Key Post Court procedure for debt cases

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The recovery process is not a vendetta by banks to "get people". The main conern of Bank recovery staff is to maximise the return to the Bank of the outstanding amount. In a position as mentioned by you the Bank have a perception of a client who has been totally uncooperative and to date they appear to have recieved no response to various letters etc. In that scenario Banks tend to take whatever action is necessary to recover funds & this may well include progressing through the Bulrarian Court system (albeit that this may end up getting them no return). If I was to offer advise, it would be to write to the Bank and fully advise them of your financial position (ie. you have nothing to offer them only the sale price of the properties they hold as security).
 
At what point does a bank throw their hands in the air and realise the horse cannot be flogged any more?
 
do they eventually get their pint of blood?

Hi I have judgements of 20000 registered against me bank and credit card from a failed business and I now have revenue chasing me for 55000 (20000 )of which is interest and penalties .. If this was also registered against my property and I wasn't able to pay off debt but eventually cleared my mortgage(25 years left)
and then was to die 2 years later would my house then be sold and proceeds pay off debts which would be now huge as interest on bank judgements is 8% alone or would my kids get to keep the house.
 
Hmm.. In my case that might come sooner than expected. The money I have spare to chip at my debt I fear is not going to keep the visa people happy. Based on the current position I am in, projecting no change in income, I would expect to be paying this off for at least 5 years or more. Despite it not being that big (€7.5k). The annual interest alone will further hamper denting the bill.
 
Sadly a charge or Judgement mortgage must be paid before any funds are given to the seller. That also goes for any revenue owed.
Whenever the house is sold or inherited, the man will be there for his money.
When there is a judgement against the house, the debt does not die with you.

Speaking from person experience, when Probate (the legal process dealing with your estate), the forms pass under the eyes of the revenue to make sure it is clear of such things like taxes owed and charges/judgements/liens.

But do seek sound advice from a solicitor. Other threads deal with the length a judgement can run, which is 12 years.
44brendan and time appear to be the boffins on the subject which is getting airplay on the thread 'how long does a judgement last'
 
Thanks for your reply but my worry is that in 27years this is still there now a huge amount why pay mortgage at all? when we will pay our mortgage and the interest on that to eventually pay bank and revenues interest on our death and not be able to even leave them the house or would they be able to keep it if it wasn't sold.I mean do they ever give up..I know the debt is my own fault but it surely is the bigger responsibility of both the bank and the revenue who after all are really the bean counters from the finance department who nearly overnight turned my successful business into a loss making one and also got me to hold on for longer than i should have due to there "soft landings "and lies about how bad things really were.i feel people like me have to now really now look after themselves and pay as little as possible to banks and revenue ideally nothing at all..
 
Please refer to a solicitor on this issue. In law AFAIK in law a judgement mortgage will be statute barred after a 12 year period. I.e. If the holder takes no action within that period then the JM becomes unforceable. From previous experience working from the perspective of a holder of a JM we have been obliged to remove the JM from a property that was sold after the 12 year period. However, this is a complex area and I would advise you to contact a solicitor on the issue.
 
I hear you buddy. I'm in a kind of similar boat. The best thing you can do is be honest with yourself and the people you owe money to. The revenue will do a deal with you if you pitch your case well and are genuine. What's the point of asking a man for 75k when the reality is your are only ever at best get say 20k. I have found in my case knowledge is power, thanks to the good souls who know there stuff on this board.
If you don't pay you mortgage you loose you house. Surely even after your debt are taken you or your kids will be left with something? Something is better than nothing.

First and foremost is keep the cool and get busy with some sort of plan. Your not in the ground yet.
Kudos to 44brendan and Time. Your input is to the point
 

44Brendan, i much appreciate the time you are giving to answer my questions. I have in the padt been very cooperative with the bank but they were less than cooperative with me. I offered various suggestions on how we could work things out at the time but they refused every suggestion and were totally inflexible. I communicated with them as frequently as they did with me and more often than not, i pushed for further communication (documentation to prove). I gave them various methods to correspond with me but 18 months ago they stopped all communications and i havent heard from them since. I will take on board your advice to write to the bank re my financial position but i cant financially afford the legal route. If i write and then they advise that i must deal with their legal team and attend court, am i not then screwed. I have no problem painting my financial picture and offering to give them possession of the properties but if its court, then they can just go through the legal process and get possession without me. Not sure what you think of this and what the bank would think.
 
Unfortunately many Banks can be less than professional in their dealings with clients. This is probably due in many incidences to incompetence and lack of direction rather than any malevolence by the Bank. Send then the letter now advising of your willingness to co-operate and outlining your financial position. After that the ball is in their Court and you have no need to concern yourself about any potential Court action in Ireland. Ideally you should send all correspondence by registered mail to keep a record of what was sent.
 
That kind of is my point my house is not really my own until I pay for it and if it was then only to repay debts it seems like a lot of paying for little return.I know I need a roof over my head but there are other means like renting a lot cheaper or ironically maybe affordable housing (let them carry some of these costs ).Thanks for the advice Brendan I have appointment made .I suppose for me I made mistake of trading as a sole trader and now Im going to pay for it but I really want to try restart in business in 2 or 3 years while I feel all this will stop me forever more.
 

44Brendan, thanks again. Its a pity all bankers couldn't follow in your footsteps, logical and professional. Thanks again.
 
What is the order of Enforcement with a Judgement
We know about prison, stubbs, installment order, judgement mortgage and another item which was on my solicotors letter - full financial disclosure.
Not sure how they see that as threatening. All I seem to do is disclose my financial situation from week to week.
So lets say they bring you to court to enforce the order. Do they go straight for the jugular and request a judgement mortgage as 'time' has written elsewhere.
Or is the sitting judge going to listen to the details and be reasonable? Of course they would do the prison thing if they think you have money and are just being a smarty pants. But what of genuine conditions?
 
They don't go to court to get a JM. They simply register it against your house. It is automatic.
 

44Brendan, i wrote a letter to the bank last week and explained my financial position or lack of. I dont believe the court clerk in Bulgaria has been back so i presume that the court in Bulgaria has informed the court in Ireland that they cant contact me. In my letter to the bank, i attached a statement of affairs and explained my difficulties. I put my fone number on the letter and as they have my address they can write if they wish but no registered letters or legal letters though. I guess there intention will be registered legal letters. If so, it will be my last attempt to work with the bank.
 
44brendan said:
You have done what you can. It's up to the Bank to make the next move.
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44brendan, the bank solicitors have called me and left a message on my phone asking that i call them back. I know they will want me to verify my address and ofcourse the call will be recorded. I presume once i do this it will be another legal letter and this time they will be able to use this in court to say im avoiding them. What should i do?
 
What difference will it make to you if they have your address and if they record the conversation?
 
Any court decision will be based on the merits of the Bank case and not based on whether you are avoiding dealing with the Bank solicitors. You have nothing to lose by calling them back. If they record the call, what difference will that make. Anyway it would be unethical of them to record a call without advising you first that they are doing this.
 
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