Yellow Belly
Registered User
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- 215
I was one of the unfortunates conned into investing into QIF1 with Custom House Capital in 2007. I had been offered 100s of opportunities to invest in these sort of funds previously but declined due to the properties repaying interest only finance i.e. the loan stood still so the property had to increase in value to show a return. With CHC it was outlined that the rents on the properties was sufficient to pay interest + a portion of capital each year i.e. if the property value stayed flat or even fell the capital amount on the loan would also be coming down year on year and at some point in the future the loan could be paid off. So it got me interested...
Then along comes Bank of Ireland UK who through CHC offered me €250,000 to invest in the fund with interest only repayments. Foolishly I accepted this loan and have paid almost €50,000 in interest to date (no repayments made since 2011 when CHC was placed in liquidation by Central Bank for misappropriation of client money & assets). They actually sold some of the properties within the fund I was in but never cleared the sale proceeds off the loans. You couldn't make up how corrupt they were.
To shorten a long story I am self employed and due to the downturn I am now heavily insolvent and would apply for bankruptcy in the morning but my only remaining source of income/business precludes me from practising if I go bankrupt. I am working with all my other creditors and have no judgement registered against me to date however Bank of Ireland UK have now lodged this summon against me- has anyone else had this experience?
At the end of the day I did sign the loan agreement so must accept responsibility for my actions but I do feel very aggrieved at a number of issues:
* what due diligence had Bank of Ireland UK done with regard to CHC?
* The QIF1 Fund hasn't been fully wound down/liquidated so it is impossible at the moment to say exactly what I owe or don't owe?
* Why was Bank of Ireland UK lending in Ireland for a Euro investment with Irish people into an Irish company- how come Bank of Ireland wasn't the lender- there must be a reason?
Just wondering if anyone else has had to fight this battle or deal with Bank of Ireland UK?
Then along comes Bank of Ireland UK who through CHC offered me €250,000 to invest in the fund with interest only repayments. Foolishly I accepted this loan and have paid almost €50,000 in interest to date (no repayments made since 2011 when CHC was placed in liquidation by Central Bank for misappropriation of client money & assets). They actually sold some of the properties within the fund I was in but never cleared the sale proceeds off the loans. You couldn't make up how corrupt they were.
To shorten a long story I am self employed and due to the downturn I am now heavily insolvent and would apply for bankruptcy in the morning but my only remaining source of income/business precludes me from practising if I go bankrupt. I am working with all my other creditors and have no judgement registered against me to date however Bank of Ireland UK have now lodged this summon against me- has anyone else had this experience?
At the end of the day I did sign the loan agreement so must accept responsibility for my actions but I do feel very aggrieved at a number of issues:
* what due diligence had Bank of Ireland UK done with regard to CHC?
* The QIF1 Fund hasn't been fully wound down/liquidated so it is impossible at the moment to say exactly what I owe or don't owe?
* Why was Bank of Ireland UK lending in Ireland for a Euro investment with Irish people into an Irish company- how come Bank of Ireland wasn't the lender- there must be a reason?
Just wondering if anyone else has had to fight this battle or deal with Bank of Ireland UK?