Over 8 years of non payment and no repossession

SBarrett

Frequent Poster
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3,168
Absolutely.

There has been some suggestion that people are getting deals because they are well known. The only reason we hear about these particular deals is because the people are "celebrities". Most people are not interested in Joe Bloggs getting a write down from €500k to €300k.

Brendan

I went to a talk 5/6 years ago hosted by a number of PIPS. They said back then that the amount written down by the banks was never an issue. But, you had to give them something, which was honestly filling out the cost of living questionnaire and having your disposable income cut back to the bone for 6 years.

The problem is, there's too many people who want to continue to live in a house they can't afford AND live the life they want. Not going on a holiday, no Sky Sports, no luxuries etc for 6 years will be hard but you'll have hundreds of thousands in debt wiped out and can start living your life again.

Steven
www.bluewaterfp.ie
 

Delboy

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Messages
1,581
Power to the People ;)

High-profile restaurateur Ronan Ryan has won a significant legal victory in his ongoing battle to hold on to the house he shares with his wife, former Miss Ireland Pamela Flood.
A High Court ruling on Monday means a vulture fund cannot enforce an order for possession of their home in Clontarf, Dublin over a €1.2m mortgage debt.
While the Tanager fund has a further court appeal - which is due to be heard later this year - the ruling by Mr Justice Garrett Simons provides the celebrity couple with some breathing space and means they no longer face an immediate threat of repossession.
It will also remove an obstacle to Mr Ryan seeking court approval for a personal insolvency arrangement, under which it is proposed that some €634,000 of his overall debts of €1.6m be written off.
 

noproblem

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1,853
Leaving aside the rights and wrongs in this I'd love to know what will happen if they do get a huge amount written off and somehow pay off the debt in a shortish time. Can they sell the property and pocket the gain?
 

Seagull

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1,204
Today's piece in the indo is incredibly biased. Reading it, you'd swear Ryan was a saint, who was being harshly treated by Tanager.
 

Delboy

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1,581
Seagull, you better not read the Irish Times today so!

Vinny paints the Flood's as heroes in this saga who have done wider society a great good. He gives himself a clap on the back, has a dig at his mortgage bailout rival (David Hall) and also puts in a good word for the current Govt....it reads as a job application for the Greens to go in as FG's coalition partners next year!


The comments on the article aren't nice reading for Vinny though. I hope it doesn't ruin his vegan salad lunch :)
 

Delboy

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1,581
Tanager have to pay the legal fees for both sides from the recent cases
A High Court ruling means Tanager DAC must pay all of the legal costs arising from recent Circuit and High Court proceedings connected to its efforts to repossess their Dublin home. The costs have yet to be quantified, but could reach €100,000 following a series of hearings during the court’s summer holiday period. ...
....
Usually when a party loses a case, it must cover its own costs and those of the winning side. However, Tanager’s counsel Rudi Neuman argued on four grounds there should be no costs order, which would mean each side would have to pick up their own legal bill.
He claimed the appeal represented a “test case” and that special costs rules should be applied. He also argued it would be unjust to make a costs order in favour of Mr Ryan when he owed a substantial sum in mortgage arrears to Tanager, and that the court should have cognisance of the fact he breached his duty of disclosure.
In response, Mr Ryan’s counsel Keith Farry submitted that the ordinary rules on costs should apply.
In a written ruling Mr Justice Simons rejected the points raised by Tanager.
He also criticised the fund’s refusal to agree to a stay on the repossession order, which meant an application for a stay had to be brought to the High Court in August, a month when generally only urgent matters are heard.
 
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Metatron

Registered User
Messages
37
Tanager hav to pay the legal fees for both sides from the recent cases
Maybe that’s why Tanager DAC have just agreed to sell their Mortgages to Pepper.
 
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