Years ago got into difficulty with PTSB personal loan. Settle judgement mortgage now?

L

lipbalmpam

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Several years ago I took out a PTSB personal loan and I got into difficulties and there is a judgement on our mortgage.

Its on my mind alot lately and I wonder if I approached the bank with a settlement figure how would it be received?

I think there was around 5.5k left outstanding on the loan and the judgement is in place for around 5 years.

How much would I expect to pay to settle this in full?

I have around 3k in savings and would hope this would cover it.
 
You need to work out the following:

1. Date of Judgment - interest accrues at 8% per annum from that date.
2. Actual amount of Judgment and costs.
3. Value of house
4. Capital amount outstanding on your mortgage - if you have a mortgage. If you do, the equity in the property is the amount of value in the house ( if you sold it) when you subtract the value of the mortgage.

Now you have a figure. And the question is, is it worth while for PTSB to accept a settlement figure from you?

They are entitled to look at your income and expenditure also to see if you could enter into phased repayments.

And if you approach them, you are prodding the hornets nest - is it conceivable that they have forgotten about the debt?

mf
 
And if you approach them, you are prodding the hornets nest - is it conceivable that they have forgotten about the debt?
Click to expand...
If you have not heard from them recently, the liklihood is that this debt is written off in the books of the Bank. However, the JM will remain on your property. If you have no intention of selling or otherwise disposing of the property within the next 10 years or so, then you may well take a chance that the Bank will not progress any further action against you. However, it may well be worth your while making an offer to the Bank in order to have the JM removed from your property!
 
As others have pointed out might be best to leave this alone. There is a time limit to these and there was a thread all about this and how in the future you get the judgment mortgage discharged.
 
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