BOI after me, can they touch my UK acc
I may be posting this in the wrong place, it is my first post.
I have a question regarding BOI in ireland. About 5 years ago I bought an old property which i intended to develop. It cost €270k . I paid down €100k and borrowed €170k from BOI.I have paid off €10k off the loan but with the last 2 years I have only been able to pay a little more than interest every month.
The property has lost over 75% of its original value and now the bank are after me for more security. I don`t own any other propery in Ireland. Currently my wife and I are renting a house to live in. I recently sold my home at a giveaway price and the money is in a UK bank acc, which I have had for years.
My question is ; Can the BOI get their hands on the money in the UK bank acc and put a charge on it.(freeze it)
Also, all the time I am paying the Interest on the loan can they repossess the property.Would I be better off to stop paying and tell them to take it back, as ultimately that is what will happen anyway.
All help appreciated.