Nothing paid in 4 years - but gets adjournment anyway
- Thread starter Bronte
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Brendan Burgess
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- that’s another six months away
Yes, but they have significant positive equity in their home, so the delay is not costing the lender anything. Interest will continue to accumulate on the loan until it is paid off.
It's not like the celebrity couple who were in deep negative equity who lived rent free for 10 years and had the shortfall written off.
Brendan
NoRegretsCoyote
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But the loan is classed as non-performing.
Does this not mean that for regulatory purposes the bank has to hold more capital? Is this capital free?
If you read the article you'll see it's a fund, not a bank.
Yes the fact of that was mentioned by the judge. So it does make one wonder why they are digging themselves an even bigger hole. Plus costs are going to go down on them heavily if they keep this up. But more details here (there are always more to these stories)
The court, which was told in December 2017 that the couple owed € 778,522, set this up within the next month, swearing by Mr. O & # 39; Kane, a quantity verifier, a sworn statement in which he explained their financial position.
Judge Linnane said she was unavoidable in other cases where banks were seeking possession Billy learned there were other outstanding debts.
Mr. O. Kane had sought the advice of a financial adviser as part of the personal bankruptcy process, but did not inform the bank when his relationship with this adviser ended.
- they have other debts
- they sought bankruptcy
- so maybe they just want to string this out as long as possible as they will lose everything eventually anyway[/I]
BUSINESS RESIDENTIAL LOAN
That's interesting. Odd type of loan for a home. Wonder is it one of the Ulster Bank 18,000. They borrowed again after that. Their bank got rid of them and the problem by selling off the loan.
The O'Kane's seem to be disputing ownership, which the judge will hear in October, but I'd say that's akin to the Freeman stuff somehow -and that will not end well. If it's not that, it will be something along those lines that the likes of Ben Gilroy and others exploit.
That's interesting. Odd type of loan for a home. Wonder is it one of the Ulster Bank 18,000. They borrowed again after that. Their bank got rid of them and the problem by selling off the loan.
The O'Kane's seem to be disputing ownership, which the judge will hear in October, but I'd say that's akin to the Freeman stuff somehow -and that will not end well. If it's not that, it will be something along those lines that the likes of Ben Gilroy and others exploit.
A lot more common than you'd think. Particularly amongst entrepreneurs / self employed people.