Bank agree to sale of property Do we have any other options after?

S

Samwise1

Registered User
Messages
19
Our bank looks like it is agreeing to an agreed sale. (selling for less than half of mortgage amount)

We originally planned to go bankrupt on the remainder of the debt, and are now living in the UK, with no plans to return to Ireland. We really want to avoid bankruptcy now if at all possible due to the affects it will have on our lives here in the UK.

My question is other than a lump sum IVA, which we cannot do as we have no money at all, do we have any other options on the remaining debt?

Any advise welcomed, thanks
 
You have 3 options;
1. Offer the bank some kind of settlement on the residual balance. If you have no money then this is not a runner. However even a small token amount could get acceptance if your SOA/Income statement show no capacity to meet a higher sum.
2. Take the insolvency route. You are well located for UK bankruptcy. This may be unpalatable to you if you are meeting all other debts.
3. Do nothing. Bank may or may not take judgment proceedings against you. There is little else they can do with a judgment unless you relocate back to RoI. Even if you do this in a few years time it is unlikely that the Bank will know that you are back and you also would need to be earning at a reasonably high level in order to make it worth heir while taking further action.
Banks are generally pragmatic. They will very rarely progress legal action unless they can see a positive outcome.
 
You must log in or register to reply here.
Back
Top