Registration of a Judgement Mortgage

[scwazrh]

A credit card company who I owe €4200 have got a judgement against me in the district court and have now lodged an " affidavit for registration of a judgement mortgage " with the land registry.

What else can the bank now do to get the money I owe them?I have been told that the mortgage judgement does not have to be disposed until I sell the property , Is this right?

 

[44brendan]

Not necessarily. Any creditor who holds a JM against a property can proceed to the Court to get a "well Charging Order on the property which can ultimately lead to a Court sale of the property. (Unlikely to happen for such a low debt). The judgement otherwise will attach to the property until disposed of. However the holder is entitled to simple interest on the JM and therefore the amount will increase over time.
Alternative options are to proceed in Court for an Installment Order. This has the effect of the Court ordering a debtor to repay the amount by way of fixed regular installments. failure to pay the installments can lead to imprisonment if such an order is progressed by the Judgement holder.

 

[Faxman]

Any idea why they did not go for an Installment Order?? It seems a strange way to collect that amount by getting a Judgement Mortgage also is the property a family home??