# Moving to NZ - can he just hand keys in.



## mcaul (23 Apr 2012)

Friend is moving to New Zealand soon with his family - its a minimum 3 years contract and will probably be extended, he also has relatives living there.

In reality, I can't see him moving back as his lives for rugby & golf and loves NZ.

Over here he has house in a rural village with circa 300k mortgage and considering its really nowhere near any major population centre, 10 miles from main road and not even in an area that would get a single tourist.

In today's market, the house on a good day would probably get 130k - 150k (about 2000sq ft 1 acre).


If he cuts and runs - is there anything in reality the bank can do?


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## p15574 (25 Apr 2012)

Presumably if the bank _can't_ effectively do anything, then it's the shareholder (or taxpayer, depending on the bank) who's left to pay the bill...

I get annoyed when people refuse to step up to their responsibilities and leave other people to carry the can.


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## 44brendan (25 Apr 2012)

> If he cuts and runs - is there anything in reality the bank can do?


He has nothing to lose by co-operating with the Bank. He may wish to return here some day and there is little point in leaving with potential for legal process to be taken. Presumption is that his house is in negative equity. If he contacts the Bank & lets them now he is leaving the country & is prepared to voluntary surrender the house in full settlement of the mortgage, then it is up to the Bank to accept this & if they don't, there is little alternative option for them.


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## bazermc (25 Apr 2012)

p15574 said:


> Presumably if the bank _can't_ effectively do anything, then it's the shareholder (or taxpayer, depending on the bank) who's left to pay the bill...
> 
> I get annoyed when people refuse to step up to their responsibilities and leave other people to carry the can.


 
+1 to do this, I plan to stay in Ireland for the foreseable future and pay my taxes, why should I have to indirectly, via taxes, foot the bill for people who think they can just run and leave their problems behind?


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## Pope John 11 (25 Apr 2012)

bazermc said:


> +1 to do this, I plan to stay in Ireland for the foreseable future and pay my taxes, why should I have to indirectly, via taxes, foot the bill for people who think they can just run and leave their problems behind?


 
Perhaps he/she has no other choice but to leave the country for work, due the collapse of the construction sector.

Perhaps you plan to stay, because you have secure employment.

Perhaps they already went to the bank and the bank refused to accept the selling of their house and accepting the debt write off for the remainder.

Perhaps the OP would not have been in this situation had it been for our incompetent government of the past.

Perhaps the bank loaned him too much at the very start, because they knew the risk would fall 100% on the house purchaser, and 0% risk on themselves.

Just perhaps.....


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## Bronte (26 Apr 2012)

mcaul said:


> If he cuts and runs - is there anything in reality the bank can do?


 
Well so far the banks don't seem to be chasing people who've gone to NZ or Oz, but we did have a guy in Bulgaria recently who the banks tried to serve a summons on.  So it's not sure he can cut and run.  The harder to find the harder it is for the bank to chase him.  Would be better to tell the bank he is leaving and them to allow him to sell the house or voluntarily surrender and maybe pay back the balance at the current mortgage interest rate and term or get the bank to write off the remainder.  This cuts down on amounts owing etc.

If he's cutting and running don't tell them which country. Anyway no doubt the Irish in NZ will be able to give him plenty of advice.


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## DB74 (26 Apr 2012)

What's next - people looking for advice on how to rob a post office or something similar

These sort of threads should be locked and deleted


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## Bronte (26 Apr 2012)

DB74 said:


> What's next - people looking for advice on how to rob a post office or something similar
> 
> These sort of threads should be locked and deleted


 
Well you look at it that way or you could say when we see the things going on in the High Court that ordinary people who have no money and cannot afford legal advice should have some help from somewhere. 

It appears to me that if you are very rich you can transfer assets to your spouse, make secret trusts, get paid thousands by Nama, carry on living in palaces and flying helicopters that there is one law for one set of society and another for the rest of us. 

Also I've noticed quite a few people on AAM stressed to the nines about debt, just look at the Kilkenny hurler, and a couple of months ago we had a man in a very bad state on here who we don't know what happened to so that's where I'm coming from. Many of the people on AAM don't know what to do.  Meanwhile the rich can do whatever they like and we're not allowed say a word in case there is a defamation action against AAM.


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## DB74 (26 Apr 2012)

Bronte, do you live in Ireland at the moment?


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## terrontress (26 Apr 2012)

Bronte said:


> Well so far the banks don't seem to be chasing people who've gone to NZ or Oz, but we did have a guy in Bulgaria recently who the banks tried to serve a summons on. So it's not sure he can cut and run. The harder to find the harder it is for the bank to chase him. Would be better to tell the bank he is leaving and them to allow him to sell the house or voluntarily surrender and maybe pay back the balance at the current mortgage interest rate and term or get the bank to write off the remainder. This cuts down on amounts owing etc.
> 
> If he's cutting and running don't tell them which country. Anyway no doubt the Irish in NZ will be able to give him plenty of advice.


 
Bulgaria is a member of the EU though, New Zealand is not.


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## Time (26 Apr 2012)

Having spoken recently to a Bulgarian lawyer he reckons that an Irish bank would have very little chance of seeing their money from someone living in Bulgaria. The legal system is not as bank friendly as the Irish one for starters.


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## Bronte (27 Apr 2012)

I'd be amazed too Time if they could get money from someone in Bulgaria. Maybe banks are on a fishing exercise.


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## AlbacoreA (27 Apr 2012)

bazermc said:


> +1 to do this, I plan to stay in Ireland for the foreseable future and pay my taxes, why should I have to indirectly, via taxes, foot the bill for people who think they can just run and leave their problems behind?



Because we choose to.


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