Key Post Court procedure for debt cases

Status
Not open for further replies.
44brendan, thanks for that. If i start nogotiating with the bank, them will want me to come to ireland and right now i just cant afford the expense when im borrowing money to to live. The properties in ireland are deteriorating as there are no tenants in them for the last year or so. It would be better if the bank moved in, took the properties and managed them and they might get something for them. Does it cost a bank to get a judgement in absence and with the judgement can they take possession and sell the property without communicating with me.
 
Has anyone experience where the bank is refusing to take the properties and the properties are in need of repair and the owner cant afford to maintain them. Right now i cant afford the insurance either. Im about to cancel the life policies too as i cant keep borrowing of family and friends to pay. Any advice. What will happen when i cancel the life policies and if i stop paying the insurances? Anyone experienced this
 
I would send them a letter by recorded delivery inviting them to take possession of the properties. Tell them you have abandoned them and no intention of dealing with the upkeep of them. That will put the ball back in their court.

What will happen when i cancel the life policies and if i stop paying the insurances? Anyone experienced this
Click to expand...
Nothing will happen. They may well send a letter saying they are not happy but there is very little that they can do apart from starting repossession proceedings, which is what you want them to do.
 
Does it cost a bank to get a judgement in absence and with the judgement can they take possession and sell the property without communicating with me.
Click to expand...
Yes it will cost them time and money to go to Court to obtain posession of the properties. Yes they can do this without your co-operation. It would be better all around if you agreed to voluntarily surrender the property. You don't need to go to ireland to do this. However, as I mentioned in my previous post if you don't intend returning to Ireland in the short term thre are unlikely to be any severe consequences in not co-operating with the Bank.
MARTIN:- Cancel the life policies if you can't afford them & write to the Bank advising them of your situation and willingness to surrender posession of the properties in full settlement of the associated debt.
 
I have just received a "Default Noticed Served under Section 54 of the Consumer Credit Act, 1995" asking me to pay 50K in interest arrears on mortgage debt on failed property investments. The overall negative equity is in the region of 500K

I would welcome any advise on the steps that are likley to follow and how long it will take.
I would also appreciate any opinions on best or worst outcome. I have a family home which is also in negative equity but with another bank.
Thank you
 
Got a similar notice myself last week, 28 days to give up the property or they will go for a court order. Am interested to know the steps involved and find out too how long before they could get a court order to get me out or how i could stall it as long as possible.
cheers,
P
 
O O.... A summons arrived from a bulgarian court this morning for a court sitting on the 30th. I wasn't at the house but my neighbour would speaks bulgarian and who knew the court official spoke to the lady and apparently the summons is from an irish circuit court for debts owed. My neighbour couldnt accept the summons thankfully and i have no intention of accepting it. I can't believe it. An irish bank has got some sort of order to get a Bulgarian court to summons me. When my friend in the bank told me that the bank were following me, i didnt want to believe him. Im not sure what to do. In any case, it doesnt make any difference as i dont have the money or assets in any case. All they can take are the 3 properties in Ireland and they are very welcome to them. Any advice on what i should do. Should i write to the bank, tell them to take the properties as i can no longer insure them, pay taxes, pay maintenance, pay life assurance. In speaking with my neighbour, he just told me not to be around for next few days and the court official will just report back to the court that im not at that address and the court will then report back to the irish court that im not at the address given. In any case i cant afford to attend a court in bulgaria as you need translators, lawyers, etc and i cant afford them. Any thoughts, comments or advice would be very much appreciated.
 
Time said:
Many thanks to Brendan for alerting me to this post.

The media are confused by the whole process to be honest.

Court cases for debts have 2 distinct phases:
1.) Obtaining a judgment and
2.) Enforcement of the judgment.

At stage 1 the court is only concerned that the person owes the money in the first place. As stated previously defending a case where the debt is real and the money is owed is pointless and a waste of time. The judge does not care at this stage that the debtor cannot pay, he is only there to decide if the debt is owed or not. Attending the case at this stage is pointless as it will not stop a judgment being made.

Stage 2 is where the court decides what can be paid or not. This is the stage where the debtor must attend court and engage the process. The court will look at the debtors means and make a decision as to what can be paid to the creditor each week/month. At this stage you must be upfront with everyone.

I hope this clarifies the situation.
Click to expand...

What happens if you don't attend stage 2?
What happens if you do attend stage two,accept the enforcement but now find yourself insolvent? Can you go bankrupt in the UK then?
Are the banks less likely/likely to aggree on a shortsale prior to the court proceedings if you are already engaging with them?
 
Cormirl, no the lender was a high street bank. In a sense im happy that it nearing the end but i really dont know where the end will be. I dont have anything so whether its stage 1 or 2 for me its the same thing. I wont be objecting any court findings but neither will i be attending as i cant ajfford it. If the bank feels it wants to spend it money on legal, thats find by me. It might have been easier if they contacted me, understood the issues and asked would i work with them and handover the keys, etc and if there could be some arrange put in place to pay back some of the money but they dont seem to work this way or do they. Anyway not sure where it goes next.

I wonder does there have to be a judgement made against me in ireland in order for the irish circuit to get a bulgarian court to summons me to a court hearing? Anyone know the answer.

I looked up the irish court website but couldnt find anything, although its not an easy site to use and not sure how often it is updated.
 
Giving the property back and agreeing to pay an affordable amount over the next five years is acceptable. Hoverever a debt sentence for the rest of my life is not. If the bank want to go to court and look for blood, it becomes a simple choice of bankruptcy in the UK or slavery for life in Ireland.
 
Artemis, i fully agree that the bank taking back the properties is the answer but not sure what you mean by paying back over 5 years. I owe 900k and will never be able topay this off in a million years so they can go for all the blood they want. If i havent got anything, what can i do and what can the bank do. Only those that have something and dont want to pay the banks back have to worry. Id absolutely love to be in the position of paying everything back as i borrowed the money but it just wont happen, id never be able to earn this much. Id have to earn around 1.5 million to pay this back alone and then survive and feed my family. There isnt a hope in hell i could do this. So realistically what can happen.
 
Does anyone know must a judgement be in place for an irish bank to proceed to follow a debtor abroad and use the legal system abroad (Bulgaria) to summons irish debtor or what would generally be the process.

Also has anyone any similar experience with irish banks pursuing their clients abroad.
 
Martin1972m said:
Does anyone know must a judgement be in place for an irish bank to proceed to follow a debtor abroad and use the legal system abroad (Bulgaria) to summons irish debtor or what would generally be the process.

Also has anyone any similar experience with irish banks pursuing their clients abroad.
Click to expand...

I imagine they first have to have an Irish judgment and then would have to get a Bulgarian one. And unless you are very rich they are not going to waste money on Bulgarian court systems. So far we've not heard of one person in Bulgaria or anywhere else for that matter being chased by Irish banks. In addition they'd have to know you were in Bulgaria and have an address for you.
 
Hi Bronte and thanks for your reply. Well some sort of summons turned up from a circuit court in Ireland through a court in Bulgaria. I wasnt home when it arrived and unless its handed to me directly its not delivered i understand. So it seems that the banks are starting to proceed to chase debtors outside of ireland. I told them at the time i was in bulgaria and gave them my address, email and fone number. I had hoped they would contact me and work out some sort of deal but never heard anything. In my case they are chasing the wrong person, i havent got a penny to my name so they either think i do or they are going for a judgement and possession of the property. I could have saved them a whole pile of money if they only contacted me. Now its probably best i just go underground and let them do what they want. I dont have the money to attend courts, hire solicitors, flights, etc and even if i did, what will be the outcome, they will win, take possession and put a judgement in place....same outcome either way....what do you think?
 
Bronte, i had heard somewhere that for the bank to write of a debt against their taxes, they must put a judgement in place against that debt. I presume this is to acknowledge that the debt is classes as some sort of bad debt for the tax man.
 
Martin1972m said:
i had heard somewhere that for the bank to write of a debt against their taxes, they must put a judgement in place against that debt. .
Click to expand...

I think you're corrrect on that, I remember reading an article about that some time ago.

So you've actually received an Irish summons via a Bulgarian court. Could you clarify exactly what you have received.

Don't make assumptions about delivery.

If you are willing to let the bank sell the property why didn't you notify them of this? What is the summons for?
 
Hi Bronte, i personally havent seen the summons but my neighbour who knows the court clerk told him that it was from a court in ireland requiring me to attend a court sitting in ireland for bank debts. Thats all i know. The clerk told my neighbour that if they couldnt hand the summons to me, then it would be returned to the irish court as undelivered. Well thats my understanding.re advising the bank about taking the property, i really didnt know what to do. I did tell i couldnt keep paying about 18 mths ago and i left it open for them to contact me. They never did. It was only through a friend of mine working in the bank that i found out that they were taking this action and then a couple of weeks later the summons came my direction. So its from the irish bank alright.
 
Status
Not open for further replies.
Back
Top