debt collection agencies buying out loans...

S

shootingstar

Registered User
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Hi All...

i must sound like a broken record... :(

if your a guarantor and u get caught to pay a loan (AIB Loan) can you sell the loan to a debt collection agency or instruct your solicitor to involve a debt agency to retrieve the full amount?

I was told that the D.C.A. will write to the person in question giving her 5 working days to pay up. if that person does`nt pay up they send someone around with a gentle reminder. if that doesnt work the solicitor or the D.C.A. can send in baliffs. is this right?

I know ive kinda asked "similar" Q`s in a previous thread and have brought up this topic before, so CM - no giving out to me!!! :p

really could do with advise on this. My OH is getting upset and it takes alot to upset him. im normally the one ranting.....

thanks all....

SS
 
Ok there are no real balliffs in this country like in the UK.

The bank can pass the debt to a collection agency to try and get the money by writing to you. They may mention they will send someone around to "pressure" you to pay but this will not happen. If the debt collectors get no joy then AIB will have to issue district/circuit court proceedings depending on the amount to obtain judgment against you.

At this point if the debt remains unpaid the bank can send the judgment to the county sheriff to seize goods to the value of the debt. This usually doesn't happen as there are limits on the type of goods that can be seized.

After that the bank can apply to the district court judge for an installment order to make you pay so much per week/month. If you fail to pay the bank may seek a committal warrant to send you to prison for non payment.

If you need any further information please PM me.
 
I heard in the past when they arrested debtors and brought them to Mountjoy the prison guards told them they had no space (as they only wanted serious prisoners and didn't want to be time wasting) and to take them right back home. Don't know if this is still true but I've never heard of anyone going to jail for debt unless it's high profile maybe and they had to take them in.
 
Did the guarantor have any written agreement with the borrower for repayment of the debt?
 
RainyDay said:
Did the guarantor have any written agreement with the borrower for repayment of the debt?
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he has a long long long contract signed, we tried reading it and dont really understand all the T&C...
i suppose all in all someone signing as guarantor knows the ricks but surely the person who agrees to go guarantor should have some sort of comeback??? hehe has teh money to pay back the loan but its upsetting him that hes been caught again with another debt for his ex-wife :(
i might ask him to call his bank manager and have him explain the T&C
 
Once you go guarantor you become liable for the loan if the borrower defaults and it is the guarantor that they will sue if the guarantor does not then pay.
 
Hi SS

Just a thought - if it is your OH's ex wife who has defaulted on a loan and your OH is paying any kind of maintenance / alimony - could he divert some portion or all of these payments to service the debt?

NB - I would definitely check with solicitor who handled the separation before doing this

cheers
Dicey
 
dicey_reilly said:
Hi SS

Just a thought - if it is your OH's ex wife who has defaulted on a loan and your OH is paying any kind of maintenance / alimony - could he divert some portion or all of these payments to service the debt?

NB - I would definitely check with solicitor who handled the separation before doing this

cheers
Dicey
Click to expand...


Hi Dicey...
My OH doesnt pay any maintenance. Child stays with us mostly. we take care of him. They havent agreed on the assets as of yet so it might work in his fav if he can show that once again hes picking up the tab for her. grrrr
 
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