Nothing in the short term. It will sit there for 12 years. So if you sell your house in those 12 years they will get paid from the sale proceeds after any charges ahead of their JM are paid.
May I ask how much the debt is roughly.
Thanks for clearing that up Time,
I was reading through various sites (Citizens information & other legal sites) and trying to make sense of legal lingo and I was instantly thinking that once I received the registration of Judgement Mortgage that - that was it - the house is going to be re-processed soon
The loan has approx €7,000 remaining and was taken out about 5-6 yrs ago - does the amount influence any further decisions?
Although its my partners loan I certainly don't intend leaving that debt hanging around for 12 years - receivng this letter has been a wake-up call.
(At the same time things are very tight financially so will only be able to afford a certain amount each month)
Don't bother with the PRA as it none of their concern.
MABS will advise on dealing with the debt.
Thanks, I will contact MABS on Monday.
What is likely to happen is that they apply to a judge for an instalment order to force you to pay back so much per week/month. You will receive a summons to the district court where the judge will ask you about your means and will then decide what you can afford to pay if anything.
Do I need to do anything or contact anyone on this, or just wait to receive the summons etc.?
How quickly does this summons get issued?
My partner is going to contact the bank on monday regardless to see what the status of the loan is?
Thanks again for the answers.