You need to work out if the bank handed the case to Cabot to collect for them, or if they sold the debt to Cabot. If the latter, they will be more ruthless in pursuing every avenue possible in getting a summary judgement against you. I don't know if that's something that would be found if you sought finance in the US.They handed this case to Cabot Ireland, I believe
Only if you're not worth pursing. Someone abroad owing 20 k is not worth it. A few serious looking legal letters is the name of the game. Percentages game.I know personally of someone who had a 15k credit card debt bought by Cabot asset finance,and apart from a heap of letters, literally nothing else was done.
I think stories about their ruthlessness are just that.
20K !! Just 20K ! There is no way it is feasable for them to go after you. My advice, non professional, is to ignore them.
The definition of "the lender does nothing about it" is the nub here, I feel. We have received phone calls recently (unanswered) and registered letters (all refused unsigned). Is that the extent of it, or does anyone know what can come next to reset the clock?
Ah, you're probably right. Just stories.I think stories about their ruthlessness are just that.
Cabot Asset Purchases only made 126 applications for summary judgements in the high court in 2016. Look at the Masters list for any date this year and you'll find they have applications on it.
I'm not sure if the report is limited to Irish addresses for their client base.On reviewing this Gazette document, all individuals and companies listed have Irish addresses.
This depends. If they're sure they'll get the 20k, they might try it. Remember they can also claim their expenses.In your opinion, how likely are they to bother for 20k private mortgage that would have to actioned offshore, for a "nobody" like me?
Not necessarily. Typically this is when the borrower sits up and starts negotiation. But their position is strengthened - you need them to mark the judgement satisfied.Once they have gotten a summary judgement, I take it the time for negotiation/restructuring of the debt has passed?
Only in Ireland. They have to take the Irish judgement to a court in your state and have it recognised there. Then they can enforce it there.
- What exactly are their options then?
- Can they come after me at my place of work?
- Can they seize assets, garnish salary?
Nothing unless judgement is recognised there. However, the judgement is published and can be searched if they know you were previously in Ireland.What else can happen? eg impact to US Credit Score, IRS etc.
My lay understanding is that you accepting doesn't change anything in relation to statute of limitations. It validates that they have your address.Would you recommend that we accept the next registered letter (if there is one) simply to find out what is going on
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