In Arrears with bank loans

I fail to see how a change of bank management will help you in your non payment of your obligations?
 
Its obvious you dont understand how the banks have worked and are working to sort out the financial situation. In business you work with people and give a little / take a little. The banks in this country headed by weak incapable management have absolutely no idea how to solve the financial crisis hence a change in management. I dont know if you are in business yourself or an entrepreneur, so you may not fully understand the bank procedures and the position they are taking...its certainly not good for irish business and for the irish people. Remember its the banks that have got us all into this situation and now they are not capable of getting us out of it. As for non-payment, you dont seem to understand my position which I have explained above. I have and am not refusing to pay. Simply I need the terms to be slightly changed so that I can pay but the banks are not being flexible and at the end of the day, you can't get blood from a stone. I only hope they will come to their senses soon.
 

The banks are under no obligaiton to accept interest only payments as I am sure you are aware of. Will time fix your problems? Have you gone into the bank with a plan of action showing how if you pay interest only say for 12 months, that you can dig yourself out of this.? Or is it simply a case that your hoping that things will pick up in the next couple of years. I'm assuming by the way that these are buy to let properties rather then properties you were planning on flipping for a capital gain.

Problem the bank faces is that the liklihood is that the asset that is used to secure the loan(ie the property overseas) will be worth less in 12/24months times then what it currently is. Therefore unless you are presenting a strong plan to rectify your situation, why should they take that risk?. It may be the best option for them now to cut their losses then settle for less down the line
 

Just to check, you have
- a mortgage (s?) on an Irish property (properties?) in arrears
- unsecured other borrowings from Irish banks in arrears used to buy property abroad?
- unsecured? or secured? borrowings abroad?

I think Sunny has answered your specific question regarding banks repossessing foreign assets. But I am not sure what your borrowed profile is. From above is sounds initially as if you have sizeable borrowings from Irish banks, unsecured and used to buy into foreign property via SPVs? But then you refer to borrowings abroad - so I am unsure as to whether you have money borrowed abroad as well.
Is there a specific debt that you are worried about? Is it a case of you are worried about losing your home because of your unsecured borrowings or losing your foreign assets on the unsecured borrowings?


On what loans did you look for interest only repayments? On the Irish mortgage only or on unsecured debt? What did you put together as a potential time line for repaying the capital? Did you have a business plan indicating how your approach to your business (because this is or ought to be a business)?
I must say I disagree with your assessment to some extent. I don't think anyone can deny that the banks have been foolishly "generous" in their disbursement of cash to all-comers (or near enough) but essentially we have a duty of care to ourselves to ensure that we do not borrow well beyond our long term ability to repay. Their business is to sell loans, it is their bread and butter and they have been very good at that. Too good, some would say, but we have to be good at our own business. Plenty of people didn't engage in leveraged speculation, most just borrowed for their own home, even if that was overpriced. I doubt that a "large proportion" of Irish properties will be repossessed, larger perhaps but it isn't likely to suddenly be 50% repossession rate.


I think perhaps you need to start with your solicitor and a good accountant. They may be able to point you towards a specialist in this area.



Okay, I am going to say it, your posts strike me in a few ways. Firstly you seem to blame the banks for your position. You refer to their practices but do not acknowledge the part played by yourself. You seem to refer to yourself as almost an ingenue being led up the garden path by the suave bank. You responses are also quite hostile and dismissive where someone has questioned your actions or viewpoint in this. I appreciate that you are stressed and angry and from your perspective it will add very little value to go into the details. I'd tend to agree, your question was quite specific (if a bit confusing). The answer has been given. But nonetheless I think telling people they don't know what they are talking about as a response to a question that someone has taken the time to think about is a bit rude.
Secondly you say "the terms to be slightly changed" in reference to going from full repayments to interest only repayments. What you are doing there (and elsewhere through your posts) is attempting to talk down and minimise the significance of the change you are looking for. You are choosing to view it as a minor adjustment for them because it is convenient for you. In reality, especially for unsecured loans, it is a significant change to your repayment terms. Even in the "good times" there would have had to have been a reason for you to do that on a secured debt and little or no chance of doing so on an unsecured debt. Unless you are willing to understand their position and argue from there you aren't going to win. Lambasting the current management and railing against the past behaviour of your loan providers will do no good. New management in the banks will not look any more kindly on your position.
The third thing is that from your posts I am guessing you are saying that you can afford interest-only repayments on all of your debts? Will this continue to be the case over the medium term? Will you be stretched to meet that? At which point do you envisage that changing? Are you at the mercy of interest rate changes?
 
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