They will get a judgement anyways. There is very little you can do to stop it.Having spoken to someone else today about it all though I'm now wondering can the bank obtain a judgment mortgage on an unsecured loan/cc debt or is a judgment the most they can get?
Absolutely not. Once they have judgement they can slap a judgement mortgage on any property owned or jointly owned by the debtor.Am i wrong in thinking that when a financial obtainsa judgment a judge has no role in preventing them from registering it as a charge against a property a borrower owns.
After they get their judgement there are a number of options open to them:
1. Send the sheriff round to seize goods to the value of the debt. Very rare this happens as unless you live in a palace the sheriff will not take anything.
My friends husband owes 52k on a business loan, he has agreed a repayment plan.
The other day he received a solicitors letter (representing AIB), saying that the first repayment must be in the bank within 7 days.
They also stated that they have obtained a judgement against his mortgage and it will not be discharged til the debt is repayed in full.
The thing is this couple have never had a mortgage nor ever applied for one.
They have always rented.
Scare tactics at its best I think.
Or else someone has got the wrong end of the stick! Its not possible to "get a judgment against a mortgage" even if they owned their house which they don't, I doubt that a solicitor wrote that and I doubt that your friend was scared!
mf
Why are the solicitors assuming they have a property? They really dont have any assets to their name.
I would doubt that as the banks tend to use the county registrars to obtain default judgements. It is basically a rubber-stamping operation with high throughput. I would say that very few civil bills are actually defended against.There is apparently a enormous backlog in the courts regarding judgement.
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