Over 8 years of non payment and no repossession



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

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
 
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!

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

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

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
 
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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
Click to expand...

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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