They never gave any consideration or assessed to my ability to repay the capital and interest on the loan.
They have not replied to my numerous letters in relation to the account.
They kept piling on interest to the loan after I had notified them in writing that I was in financial difficulty.
Brendan,I would say that they gave roughly the same amount of consideration as you gave to it.
And what are you saying in these letters? You have an interest only loan. There isn't very much to be said.
Surely they know the Irish law? Once someone notifies them that they are in financial difficulty, the Credit Union must stop charging interest and convert the loan into an interest-free loan.
Brendan
I think the sarcasm passed over your head GerryAre you sure about {must stop charging interest} etc?
I think the sarcasm passed over your head Gerry
How can you say they never gave any consideration of your ability to repay capital and interest. To me, it's quite possible they did on the basis that there was actually a plan for repayment once the property was sold. The fact that the plan didn't work out doesn't mean they didn't consider your ability as you first post suggests that when you took out the loan, you had the ability to repay it. You are not the first bad debt a CU has had due to changes in circumstances.
Having said that, it was perhaps a more risky loan for the CU to give but back in the boom time, some CU's seemed to have notions and think they were proper banks
Did they take a lien or security over the property in question or is it an unsecured loan. ?
Is selling the property now an option and doing a deal with the CU to write off the remaining debt.?
Tom, irresponsible lending is unfortunately not recognised in the courts. Have you considered a personal insolvency option such as Debt Settlement or Bankruptcy? Have you considered contacting MABS for advice?
Ahh, now your making sense, you want the loans to go away but you hold onto your assets ....have your cake and eat it ....you are moving into the realm of Freemen of the Land and related loonies .... they might even do you a good deal on some magic beans!I have considered both, with bankruptcy being the most attractive as some lenders don't seem to be too interested in Debt Settlement arrangements. (I have spoken to a PIP) But I'm self employed, so bankruptcy isn't that easy in terms of what assets (10,000 max I believe, including household, car, work equipment etc) I can hold on to.
Did you read his posts? Clearly not .... He has already investigated the insolvency route and clearly doesn't like the downside of getting his slate wiped clean i.e. losing his assets (he wants to hold onto a lot more than €10K of assets it seems). He came on here, already armed with his insolvency options, essentially looking for advice on having a case for reckless lending on the part of the credit union being an excuse for wiping out the debt....that has more than a passing whiff of Freeman about it ...or having his cake and eating itCU Manager,
Your comments are not helpful and using CU Manager to make such sarcastic comments gives a poor CU impression.
You come across like a (banker) not a CU Manager.
Tom 2458 may indeed be a scrounging twit ,
If he is then to hell with him !
If not,
He is in a poor position and obviously not well versed in Finance.
I do not see him holding his work tools etc up to k10 as (having his cake)or moving into Freeman territory.
If he ain,t got funds/resources to pay and he is being honest with AAM ,then why harangue him ?
Anyone of us can end up in Financial Purgatory.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?