Maybe it is MABS I need to speak to because soon it maybe that my family and I wont have a roof over our heads.
UptheDeise, thanks for the advice. Regarding your question about how I got into this mess, I suppose I'm no different to most working class irish people, I did what most people did, looked at investing, got handed money from banks easily and now with the crisis hitting so hard, it is just impossible to meet (capital and interest) payments right now and the banks that were so willing to get money out the door, now dont want to know and dont even want to give people like me breathing space. I really dont know what their intentions are because soon a large proportion of Irish properies will be repossessed by banks it seems and what happens then? Do banks start to collapse having repossessed such a large stock of overvalued property and who then takes over the banks assets thereafter...foreign banks and then where does it go from there. I just can't understand the thought process of the banks...I want to pay money to them (interest only) but they wont accept, they want capital and interest and I just cant afford it right now...it just amazes me. I am certainly not refusing to pay but I need time to get things sorted.
I have a mortgage on a property in Ireland and have other borrowings which are all in arrears now. I spoke to the bank prior to my situation worsing and asked them for a period of interest only on all borrowings. They refused without any explanation. Most of my borrowings are for property abroad. The borrowings abroad have been used to purchase property through Special Purpose Vehicles (stand alone companies) of which I am a shareholder. What can the Irish banks do in my situation. Can they repossess the Irish property, can they lock on to my shareholding in the SPV's. I need to understand the precedence and the powers of Irish banks on foreign assets and shareholdings. I'm sure this is the same for many Irish who have foreign property. Any advise would be greatful
...Regarding your question about how I got into this mess, I suppose I'm no different to most working class irish people, I did what most people did, looked at investing, got handed money from banks easily and now with the crisis hitting so hard, it is just impossible to meet (capital and interest) payments right now and the banks that were so willing to get money out the door, now dont want to know and dont even want to give people like me breathing space. I really dont know what their intentions are because soon a large proportion of Irish properies will be repossessed by banks it seems and what happens then? Do banks start to collapse having repossessed such a large stock of overvalued property and who then takes over the banks assets thereafter...foreign banks and then where does it go from there. I just can't understand the thought process of the banks...I want to pay money to them (interest only) but they wont accept, they want capital and interest and I just cant afford it right now...it just amazes me. I am certainly not refusing to pay but I need time to get things sorted.
Sunny, thanks a million for your direct response. I agree with your comments and advise.
Yes, I really need to get good advice but as I haven't lived in Ireland for the last 8 years, I'm not too sure who I could talk to regarding these matter. Is there anyone who could be recommended and who is versed in this area.
Much appreciated advice.
No, not at all..I want to work with the banks but the banks are unwilling to work with us. We have offered various payment methods but the bank are only willing to accept their terms and we cant meet these terms right now. So if anything, the Irish banks are defaulting on their customers and putting us into very difficult / bankrupcy positions. As I'm sure you will agree, no one wins, and now especially the people of Ireland who are going to take on all this debt...its an absolutely disgraceful position for the banks to take...its obvious that the bank decision maker have absolutely no understanding of their actions and the impact on the country...mark my words. The sooner the government clears out the bank decision makers and recruit professional business executives, the better.It obvious the banks are rotting with poor and bad management.
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.
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