notified by the bank to close up all the accounts within 21 days and pay off balances

I

in_bad_debt

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Hi,

I have just been notified by the bank to close up all the accounts within 21 days and pay off balances.

The only problem is that my salary is €15,000 and I have a mortgage plus two kids to feed and abut €70,000 in loans.

I am losing my sleep over this and don't really know what to do...anyone went through the same and can you offer any suggestions?

Much appreciated.
 
Re: Debt Collection agency

i did one year ago, and there was an agrement set up with the bank since last year, but the bank now decided that they are not going to wait any longer and i cannot pay them, i just don't have any money. mabs is saying that there isn't much i can do, i have to let it go to court...i am very afraid, never been on this situation in my life.
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Have you kept to the agreement that was set up last year?
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Is the 70k debt a business debt? Is it secured on your home? Have you any other assets?
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Hi Guys,thanks for your posts. the debt is a result of a business (partnership) that closed off with huge losses. At the same time I have lost my job (redundancy) as well. I used the money from the redundancy against the debts and then was unemployed and with huge debts. got a job paying 17500 per year last year and took it as it is not easy to get a job in our days. since then, have been on agreements with the bank, i never failled any payment,in fact, I am proud to say I never in my life missed one single payment. ..and that's probably why i can't even sleep any more. BOI has decided descontinue the agreement and gave me from 10 to 21 days to clear balances. the house was never used to secure any loan.they are now telling me that if i don't pay,they will get an order from a judge and will make me sell the house. I do not have the money, i hardly make enough money to pay the groceries every week....i don't know what to do! if you have any suggestions pls help me.
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

that is very odd.

You should write a letter to the bank setting out your position very clearly.

That you have an agreement and that you have adhered to it.

That you are doing your best but you are unable to clear the loan until your economic situation improves.

They will have to get a judgement against you.

Then they will have to register it against your home.

It is very unlikely that a judge will give them a repossession based on what you have outlined.

Brendan
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

to clarify my current salary is 19.000 but i am working on reduced hours because of the current climate, my actual salary is about 15000year. i sold everything i had during the last year including coffee table :), the only thing i still have is the beds and ele. appliances. also have an 06 car but it is not paid, tried to sell it but the money i will get won't even pay the loan, so i will be walking and paying the car, also, I have 2 small kids, really need the car to take kids to creche and to work
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Brendan, i know it is so odd, that i hardly can believe it myself! i went to the branch where my account was opened today and asked to talk to the manager, she had a very extensive look at all my accounts and then she started laughing and said - ahn,...this is ridiculous, leave it with me, nobody is closing any account, you have very credit rating, leave it with me. I left the place with a big smile thinking why did i not asked to talk to this person before? less then 5 minutes later, she called me from her personal mobile and told me she couldn't get involved, my case was very serious and that i should move very fast or I won't even be able to open up an account in Ireland any more....when i asked why, she said BOI recovery is dealing with the case and she cannot get involved.?!...si i spent the all day shopping around for another bank, i have decided to open up an account with an post and am really scared! it really looks like they can do whatever they want and whenever they want.
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Are you saying you kept to ALL the scheduled payments and they are still demanding you pay up forthwith ? We seem to be missing something, can you afford to pay all debts that you have on time each month including the business debts? Were you late with even one payment? You must have a low mortgage is you can pay that plus repayment of a debt of 70K with a salary of 15K. Can you claify exactly what help and advice MABS gave you? If you give a more comprehensive outline of the events and the debt you will receive better advice.
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

I am assuming that you have been keeping up your side of the bargain with the bank and that you have opened another bank account as advised.

We (i.e. the Irish tax paypayer) are bailing out the banks and now it sounds like your bank is shafting you.


Get on to every TD in your constituency
Get on to every elected county councillor in your locality
Get on to your local paper(s)

In this climate especially, the banks cannot be allowed to behave like this if you are keeping to an agreed schedule.

I can't believe that MABS has said there is nothing you can do. This is outrageous.
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Mabs can make a suggestion but it is up to the supplier/bank whether they accept it or not- it is not legally binding.
It looks like you have made every effort to try and clear your debts and not ran away from the problem. Is your mortgage in your name alone or with a partner. What they can do is get a judgement against you, they will probally go for a judgement order- if it is a family home there is no way a judge will kick you out but if you sell it in the next 12 years if after the mortgage is cleared you will have to pay off this debt.
The bank can also go for an installment order if they do make sure you turn up in court to plead your case- if you show you have been doing all you can - the judge will only make you pay what you can afford. If you do not show up he can make you pay any amount he feels like.
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

ok, there's the details:

salary:19.500y but taking 1 day off every week (parental leave)= between 15 and 16.000
mortagage= small mortgage (thank god) 470/m - never missed a payment
debts from the business as follows:
37.000 + 11.000 (1180 +360 per month)-this is not a prob yet as they froze my savings against it,it will fee it until september this year.
18.500 - in arreas and under agreement 90 euros a month (never missed any of the agreed payments,currently 1500 in arreas
10.000 - over paid, paid over 4000 in 2008
cc - 5500, still in debt but all payments up to date

the 18.500 loan is the problem. they wanted me to put at least 1700 euros on the account this month and i don't have it so they issued notice to close off the accounts.

this is the truth, that's why i don't know how to deal with it, it is just riduculous!
and i am also proud of saying that I NEver in my life missed any payment , nothing at all. I have been their customer for about 10 years.

cannot afford solicitor fees, am really losing my sleep, found myself losing it completely over anything...I am losing it.
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Bronte, you are not missing anything in there.

I have been fixing socks for the last 2 years an the only fashion brand known in this house is Pennys.

I have 2 trousers an 1 pair of boots that will have to last for another year.

There isn't one day that I don't cry before i go to sleep.

I sold everything I had last year to keep up payments and now don't have anything else to sell.

I even sold dresses an coats!
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Hi In bad debt,

I always heard that banks are ruthless and this is a prime example of this. Could you get yourself onto a radio show to highlight this and embarrass the BOI. (BOI deserve this).

I think they would back down.
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

i think going to the media is a good idea. I couls see Joe Duffy loving that .
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Possibly open a credit union account, it would be good to build up a relationship with your local credit union .
Definitely second the call to a local councillor or TD, with elections coming up they may be very motivated. It sounds very odd especially the reaction of the local manager..
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

I find it very strange thet it would be out of the hands of the branch manager.
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

colm said:
I find it very strange thet it would be out of the hands of the branch manager.
Click to expand...

The local Branch Manager has no control over lending (except to deny it) and has not had for years. I know of one BOI manager who gave a small loan to a customer he knew for years, who was in trouble. The loan request was turned down, so he ended up covering it with his own money.
 
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