Struggling with Mortgages, Bankruptcy in Sweden

F

francieb

Registered User
Messages
9
Hi there,

I currently have two mortgages in Ireland but struggling to meet payments. I have to date but its getting harder and harder and I'm going to fail in the future.

I left Ireland 2 years ago and now reside in Sweden. If I stop payment the mortgages can the banks pursue me in Sweden?

Thanks in advance.
 

Hi there,

Can anyone help me with this?
 
I wonder if this is the same as the various threads we have read here where people have disappeared off to the USA/ Australia / Bulgaria and even the UK and left their debts behind. On those threads you will find a lot of good advice. I understand that it is very hard for the authorities to enforce a judgement from another country and would need to get a judgement in that overseas country, after getting a successful judgement in Ireland first, and in the case of the UK is often prohibitive because of the legal costs involved. Another AAM member will be able to add to this to clarify but Im not sure if anyone knows how it works specifically in Sweden.

The questions to ask are - do the bank know you are in Sweden? If not then its much harder to pursue you
And, do you have other assets in Ireland or Sweden? If yes that may incentivise them further to pursue you
 

Hi Francie and welcome to AAM. We probably don't know the answer. But can give you a likelyhood scenario.

Does the bank know where you are ?

How much NE is there?

Do you have a good job or assets in Swedan?
 
The answer to the question you asked is Yes, the banks can seek to enforce an Irish court judgment against you, in another European country through a reciprocation legislation, first implemented by the EU in 1968 and last amended in year 2000.

A more relevant question might be, whether they will actually go to the expense and difficulty of doing this and I think the answer to that question is Yes they will if the amounts of money involved are sufficiently large to make it worthwhile.
 

But how much is large enough for them to pursue, its very vague.
 
Importer said:
The answer to the question you asked is Yes, the banks can seek to enforce an Irish court judgment against you, in another European country through a reciprocation legislation, first implemented by the EU in 1968 and last amended in year 2000.
Click to expand...

Does this apply to the UK? Is there a reciprocal agreement with the UK?
I was under the impression that it was quite difficult and prohibitive and has to be raised twice - first in an Irish court and secondly through an English court, and so far hasnt been done except for one high profile case
 
The procedure is the same in the EU. Valid judgement in Ireland first, then seek recognition in the 2nd country, then enforcement if possible.
 
@Meepman. Of course its vague. Every bank is going to have their own individual policy on this kind of situation and I doubt that any bank is ever going to reveal its policy on which debts it will pursue and on which debts
it will desist.

It seems likely and logical that banks will become increasingly more active in pursuing "run a ways" as the volume of these cases increase.

On the scale of things, a run-a-way in the UK is more likely to be pursued than anywhere else. A run-a-way within Europe is more likely to be pursued than a run-a-way outside of Europe and on and on it goes.
 
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