Moral Ethos
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Posting this on behalf of a friend who rang me this morning in tears.
He owes BOI about €9k for a loan he defaulted on a few years ago. He fully accepts he is liable etc. BOI took legal action and obtained a judgement for the full amount and then obtained an installment order based on his income at the time. My friend lost his job and as a result could not meet the installments. He then went to the district court to have the installment order varied. The judge reduced the order to nil.
Now it seems the bank is now very sore over this and has now passed the entire debt over to a collection agency who are threatening legal action and that they will send people round to discuss the situation. Naturally he is beside himself with fear.
Now, as the matter is before the courts, is the bank acting unreasonably by involving heavies because the installment order was varied in the debtors favour?
Any useful advice would be appreciated.
Thanks
ME
He owes BOI about €9k for a loan he defaulted on a few years ago. He fully accepts he is liable etc. BOI took legal action and obtained a judgement for the full amount and then obtained an installment order based on his income at the time. My friend lost his job and as a result could not meet the installments. He then went to the district court to have the installment order varied. The judge reduced the order to nil.
Now it seems the bank is now very sore over this and has now passed the entire debt over to a collection agency who are threatening legal action and that they will send people round to discuss the situation. Naturally he is beside himself with fear.
Now, as the matter is before the courts, is the bank acting unreasonably by involving heavies because the installment order was varied in the debtors favour?
Any useful advice would be appreciated.
Thanks
ME