Advice on settling bank judgement

  • Thread starter Crackerjack
  • Start date
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Crackerjack

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Hi,

I had a bank judgement granted against me/my house in 2003 for an old business debt. The Judgement was for €17k. The bank have indicated they are open to settlement and an installment option. I need to make an offer and they will consider it.

Does anyone have experience or knowledge of how much they may accept and over how long. I don;t have a lump sum and am on a low income but would like to resolve the issue.

Any advice gratefully received.
 
Sit down and work out what would be affordable for you first. As you are saying installment approach, think about what monthly repayment you could afford and how long that would be clearing the €17K, then think about how long you want to take and use that to calculate what you would like to settle for. Then lop off 10% to give you space to offer more if needs be.
 
Remember also that a judgement becomes un-enforceable after 12 years. keep your offer low as the Bank will have w/o this loan on their books.
 
so-crates said:
Sit down and work out what would be affordable for you first. As you are saying installment approach, think about what monthly repayment you could afford and how long that would be clearing the €17K, then think about how long you want to take and use that to calculate what you would like to settle for. Then lop off 10% to give you space to offer more if needs be.
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Thanks for the reply. Based on my current income, and the amount I could probably pay each month it would take at least five years to repay excluding interest.

44brendan said:
Remember also that a judgement becomes un-enforceable after 12 years. keep your offer low as the Bank will have w/o this loan on their books.
Click to expand...

Thanks 44brendan. There is less than two years left of this twelve year period. Does this mean any installment agreement should be completed by then or can it carry past the 12 year anniversary?
What if I pay nothing,will my credit rating will be affected permanently?
 
Your repayments do not have to be completed in two years. Once the judgement is unenforceable, the bank have no recourse.
 
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