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  1. J

    Which professions can't avail of bankruptcy or insolvency?

    It appears that the only profession that cannot go bankrupt and continue to work are Pharmacists. I would say the 2007 Pharmacy Act is unconstitutional in this regard. The other professions can generally go bankrupt but would be independently assessed by their Regulatory Body as to whether there...
  2. J

    Can a PIA be used where there is plenty of positive equity?

    Yes, you can do a PIA with positive equity. The PIA should be successful if they can demonstrate that the loan could be paid in full by the time they are, say, 70 years old. A PIA could also be successful (but would be more challenging) if they agreed to continue paying interest and some...
  3. J

    Vulture Fund appointed during PIA Appeal

    There is no need to contact anyone. If the PIA does not conclude by the "transfer" date, then Everyday simply "simply steps into the shoes" of AIB and are obliged to take over the appeal proceedings. They will have to decide if they retain the legal team that AIB had, or do they replace the...
  4. J

    Completed Insolvency, now bank refusing to write off debt as there was a co-borrower.

    The bank are correct to show that the debt is still due from the Estate. The bank may only sue the Estate, not you personally. As far as you are concerned the debt has been written off. The bank will have to make a decision as to whether they incur legal costs on suing an estate that simply...
  5. J

    Completed Insolvency, now bank refusing to write off debt as there was a co-borrower.

    The best step to take is to contact the Central Credit Register, send them a copy of the PIP letter to creditors declaring that the PIA was concluded, and they will take the necessary steps to show the debt was written off. Jim Stafford
  6. J

    Vulture fund not engaging

    If you had arranged an ARA (Alternative Repayment Arrangement) with UB then it is possible that the ARA incorporated the arrears = the fund are bound by the ARA. In fairness to the funds, they do not always get reliable information from the banks, and thus they may be incorrect in their view...
  7. J

    Vulture fund not engaging

    The fund are engaging, just not on your terms! It is not possible to provide you with proper advice unless provide full financial details. It might be advisable to sell the property now for example? In any event, if you do not immediately clear the arrears it is likely that the fund will...
  8. J

    Can your credit file be reversed if you receive a windfall during insolvency that clears all debts

    Your credit yesterday is your credit history and cannot be changed. Obviously, if you then paid off all loans, then your credit report would show that. Jim Stafford
  9. J

    Bankruptcy assessment question

    There is a possibility that the Official Assignee will determine that you have a "beneficial" share in the house, as your €650 is being used to pay the mortgage. You might be safer to do a PIA/DSA. Jim Stafford
  10. J

    EBS Reposession order - next step and professional help please

    I know that IMHO have done some great deals. However, many of their deals are "split mortgages", which will be more costly to the borrower in the longer term, as opposed to a PIA which can reduce the mortgage down to the market value of the property. The High Court has ruled that PIA's do not...
  11. J

    My Debt affect my spouse?

    I would argue (having successfully made such arguments in the past on behalf of clients) The bank would be breaching the Discrimination Acts by discriminating against you just because you are married. Your wife is entitled to GDPR protection. What they are allowed to ask you is whether or not...
  12. J

    Judgement Mortgage

    If you are seeking maintenance payments he would have to disclose them in his affidavit of means. You can judge the size of the judgments by the court that issued them: District less than €15,000, Circuit Court les than €75,000, High Court more than €75,000. If you are really keen to know, you...
  13. J

    72,000 in debt split between me and my ex

    I suggest that you use MABS to negotiate a settlement. Whatever you do, do not commit to a never ending payment plan (which some MABS offices tend to negotiate.) Insist on either a lump sum, or a payment plan over 3/4 years. Jim Stafford
  14. J

    Credit card for use in the US

    On a recent trip to USA I used a AIB Credit Card, AIB Debit card and a Revolut card on the same day to determine which provided the best FX rate. I was surprised by the results, which I set out below, using a transaction amount of $100 to show the Euro cost. AIB Credit card: $100 @ 1.14211 =...
  15. J

    Upsizing home but can I keep tracker (also availed of PIP)

    If your PIP managed to obtain a reduction in the mortgage amount at the time of the PIA, watch out for the clawback. See previous postings on clawbacks: Jim Stafford
  16. J

    TUPE LAW - Taking over from my employer

    TUPE is the biggest obstacle to many business sales as it so onerous on the purchaser. You do not say if the owner is a sole trader or a limited company. If your employer is a limited company is it planning to go into an insolvent liquidation? If so, you might be able to buy the assets from...
  17. J

    High Court: oral evidence cannot contradict a written agreement

    Generally speaking it does. It might be possible to rescind a contract on grounds of misrepresentation etc. Jim Stafford
  18. J

    Split mortgage in PIA

    You could attempt a Variation of the PIA. Your existing PIP is the person best placed to advise. given that your existing PIP deemed it sustainable at the time, it would be challenging to do a Variation. Jim Stafford
  19. J

    High Court: oral evidence cannot contradict a written agreement

    Brendan I previously did a blog post on our website entitled "Why a banker's verbal agreement is not worth the paper it is written on". The article is below: I recall some years ago a senor banker said to me, very smugly, that “Our previous verbal agreements with your client are not worth the...