Over 8 years of non payment and no repossession

Brendan Burgess said:
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
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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
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Power to the People ;)

www.independent.ie

Court rules in favour of Ronan Ryan in ongoing battle over home with vulture fund

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.
www.independent.ie www.independent.ie
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.
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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?
 
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.
 
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!

www.irishtimes.com

Ronan Ryan and Pamela Flood’s legal win shows strength of insolvency system

High Court ruling on family home a milestone in Irish insolvency legislation
www.irishtimes.com www.irishtimes.com

The comments on the article aren't nice reading for Vinny though. I hope it doesn't ruin his vegan salad lunch :)
 
Tanager have to pay the legal fees for both sides from the recent cases
www.independent.ie

Vulture fund Tanager must pay legal bill of up to €100k in battle over Ronan Ryan's Clontarf house

High-profile restaurateur Ronan Ryan, husband of television presenter and former Miss Ireland Pamela Flood, has secured a further victory over a vulture fund in his battle to hold on to their family home.
www.independent.ie www.independent.ie
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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Delboy said:
Tanager hav to pay the legal fees for both sides from the recent cases
www.independent.ie

Vulture fund Tanager must pay legal bill of up to €100k in battle over Ronan Ryan's Clontarf house

High-profile restaurateur Ronan Ryan, husband of television presenter and former Miss Ireland Pamela Flood, has secured a further victory over a vulture fund in his battle to hold on to their family home.
www.independent.ie www.independent.ie
Click to expand...

Maybe that’s why Tanager DAC have just agreed to sell their Mortgages to Pepper.
 
Lockup said:
'Sale agreed' for €735,000 on Pamela Flood and Ronan Ryan's family home after long legal dispute
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Can we really be surprised there is no competition in the Irish mortgage market? Like, you enter a legal contract promising to repay. You then don't repay and there are zero consequences. I am not a huge fan of the banks (in fact, I despise them) but there is a moral hazard in these sort of cases. I have paid my mortgage for the last 20 years and now thankfully I have about 18 months to go before it is finished. It is tough this year with my daughter going to college but that case, and others like it, make me out to be a mug.
 
That case makes me mad, every time I think about it, or see it mentioned.

Our legal system makes fools of those who work hard, to repay their loans...

What odds that the sale doesn't complete, and they drag this out for another 12-18 months, without paying a bean?
 
You can make and lose lots of money very quickly in the restaurant business, which is why bank finance (if you can even get it) is expensive.

But if you can stop and start paying your mortgage whenever you like it's very handy when you have start-up costs like with a new restaurant.

A large mortgage in Ireland is a very cheap overdraft.
 
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