Irish banks getting tougher

[Bronte]

Sorry if this is long winded.

There seems to be quite a few people who are in financial difficulty due to their business closing down and people not realising that if they've given personal guarantees to the banks for the business loans that the banks can come after them for their homes.

Would it be better to advice people to just go bust and lose the house etc and just start again or to fight it, what's the point of fighting it. How can you ever win that one as you would just delay the inevitable and end up in more debt. It might be better to try and sell your home yourself, with the banks permission in order to increase the possible amount of money to repay, is there any sign of the banks actually writing off what's left of the debt when you have nothing.

How does the government moratorium (one year) on banks repossessing 'homes' come into this where some of the debt is business related.

Is MABS capable of advising people on this, they'd want to be very financially astute people in order to do this. What in reality does MABS do I assume it's to negotiate with all one's creditors to come to a monthly repayment agreeable to all.

Are the banks getting tougher, there seems to be a new tough approach. Where is the advantage to the bank of doing this? What would be the banks thinking?

 

[Bessa]

From a lot of posts i have read it seems that the banks are getting tougher on people, but i think that someone needs to get tougher on the banks. Bully boy tactics seem to be the norm with the banks lately, its a pity that the government gave them an easy run when they were stuck for money.

 

[cazmayo]

A friend of mine, lost her home to the bank after their family business went bust, when their main customer went bankrupt. She said that MABS were of no help to her, they are more suited to people with budgeting problems.

We have a business loan and since the business ceased, we have kept up the payments on the business loan which has been difficult. I have found them of no help and have shown no flexibility. Now my husband has had 2 paycuts and therefore they are going to have to re-negociate according to our reduced income yet again.

They make you feel that its your fault, you agree this payment and now you cant afford it. Well its simple maths, if your income is reduced, then you have to reduce the outgoing for your accounts to balance.

I have to say there is very little support for all the small business people trying to ride the cashflow train. You think they would accomodate business people, as we are very profitable to them we are presently paying 10% on our business loan!!

Cheers
caz