My Debt Story

I was listening to Newstalk about 6.30 yesterday evening and they were talking about mortgages and default, they mentioned that so far banks had not chased people to Australisa, as I was cooking I didn't catch the full interview but that's what I thought I heard and Epurican or Epicurian or Experian. A podcast of that might be of benefit to those heading overseas.

Also I mentioned before on here an interview between Rachel English and Mary Coughlin about debt which would make your hair stand on end and the lengths banks will go to get every penny out of you once they have you in their clutches in debt.
 
baz6679 said:
but for god sake they are scum
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They are scum?? For lending you money and wanting it repaid?? Banks are and always have been a business. Credit unions are community based lending but banks are business. You borrowed the money and spent it so stop blaming the banks for being scum, if someone owed you 40k I'm sure you would do all in your power to get it? And re selling your house, in this climate how do you think it is going to sell? It's so difficult for buyers to get a mortgage.
 
Well the government won't make the banks pay. In fact the banks are being rewarded for their loutish behaviour. More power to anyone that gets one over on the banks.
 
fizzelina said:
, if someone owed you 40k I'm sure you would do all in your power to get it?.
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Like a lot of people the OP stated that part of the reason he can't pay his debts is that other people owe him money for work done.
 
Brendan Burgess said:
Scandalous indeed! They should use a full registered firm of solicitors - preferably one of the Top 10 - and insist on the borrower paying the full fees of the debt collection process. The banks are cheapskates trying to use inhouse firms. The borrowers don't mind paying these additional fees on top of their existing debts. The legal profession is really suffering. The banks should use external firms if only to help this struggling legal profession.

Come to think of it, the banks should abandon their credit control department altogether and hand all arrears over to solicitors. They would save a lot of money and it would help the legal profession.
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Is this tongue in cheek or sarcastic?

Why would the banks change their working practices in order to give another industry a leg up?
 
Bronte said:
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.
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I bet these lovely people that have his debt are adding interest on top of interest just to keep him paying thousand of over the original debt so he will always keep them with an income for them.:confused:
 
Everyones seem to forget that lending money is a risk business.The banks loaned money to people at a rate that they thought was profitable based on the element of risk that it would not be repaid.

The banks assessed the risk, set the rate and ultimately with many customers , got it wrong.It is not the borrowers fault.It is the lenders fault.The lender should have included in their equations the potential of default.

The lender should have made sure that the borrower had the money to repay the debt and should have viewed the options to repay in case of default
And without starting a new topic , the lender is being repaid , even though it is through a different channel ,ie the taxpayer/goverment instead of the individual,who is also a taxpayer.At the end of all events the bank/lender/Large bondholder is still making their mark up.Maybe a smaller markup than they had hoped but it is still a profit.

To put it in simple terms. Fast forward 2 to 3 years , The bank will have received substantially more from the Irish taxpayer than it has lost due to a number of Irish taxpayers not paying their debts.
 
scwazrh said:
The lender should have made sure that the borrower had the money to repay the debt and should have viewed the options to repay in case of default
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And they did not. About 5 or 6 years ago at a visit to my local BoI branch, the employee I was dealing with shoved a piece of paper across the counter with a figure equating my annual (low) income. Our conversation went like this:
Me: What's this?
She: A pre-approved loan.
Me: But I did not ask for a loan.
She: [shruggs] Yes. But it's pre-approved.
Me: Do you realize this is the same as my annual income?
She: Umh. Well, this is what I am supposed to offer you.
Me: Thanks but no thanks. That's crazy.
She looked at me like I had two heads.

To put it in simple terms. Fast forward 2 to 3 years , The bank will have received substantially more from the Irish taxpayer than it has lost due to a number of Irish taxpayers not paying their debts.
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True, true. Privatize the profits, socialize the risk.
 
you should move to northern ireland for 2 months and file for bankruptcy. Your roi debts will be discharged in the bky. You will be able to move to Australia with a clean slate.
 
Baz, apologies for not responding sooner but I have been abroad. Just catching up with the threads and all the advice. I would say be very very careful with this whole bankruptcy think whether it be in Ireland or UK. It should be your last preference. O' and by the way I came across the crowd I used. Will send you a private message. I wonder can I put the name of the company in a private message??? or will I get a warning.
Bronte, yes I looked at the bankruptcy option in the past but thankfully by getting some worthwhile advice I was able to steer clear and follow other routes.
 
Brendan, I totally disagree. Its the solicitors of this world charging exuberant rates that makes it so difficult for us to flight the banks. I remember the prices I was been asked for just to sit with solicitors for 30min to discuss my situation. In the past I used some of the big firms and I found them to be more of a waste of time than some of the small operators. Although I must say, when it came to invoicing they were far ahead. The banks realise that too and hence they dont want to be wasting their money on over paid solicitors. All one needs to do is read the papers and see who benefits everytime a tribunal is setup, its certainly not you or I, but these overpaid legal firms.
 
Also if you go to a solicitor for advice on dealing with a court case regarding debt, you will have a struggle finding impartial advice or representation. The vast majority of solicitors especially in small towns handle work for the banks and do not want to upset their masters from whom most of their work is coming from these days.
 
Agreed and now even the big solicitor firms are exactly the same. Their masters are the banks and NAMA. Easy money for the boys.
 
Hey All. Have been busy myself McHUGH so no worries. Basically I have been reading as much information as I possibly can. There is a growing body of thought out there and it is gathering pace big time, people are starting to take on the banks and are up for the fight big time. If Banks are going to pull each and every citizen in this country to court over unpaid debt and have them thrown in Jail then the next big issue facing us is massive overcrowding in the prison system. Talking to an elderly neighbour the other day who told me he owed his local shop some money, 100 euro or something it was. He said he told them "I'll give it ya's next week when I get the pension", unhappy shopkeeper advised " this is not good enough, need to get this sorted", neighbour replies to shopkeeper " You can't take knickers from ma bare AR*E", Made me laugh!
 
You're dead right. Its time the banks were shown that their unhanded methods just wont work. They have got to understand that they must work with us. If they dont, then we all lose. But remember it sounds like no matter what the banks do, it seems like they cant lose because all our taxes will end up in their shareholders / senior management pockets anyway.
 
Time said:
Well the government won't make the banks pay. In fact the banks are being rewarded for their loutish behaviour. More power to anyone that gets one over on the banks.
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What's Anglo's share price today? AIB's?
 
I'm not sure. It's higher than 0.00 though is it? And if it is that's only because of state intervention in private industries.


And what has our government done to prevent 'too big to fail' banks? Nothing I'd suggest. So we may be bailing out private banks again in the future... so no 'once bitten twice shy' here... we're destined to repeat our mistakes.
 
I heard on the radio this week that some banks have now resorted to hiring private detectives to track down vanishing homeowners.
 
Thanks for that Paddy. Very interesting they are now telling people to hand back the keys.
 
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