Will banks chase the debt?
- Thread starter the pops
- Start date
Probably slightly off-topic but there was an interesting article in the Economist this month, basically stating that Austrailia was in a ‘natural resources’ bubble due to demand from China and Asia. I think anyone considering going should bear that in mind. It may last years, or it may last 6 months. Certainly there is plenty of opportunity but global commodity prices are coming down. There is an economic slowdown due in China according to many sources.
Just something to consider for those looking to up sticks and sail away.
Just something to consider for those looking to up sticks and sail away.
Quite easily - service by registered post to the house concerned. If no response, will end up as a default judgement - probably in the Masters Court - at very little cost to the bank - probably in the €1,500 to €2k range for the bank.
Once a bank has a judgement, it can sit on it and wait until the person comes into money at a future date. If and when the person is back on their feet in Australia and has sufficient means to repay, then it may be worthwhile for the bank to get the judgement enforced locally, probably with a load of interest piled onto the original amount.
Who would sign for this registered letter? Personal service would be needed in high court. There be the problem.
In any case if a person disappears off the face of the earth the banks will have a hell of a job finding them. Not cheap to find someone who is determined not to be found. I personally know many who have done a runner and are living very nicely far far away from the jurisdiction of the Irish courts.
In any case if a person disappears off the face of the earth the banks will have a hell of a job finding them. Not cheap to find someone who is determined not to be found. I personally know many who have done a runner and are living very nicely far far away from the jurisdiction of the Irish courts.
Personal service is not required for the High Court in such cases - service can be effected by simply nailing the summons to the front door - see extract from High Court rules below:
11. Service of a summons in an action to recover land may, in the case of vacant possession, when it cannot otherwise be effected, be made by posting a copy of the summons upon the door of the dwellinghouse or other conspicuous part of the property; provided, however, that in such case before any judgement by default shall be given, the Court shall be satisfied that there was no person in actual possession or in receipt of the rents and profits on whom other service might have been effected.
That is for repossession cases. For vacant houses nailing to the door is allowed.
The bank would have to crystallise the shortfall as a judgement debt. They would have trouble doing so as the house they had as the last address has been now reprocessed and sold.
The bank would have to crystallise the shortfall as a judgement debt. They would have trouble doing so as the house they had as the last address has been now reprocessed and sold.
Order would simply say that house is to be repossessed and sold with judgement against the owner for the shortfall - probably give a stay on recording of the judgement until after the sale of the repossessed house so that the exact figure owed can be quantified. But the important thing is that the original summons to repossess would have been served legally by nailing to the door, so any consequential orders, including judgement for the shortfall owed and any legal fees, interest etc. would be enforeable.
No, they would not be. The order given is for possession only. They cannot piggyback onto the back of that originating order. Can you quote me some high court cases where this has been allowed? Or are you just guessing?
The courts and banks cannot make up the rules as they see fit.
I have a friend from Brazil who has been living in Ireland for the last 20 years.
He bought a house in Ireland in 2006 which is now suffering, along with the rest of his estate from pyrite. Homebond will not pay. House insurance will not pay. He was in negative equity anyway, and now with the pyrite its worthless as it cant even be sold at a loss.
He has invested in property among other things in Brazil over the years, so he has nothing apart from the house in Ireland now.
So his plan now is that he will just leave the house some day in the next few months and go home to Brazil and make a life for himself there. He reckons he can life like a king on what he has squirreled away there over the years.
He wont even tell the bank when he goes. One day they will just realize that the house is now theirs.
So they might chase him, but i doubt they'll get very far.
He bought a house in Ireland in 2006 which is now suffering, along with the rest of his estate from pyrite. Homebond will not pay. House insurance will not pay. He was in negative equity anyway, and now with the pyrite its worthless as it cant even be sold at a loss.
He has invested in property among other things in Brazil over the years, so he has nothing apart from the house in Ireland now.
So his plan now is that he will just leave the house some day in the next few months and go home to Brazil and make a life for himself there. He reckons he can life like a king on what he has squirreled away there over the years.
He wont even tell the bank when he goes. One day they will just realize that the house is now theirs.
So they might chase him, but i doubt they'll get very far.
Update on this. The couple have had no more offers on the house due to lack of martgages being granted and the last offer they received would have left them 75k shortfall. The wife has taken the son and gone back to Oz to start work in her old firm and get a place together for renting. He is going to stay behind and try rent the house and then head out asap. From talking to him, they are very demoralised with the situation they have found themselves in Ireland and will certainly never come back to live here.
I told them some of the advice I found on this thread and told them at least they will have better weather for the rest of their lives
I told them some of the advice I found on this thread and told them at least they will have better weather for the rest of their lives
P