My Debt Story

UFC said:
How have they screwed you?

They lent you money, you aren't going to pay it all back... only one person is doing the screwing...
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By adding 6,500 euro to A HP Agreement my friend that I knew nothing about. I dont have 500 euro to pay to a barrister to review the HP contract, as my solicitor has seen it and feels a barrister needs to look at it. I don't want to go in to major detail here because for all i know you could be one of them!!
 
Leaving aside the issue of walking away from the debts, do you have a contingency plan if the sale of your house doesn't go quite as you plan? 4k could easily get eaten up in additional costs or of you don't get the price you hope?
 
You need to negotiate hard with the bank if you want to pay less than 50C in the Euro. Do not tell them where you are going or that you are selling your house. We would be very interested to hear that the bank has come to an arrangement of the kind you have suggested. My take on your story is that you agree to pay back half of the 40K debt over the next 15 years (50c in the Euro). You would want this agreement in writing. That would mean no interest being added and a write down of half the debt.


If you can negotiate the above that would be fantastic on a number of fronts. But mainly it would leave you free to return to Ireland without the issue hanging over you.

You are correct that to the bank you are just a number. They will get every penny they can out of you. The current nicey nicey approach of the banks is just a facade.

For others on here can you post back now or when in Oz how you got on.
 
Baz, I'm struggling to understand the purpose of your post? Do you want people to clap you on the back and validate you shirking your responsibilities? Or are you simply try to goad people into an argument?

Your post comes across as extremely immature and petulant. You can blame the bankers and the politicians as much as you like, but the fact remains: you borrowed the money, you agreed to assume personal responsibility for those loans and now that you've been caught out, you stick two fingers up to the bank. Well done you...

You sound as if you've already made your mind up, so go for it. What happens if you balls up your financial affairs in Australia? States? Canada?
 


UFC said:
... only one person is doing the screwing...
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Sorry UFC, it takes two to screw

Its very difficult for the ordinary citizen in this country to face up to their responsibilities when its quite plain that the banks, developers and the politicians in this country have left this country down. Like I previously said in a previous post the level of corruptness in this country is scandalous with no law at all for white collar crime.

So as I said to a previous poster, good luck in your travels, hope it works out for you, take no guilt or no shame with you.
 

First of all i did not try to goad anyone in-to an argument. The purpose of this post was to give an honest account of how it feels to be in a certain situation i.e in debt. Also how it feels to have not much option but what I'm thinking of doing. Secondly if you have read my post in detail if I had been paid money I was owed I would not have found myself in this situation. The Banks of this country have to take some responsibility for what has happened as do people like me who borrowed the money.
If me giving an honest and truthful account of a situation I have found myself in, a situation that thousands of people in this country are facing now and others will face soon, leads someone in-to an argument then it's not me who should be labelled immature.
To other posters thanks for the comments. Neither looking for a clap on the back or to be applauded, fact remains a story like mine is just the tip of the ice berg. Something on a grander scale is probably going to have to be done to help people because there are people in far worse debt problems than i am.
 
baz6679 said:
, fact remains a story like mine is just the tip of the ice berg. Something on a grander scale is probably going to have to be done to help people because there are people in far worse debt problems than i am.
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Banks are not there to help people. Their only interest is in getting as much money back as possible with as much profit as possible. Based on the news yesterday your debt if piffling. So far nothing has been done to help people in debt and nothing probably will be done. Deals are done only for the big boys.

The moratorium on banks going after homeowners is not help. It is help for the banks not the borrowers. Don't be fooled.
 
Hi Baz, sounds like all are having their personal opinions stated here with or without facts. For you I don't believe that its very helpful especially with the serious nature of your present circumstances. Its hard to see from what I'm reading what is being constructively offered to you. Baz I fully understand your side and I have fully experienced the workings of those ruthless scummy individuals working for banks (may I add that this is a minority of individuals who wish to play dirty). Now as far as you should be concerned, you clearly need to decide on what you want to do first and FULLY understand the consequences. Sell the house and run in which case you may have problems with injunctions in the future or (2)try to sell the house and then offer something to the bank via an arrangement option. If you run, you may have an enforceable injunction against you in Australia but this will certainly depend on the bank, on the amount you owe and on what you actually do to aggravate the situation with the bank(another problem is that should Australia ask for a credit report, it may not help you - but I'm not 100% they will ask - you need to check this out though). As I said, its critical to evaluate your options and to get some good advice on your options before making your final decision but its up to you. I certainly did. I wish you luck. If you need to PM, no problem.
 
For God's sake do not tell the bank anything about where you are going.
 
mchugh2008 said:
. If you run, you may have an enforceable injunction against you in Australia but this will certainly depend on the bank, on the amount you owe and on what you actually do to aggravate the situation with the bank.
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Can you elaborate on this? It may be of help to other people on here not just Baz.

I realise that many of you don't want to post on here because of all the negative comments about people defaulting but if you have experience of how defaulting works or going to Oz etc please post it in public to help those who will not post on here. There are many of them who need help and advice.

In your own case looking at some of your previous threads it looked like you had thought about bankruptcy, how did you get on? Would you be willing to share your experiences for the benefit of others.
 
I dont believe Baz is going to inform the banks but let me tell you, the banks may simply find out. I know they have in the past and very very simply may I add. Just by a simple phone call to a parents house looking for the individual concerned. Then the bank got an injunction against that person in that country with the help of lawyers. All I am saying is be very very careful.
 
So an Irish bank took out an injunction in Australia (?) against an Irish person resident there? An injunction would be presumable at a Higher Court and so public (I don't see the banks going after people in another jurisdiction for under 100K unless it's a very cheap legal system). What was the injunction for? Can you tell us?
 
Indeed.

Also I would be briefing people to tell any callers simply that the person concerned is not available and to not call again. Some people are very naive indeed.

I knows of many people who have left Ireland for good years ago and have not had any trouble since.
 
Re callers, thats all fine until it catches someone off guard. Its easy say now but you can't always cover all avenue as I'm sure you will understand. Re injunction, it all depends on the amount of money in question but injunctions are en-forcible in other jurisdictions for example in any EU country, etc. Australia is in the commonwealth and therefore it must be possible as was the case in this situation. But I must stress that its down to the amount owed to the financial institution. Re Australia, their acceptance system is fairly stringent and getting more and more each year. Many irish are leaving and moving there with credit issues. In some countries, the Australians require the that they be furnished with credit rating reports as part of the acceptance procedure. I dont know about Ireland/Australia but one would want to check this out. If its not the case right now, it could be in the very near future.
 
If a person wants to disappear and not be found it can be easily be done. I shall say no more.
 

I gather from the above post that you are still paying a mortgage to your lending Bank.

Such being the case it is extremely unlikely that you will be able to proceed with any sale of your house without the Bank's knowledge.

Do the Bank , for example , hold the Title to your house until the mortgage is cleared ?

I think you may be snookered in terms of hoping to present the Bank with a fait accompli in selling your house w3ithout their knowledge.
 
I would be thinking the debts are with different banks to the one the mortage is being held with. If the house is sold for over the mortgage amount the mortgage is paid off and the bank have no say.
 
Deiseblue said:
Such being the case it is extremely unlikely that you will be able to proceed with any sale of your house without the Bank's knowledge.

Do the Bank , for example , hold the Title to your house until the mortgage is cleared ?

.
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He doesn't have a problem in relation to the mortgage, he can sell the house and still have a surplus of circa 4K. His problem is the other debt.
 
Time said:
I would be thinking the debts are with different banks to the one the mortage is being held with. If the house is sold for over the mortgage amount the mortgage is paid off and the bank have no say.
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That may very well be the case but as a general principle most people have their borrowings with one institution , perhaps the OP would clarify ?

The only growth areas in the Bank's at the present time are the areas dealing with NAMA and debt collection and the level of expertise in chasing debts is growing in tandem.


I agree with those who feel that a mutually agreed compromise is the best way forward.
 
Ok to clarify. My mortgage is with one bank. All the personal debt is with another. Worst case scenario guys is that I sell my house at rock bottom price I will have about 4 grand left. Best case scenario is i sell and have maybe 20 grand left. My intention is then to speak to bank via debt agent who i can honestly say is brilliant and say to bank look here is 7-8 grand. Lay off me for a year so I can get my act together and let me come up with some more.
What we are talking about here is that Bank says i owe them 35-40 grand. But this includes interest etc.
Believe me also I am not naive to be telling them I'm moving. OP no I dont need a credit report for Australia, just police checks and medicals. Have a permanent residency visa which means after 2 years out there i can get citizenship as well.

Just a big thank you to all posters for the comments. I don't think you can blame people for wanting to send PM's because the last thing anyone wants is to be getting the morality card being waved at them. Cheers everyone
 
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