Ramblers2010
Registered User
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Hi Jim,Section 91(I)(iv) states that a debtor is not eligible for a PIA if the debtor "has been discharged from bankruptcy less than 5 years prior to the date of the application for a protective certificate". Section 2 of the Act states that the interpretation of "bankruptcy" as "shall be construed in accordance with the bankruptcy Act 1988." On the face of it, you could argue that UK bankruptcy is not captured by Section 91.
Having said the above, if you were discharged from UK bankruptcy less than 5 years ago, I would be very surprised if any Irish bank gave you sufficient lending that has since made you insolvent, particularly given the rise in property values in the last 5 years.
Jim Stafford
Yes all debts including the mortgage were included in the bankruptcy, and I have is no liability on this property. However I am trying to engage with the lender to regain ownership at current market value. At current market value I can afford to take on the monthly repayments, and would in time repay most of the original mortgage debt.Shouldn't the substantial mortgage debt on the PPR been included in your UK bankruptcy?
I meet all the other conditions.
Thank you Jim and TLO for the clarifications. Jim, what is meant by "assume" some of the mortgage, what is "worth their while "and how would this work in practice.As TLO has suggested, you do not qualify for a PIA as you have no debt.
The bank may let you "assume" some of the mortgage if you make it worth their while.
Jim Stafford
Thank you Jim and TLO for the clarifications. Jim, what is meant by "assume" some of the mortgage, what is "worth their while "and how would this work in practice.
This is my first use of AAM and I have to say that the replies have been informative and helpful. The information gained here should help me in future dealings with the lender. Thanks to all.In a public forum such as this I am unable to make comments about the specific strategies of the various banks. What I can say is that if the bank acts "commercially" it should extend you a "new mortgage" for the market value of the property and allow you pay that mortgage off, as the bank then avoids the costs of either re-possession or a receiver. You can make it "more commercial" for the bank by offering to take on a mortgage that is, say, €10,000 greater than the market value of the property.
Any provision of a "new mortgage" would be dependent on whether you could afford it etc.
Jim Stafford
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