# machines repossessed ,



## honeymonster (10 Nov 2008)

just had machines repossessed now leasing company is looking for 80k to make up the value between the machines and there sale of them , dont have money to pay them , only have my family home and mortgage

what do i do


----------



## bond-007 (10 Nov 2008)

Contact a solicitor. How is there an 80k shortfall? They must have made no effort to get a fair price.


----------



## ninsaga (10 Nov 2008)

Check your lease agreement also - are you anyway indemnified from paying cost diff on resale of machines in the event of non payment?
Irrespective - you'll need legal help here as per prev poster.


----------



## Raskolnikov (10 Nov 2008)

honeymonster said:


> just had machines repossessed now leasing company is looking for 80k to make up the value between the machines and there sale of them , dont have money to pay them , only have my family home and mortgage
> 
> what do i do


Do you have a limited company set up? If so, liquidation should not affect your family home. Your company however will be wound up and any assets remaining will be used ot pay the leasing company.


----------



## Silvergirl (10 Nov 2008)

You should give MABS a call. 

They should help you deal with things like flexible payment arrangements for the short fall and give you advice on protecting your home.

Very sorry to hear about your situation, but things will only get better.

The banks probably off loaded the machines at a ridiculous price. 

Surely this is another area where government need to intervene and reel in the banks for seriously unethical behavouir.


----------



## z109 (10 Nov 2008)

Silvergirl said:


> Surely this is another area where government need to intervene and reel in the banks for seriously unethical behavouir.


The bank/finance company has a loan to the OP for the purchase of machinery. The payments on the loan were not made. The bank/finance company reposses the machinery and sells it at the best price they can get to recoup their loan. I fail to see how this is unethical.

honeymonster, I think legal advice as to the terms of your agreement with the bank/finance company is the way to go. Even if you gave personal guarantees, they cannot take your family home away as I believe it would be unconstitutional (if you have family living in it). Whether the agreement was with you personally as a sole trader or with a limited company is also important. So if you can post more details, it may help other posters with a legal background (I have none) give you some more advice.


----------



## bond-007 (10 Nov 2008)

It would be unethical if the bank sold the lot for a tenner. We don't know if they did this.


----------



## mf1 (10 Nov 2008)

Folks 

Can I just make the point that it is virtually impossible to give any real advice in these cases? The only advice anyone should give is to advise OP to seek proper legal/accountancy advice, based very specifically on the particular circumstances.   

I don't believe it is at all helpful to make comments that hint that the leasing company probably did not try very hard to sell for serious money - no-one knows what happened.

Silvergirls comment about reeling in banks for unethical behaviour is just downright silly. 

Yoganmahews comment on the family home is just wrong: in these hard times, lots of chickens are coming home to roost and people who overextended themselves or find themselves in financial difficulties have to face up to hard facts. Family homes are assets - thats all - they can and will be taken to pay off debt. Be under no illusion in that regard.

mf


----------



## z109 (10 Nov 2008)

mf1 said:


> Yoganmahews comment on the family home is just wrong: in these hard times, lots of chickens are coming home to roost and people who overextended themselves or find themselves in financial difficulties have to face up to hard facts. Family homes are assets - thats all - they can and will be taken to pay off debt. Be under no illusion in that regard.
> 
> mf


Goodness. Thanks for the correction. I understood it was unconstitutional to take the family home where children were living there, but I guess with all the cases for repossession based on mortgage arrears before the family court, it does look as if it isn't (not doubting your legal experience, mf, just shocked that this is the case).


----------



## mf1 (10 Nov 2008)

Hi yoganmahew

I'm sorry if I sound(ed) harsh but its just one of those urban myths that "they" (banks, creditors etc.,) cannot take your family home. Like unmarried people regarding themselves as "common law" spouses and assuming that they have certain entitlements, its based on nothing. 

I have nothing but doom and gloom in my office at the moment  and my advice across the board is (a) take proper advices (b) accept that things may very well be as bad as they are ( thats a hard one - lots of people cannot accept that that is the case) (c) cut back on non essentials (d) call in the experts and deal with the problem. 

mf


----------



## mercman (10 Nov 2008)

mf, you are so so right. Silvergirl, what planet are you on ??  am no lover of Banks, but in the same way as the OP asked for a loan, the Bank are now asking for repayment. This is called risk minimising.


----------



## z109 (10 Nov 2008)

mf1 said:


> Hi yoganmahew
> 
> I'm sorry if I sound(ed) harsh but its just one of those urban myths that "they" (banks, creditors etc.,) cannot take your family home. Like unmarried people regarding themselves as "common law" spouses and assuming that they have certain entitlements, its based on nothing.


No apologies necessary (to me anyway) - like taxes and death, a certain amount of bluntness is called for. As you say, it is bandied about and taken as face value that the family home is sacrosanct. That it is not the case will come as a shock to many people and should be known more widely.


----------



## cjh (10 Nov 2008)

Can they still seize private assets when a limited company goes broke?
I have read the mf1's post, but just looking for clarification as it's a long time since I did Business Studies in the Inter!


----------



## bond-007 (10 Nov 2008)

If a limited company, no they can't.


----------



## extopia (10 Nov 2008)

cjh said:


> Can they still seize private assets when a limited company goes broke?
> I have read the mf1's post, but just looking for clarification as it's a long time since I did Business Studies in the Inter!



The only answer is, it depends. It's not unusual for a loan to a company to have a personal guarantee attached. Translation: director's personal assets at risk.


----------



## MugsGame (10 Nov 2008)

Only if personal undertakings were given for bank loans (or the limited company protection is lifted by a court due e.g. to reckless trading - don't think this has ever happened in Ireland.).


----------



## bond-007 (10 Nov 2008)

True. Most banks won't lend to limited companies without a personal guarantee.


----------

