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  1. J

    Why is the EBS not chasing the mortgage shortfall?

    'from the date a loan is paid off', meaning if the loan is not paid or a settlement arrangement reached, creditors will report to CCR indefinitely on a monthly basis, impairing your credit history. Even if the CCR only looks back 5 years, your profile will continue to be updated with negative...
  2. J

    Accelerated DSA with Lump Sum Payment

    Has anyone explored this option with an Irish Bank as a viable way to fast track long term debt resolution?
  3. J

    Why is the EBS not chasing the mortgage shortfall?

    I recently spoke with MABS about our case. They informed me that while debt becomes statute barred after 6 years (and therefore not legally enforceable) it will stay on your credit history until paid or settled. That means unpaid debt in ireland follows you FOREVER and the banks have no...
  4. J

    Why is the EBS not chasing the mortgage shortfall?

    I received a Realisation Schedule from the Bank recently confirming Voluntary Sale proceeds (less costs) and outlining the account balance outstanding - I assume this is a standard letter for banks dealing with mortgage shortfalls. If EBS are unlikely to pursue overseas borrowers, are occasional...
  5. J

    Why is the EBS not chasing the mortgage shortfall?

    I checked my original loan documents and a mortgage indemnity bond WAS taken out and added to the total loan amount. While EBS’ future strategy remains as unclear as ever, this at least explains why they have shown no appetite to do a deal. I also received a letter from EBS stating they will...
  6. J

    Why is the EBS not chasing the mortgage shortfall?

    Thanks Bronte. Understanding the Statute of Limitations is set at 6 years to allow lenders to find alternate solutions to insolvency/bankruptcy (and presuming the proposed 2017 amendment to reduce this to 2 years was being debated on these same grounds), I would fully expect a creditor to...
  7. J

    Why is the EBS not chasing the mortgage shortfall?

    Appreciate the quick response Brendan - no sure whether I should have expected more pragmatism from a re-capitalized lender, but I imagine the ‘do nothing’ approach will change closer to debt expiry in 2023. Have you seen any evidence of Banks actively engaging on unsecured debt post-sale of...
  8. J

    Why is the EBS not chasing the mortgage shortfall?

    [UPDATE] Recently received notification that the property in question has finally been sold! Would be very interested to hear peoples thoughts on what will happen next, given that I have no assets of note and 2 more dependents since they were last in contact? Does the Bank typically look to...
  9. J

    Why is the EBS not chasing the mortgage shortfall?

    My family and I currently live abroad with no intention to return to Ireland in the near future. In long term mortgage arrears with the Bank (EBS) since 2013 and was renting out the property while working on a resolution. PIA rejected in 2015 with voluntary surrender as the only remaining...
  10. J

    Case study Permanently Resident in North America - PIA Rejected by Lender

    I honestly can't understand the Banks position here. They look to be basing their decision on my earnings potential (nothing to write home about) - is this a common strategy when dealing with younger borrowers in their mid-30's? Also, in the very unlikely event that we were to ever consider a...
  11. J

    Case study Permanently Resident in North America - PIA Rejected by Lender

    Appreciate the responses, very helpful. I have had no contact from the Bank since the decision and I have revoked the Letter of Authority from my PIP so will be dealing with this myself from here on. What would be next steps by the Bank (and expected timeline) from the point of rejecting a PIA?
  12. J

    Case study Permanently Resident in North America - PIA Rejected by Lender

    My wife and I purchased a property in Ireland, but had to emigrate to North America a few years back in search of work - we rented the property in Ireland, continuing to supplement the mortgage out of pocket until 2013, when my wife stopped working on personal health grounds. Currently €40k in...
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