with your means. Which is exactly what you're doing at the moment!

Depending on how well-documented your agreements with them are, it may be the case that you have a defence to any action they take for a judgment, once your agreed payments are up-to-date.

In short, don't worry!

Keep your payments up-to-date and it's unlikely they'll issue proceedings. They're really trying to bully you into repaying them at a rate you can't afford.

Hopefully in the meantime you can get a better / full-time job and clear up some funds for personal expenses.

If they do issue proceedings, let us know if you can't find / afford a solicitor and hopefully we'll get a volunteer here!

Second, the common sense:

You've really over-stretched yourself. It would probably really help if your family would take on one or two of the loans. If they could re-mortgage or (even better) make use of an equity release or SHIP, you could pay them back when you're back on your feet.

Let us know how you get on either way, and best of luck!


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## lawdable (5 May 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Mrsnocash, you're exactly right: pay them back at a level you can afford, just make sure you cover the interest and at least some amount of capital on each account.

If they do issue proceedings (which should be unlikely if you're starting to take a chunk out of their exposure), they'll just end up getting an instalment order for a monthly amount the Court feels you can realistically afford, which is ultimately what you want.

Again, keep your correspondence in writing. If nothing else, you can work out exactly who you're dealing with and cut off any calls by reference to the fact that you are awaiting a response to your most recent letter to X of Y date.


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## in_bad_debt (5 May 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Dear Lawdable
Many thanks for your words, much appreciated, somehow you are giving me some sort of hope. I had 7 missed calls on my mobile todays and 3 voicemails from the BOI after my letters last week. I am hoping they will leave me alone for another while after my last letters...I will keep you posted anyway.Many thanks


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## daves (6 May 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Just came across this and started reading and i honestly do not believe it! Its crazy that a bank can use these bullying tactics when you obviously are making all the right moves. Surely this cannot be correct in the current circumstances.
I hope you get sorted. best of luck.


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## fjgh15 (9 May 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Dont' lose heart, and don't lose hope. From what you say you are doing probably far more than anyone can reasonably expect. Indeed, it is possible that if you do go to court that you could end up with less repayments that at present. But I know that you don't want to end up in court of any kind.
Do follow the advice given already, especially by Nickbk1978 and lawdable. Keep records of any communication with the bank. Do approach any politicians you can and let them know about this. Don't be afraid - they cannot harm you if you have done all you can.
Please let us know any updates and events here as I know for sure a lot will be following this thread with great concern and enormous interest. Good luck to you and try not to worry. Take the best care of yourself and your family that you can.


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## Joody1 (9 May 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Do a budget and send it to the bank by recorded delivery so you will get a signature that they have received it.  Keep a copy also in the budget state your income and priority outgoings such as rent/mortgage utilities bills and cost of car for your job and child care and daily expenses such as food and clothing for you and your family and what you have left over to pay other non priority bills such as bank loans etc. 
Also check you credit file and see what is in that about you mistakes made by someone.  It is worth checking it.

If you are taken to court you can produce the budget and the correspondence that you have sent the bank and note of postage therefore they cannot say it was not received or lost. The will see that you have done everything that is human possible to assist the bank and they were completely unreasonable.  

Do not phone them or call into see them, do everything in writing and make reference in your letter when you phone them and called in to see them. 

I expect Bank will not take you to court as they will be losers because the bank will have to comply with the courts orders and you will probably end up paying them less then you are paying now.

Good Luck.


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## Joody1 (9 May 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Actually it is no big deal going to court and it will be to your benefit in the end but do everything in writing and keep records of it and send it by recorded delivery do not hand it into the bank record it and do a budget it is quite simple to do just like the one you would do for your household expenses.


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## donee (10 May 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

have you tried ths St. Vincent De Paul they will be sympathic and non judgemental they may be able to help with in some way . you said you went to MABS about a year ago am i right ,go back to them and update them on your current circumstances. go over to your local health centre and make an app to see the COMMUNITY WELFARE officer they might be able to give you some assistance. as Brendan said they the bank can only get a judement against your house which is only redeemable when you either sell the house or your estate. you also dont mention a partner remember a problem shared is a problem halved if you you have no one to talk to ring the Samaritans , their not only there for people who are in danger of self harm. remember banks have being doing this since they began your not the  first person to be in this situation and unfortuneatly not the last


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## Banksoharsh (12 May 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

hi i got home from work today and there was a letter from BOI stating that my account will be closed within 21 days also overdraft facility withdrawn and to pay off overdraft, this is the funny thing the amount i owe is 2746, i do not owe any other loans,no mortgage,have a credit card thats up to date.my account is in arrears of 2746,i contacted boi last month when i recieved their initial letter,due to the current climate i have lost some of my monthly incommings as i work for commision,however i told the girl on the phone i could pay 300 a month until it is cleared she said fair enough and i did pay it and have every intention of paying it every month,howvere i come home today and get this letter!what do i do i am 25 years old and only starting out and dont want to be blacklisted.why are they treating the people who ahve made them their profits for the last 10 years!its a disgrace,never kick people when they are down.very worried about this


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## AlbacoreA (12 May 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Sounds like BOI are in trouble if they are desperate to close accounts like this.


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## in_bad_debt (8 Sep 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Hi Guys
Just a quick word of update, since my last post, I changed to Post Bank who I am happy to deal with for say-to-day banking. Also went back to Mabs and begged for them to help me out and I wasn't trying to be smart, now I realize that I nearly "lost it" half a year ago. I always said people that kill themselves over debt are crazy...but I understand now, those are very dark days, I just got out of it, Thank God and Thanks to my beautiful kids that made me keep my head up every day. Also the support I got on this post was highly appreciated and needed.
Mabs took over the dealings with BOI, I am not talking to them anymore. I made an offer in 2 of the loans that is way less then I was paying before and the other 2 loans, I just cannot afford them now.They sent me to their solicitors and I am happy to see that theres no more letters coming into the door every day and no more phone calls either. I am much better now, I am feeling better, the family is better.
We are still living with little or no money, but we are not half stressed of what we were 6 months ago. My partner started working and slowly there is more money coming into the house.
I just want to say THANK YOU to all of you that kindly helped me throu the darkest phase of my life...
Thanks.


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## Dulceti0 (8 Sep 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Hi In Bad Debt, 
Its good to know that you are in a better place right now. Thanks for sharing your story and I would also like to thank all those who sent in words of encouragement and advice. You don't know how many people's lives you've touched with this.


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## senni (11 Sep 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Hi

But this is still happening..please look up thread under " senni "...they are doing it to my brother and he is really stressed, in your experience ...what should he do?

Thanks

Senni


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## bob quinn (13 Sep 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Hi all,

Three things to keep in mind re loan and mortgage repayments.

1. Code of Conduct on Mortgage Arrears; AIB and Bank of Ireland cannot take action to repossess your house for 12 months, on the condition you 'play ball' with them. The other lenders have given a 6 month commitment. Neither term is long enough given the current environment - it should be 24 months, however it's a start. 
2. You may be able to capitalise your arrears, add on loans if you have enough equity built up on your home, switch to interest only or request a moratorium (payment break). Otherwise, you may be able to find a 'specialist' lender that would bundle all your loans together. Caveat Emptor.
3. There might still be a way to go down the 'Seniors Money' route. If you have parents that are asset rich, but cash poor and are over the age of 60, then there is the possibiliy they can release cash through their home and pay off your debts. The nice thing about this is that there is no obligation to repay the debt until your parents pass away. However, I would suggest that this is not ideal as it may prove expensive over the long run. 

All these options should be discussed with a professional as there are many things to consider based on your needs and situation. 

Good luck in the months and years ahead. Email me if you'd like any other information on the above. 

Bob


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## in_bad_debt (14 Sep 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Bob, you do not pay loans with loans, thats one thing I have learn.If you have loans, negociate them but stop taking up loans.My opinion , of course.


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## in_bad_debt (14 Sep 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Dear Senni. I am very sorry to read your post, I didnt have a chance to read yet about your brothers post, i will later and will post you later....but as a general advice, which I apologize in advance if i am wrong, here follows my advice:
1) Dont deal with the banks directly, get help from Mabs. You take everything personally as you are involved, but mabs wont...obviouslly!-this way you wont get stressed.
2) never take up loans to pay loans, thats stupid...yep, thats the word. Thats what put me on the situation where i am at the moment
3) define priorities, and by that i mean, ood at the table, clothes for the family, morgage....and so on...
4)dont forget that no matter how bad your situation is, there is a lot of people in this world way worse than you, keep smiling, its good for the soul...and finally...
5) Live your life and pay as much as you can, you can only do as much...

hope this helps, thats what i am doing.


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## senni (15 Sep 2009)

*Re: notified by the bank to close up all the accounts within 21 days and pay off bala*

Thanks...this is happening to my brother and he just cant seem to see any light at the end of this tunnell.

I will get him to smile again,,,at present im keeping him talking


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