Irish Debt

[Zoo]

I had posted a while back about my partners problem.

She used to live in Ireland and has since divorced and moved back to UK, there are now debts on the joint mortgage and due to where the house is it's still 50k in negative equity. The house will be repossessed at some point and her ex is threatening her that he will tell her employers that she will have an irish debt and possibly declared bankrupt over there.

Two things she works in the financial industry and something like that would mean she wouldn't be able to work anywhere in the industry. Could the Irish bank pursue her for the debts or would her ex be left to pay them

 

[so-crates]

Is there no option for her to address her debt problem rather than simply walk away and foist it on her ex-partner?

Forgive the language, it is difficult to have much sympathy for your partner, by walking away and forcing her partner to deal with her outstanding debt she has put them in an untenable position, which is probably the reason that they are threatening to expose her.

The banks can attempt to pursue her but they are unlikely to at the moment. Obviously chasing her will be more difficult for the banks than chasing her partner still in Ireland. In all likelihood that person is currently under severe strain due to being chased by the creditors. If, however, the ex decides to bankrupt themselves (and that may be the only option open because they have been abandoned to carry the full burden of the debt and deal with the creditors) then she would probably become fully liable for the whole debt (depends on the contract but generally it is jointly and severally liable) and the bank may then decide it is worth their while to chase her down if there is a chance that she has an income to repay it, despite her being in another jurisdiction.

 

[44brendan]

This is a major issue for anyone working in the financial sector. She will need to immediately inform her employer of her financial difficulties. I cannot stress this too much as this is a condition of employment for the majority of us working in the sector. Reporting this issue will not be a risk to her employment but it is mandatory to do so in Ireland and I presume in the UK.

 

[epicaricacy]

Why not sell the house and crystallise the negative equity - before using a PIP to arrange a lump sum payment. Anthony Joyce & Co. can sell the house on your partner and her ex husband's behalf (solicitor fees and auctioneer fees will be absorbed by bank. AJ can then organise a lump sum PIA (irish equivalent to UK IVA) or (preferable) an informal lump sum arrangement with the bank. Irish banks are interested in voluntary sale arrangements as opposed to repossession. I would recommend being proactive!!!