BoI agrees to €152,000 write-down of mortgage debt

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DB74

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Might as well stop paying my mortgage now

My wife can give up work and look after the kids instead of killing herself to pay the mortgage & childcare

This time 5 years we'll be laughing
 
DB74 said:
[broken link removed]

Might as well stop paying my mortgage now

My wife can give up work and look after the kids instead of killing herself to pay the mortgage & childcare

This time 5 years we'll be laughing
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Where will you live?
 
Probably stay in a tent outside for a few days to drum up a bit of media support. Then hopefully Richard Boyd-Barrett or Ming will put me up (I'm not gonna chance any Shinners). After that gonna rent a house off the Kellys. Should get a good deal cost they seem to be stuck for a few pound!
 
It seems you don't like the way it is being run. There is no one forcing you to stay and accept it.
 
Time said:
It seems you don't like the way it is being run. There is no one forcing you to stay and accept it.
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Actually there is. It's called debt. What do you propose? Up sticks and leave it all to the banks and the taxpayer to sort out?
 
I left years ago and have not looked back. I even returned my passport and told them where to insert it.
 
DB74 what we propose is that you continue to work hard, to do the right thing, to understand that there are some who can not, to understand that they need help and that we should accept that, but to know there are those who can pay but won't pay and to understand that is is not fair but to do our best to try and make it better. And to fight to jail them bankers, regulators and politicians. Oh yes, that would be sweet and I'm not a vindictive person.
 
Ireland as a country is simply not capable of dealing with the problems it has.

When the people elect a bunch of incompetents they deserve everything they get.

Anyone with sense left years ago.
 
Well I don't consider debt forgiveness to be fair. Either it's debt forgiveness for all or for none.

The woman in that article could get another mortgage in 6 years time and buy the same house for a fraction of what she paid for it originally while her neighbours who have toiled for the same 6 years to pay their mortgage are still stuck with a massive mortgage on a property that they might never ever sell.
 
Time said:
Ireland as a country is simply not capable of dealing with the problems it has.

When the people elect a bunch of incompetents they deserve everything they get.

Anyone with sense left years ago.
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Why are you still posting here then if you're not interested?

Just cos you ran away doesn't mean we all should
 
DB74 said:
Well I don't consider debt forgiveness to be fair. Either it's debt forgiveness for all or for none.

The woman in that article could get another mortgage in 6 years time and buy the same house for a fraction of what she paid for it originally while her neighbours who have toiled for the same 6 years to pay their mortgage are still stuck with a massive mortgage on a property that they might never ever sell.
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Life ain't fair. Fact.
 
I really don't understand this and there has to more to it that meets the eye? If this is the case, then why would anyone in their right mind continue paying their mortgage. Surely the best course of action is to reduce payments over time and direct the excess monies into a third party account and build up a fund. In a number of years default and do a deal, write off your debt for some nominal amount and keep your lump sum!. New Beginings is right.
 
JackMerridew said:
I really don't understand this and there has to more to it that meets the eye? If this is the case, then why would anyone in their right mind continue paying their mortgage. Surely the best course of action is to reduce payments over time and direct the excess monies into a third party account and build up a fund. In a number of years default and do a deal, write off your debt for some nominal amount and keep your lump sum!. New Beginings is right.
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Because you lose your home, need to find and pay for somewhere else to live and have to pay whatever installment order the bank get against you for the next 6 or 12 years.

How much will be in your fund after that?
 
There's no question people can abuse any debt relief or forgiveness system. The same way people drive without insurance, claim welfare when they shouldn't, work cash in hand jobs etc. Society functions off good faith.

I don't have any gripe with someone who wishes to surrender their home and negotiates a writedown of debt. In fact I think that is somewhat healthy given the country's situation.

But I would understand why those struggling to meet their obligations would be angered by others retaining their home by putting on the beal bocht and then having debt written off, when with some adjustments and sacrifices they could have made their payments as agreed. There is an obvious risk of encouraging deception, and it is up to banks or the new insolvency regime to determine who is being honest and who is pulling a stroke.
 
Time said:
Ireland as a country is simply not capable of dealing with the problems it has.

When the people elect a bunch of incompetents they deserve everything they get.

Anyone with sense left years ago.
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Be interesting to know which particular corner of paradise you ended up in. I don't think there is a country in the world without its fair share of corrupt and inept politicians.
 
This "debate" is all very interesting - but does anyone know WHY BOI wrote off this debt??? What makes this case so different to the loads of others who can't get permission to sell their house for less than the mortgage owed?
 
moneyhoney said:
This "debate" is all very interesting - but does anyone know WHY BOI wrote off this debt??? What makes this case so different to the loads of others who can't get permission to sell their house for less than the mortgage owed?
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It isn't different at all, except they agreed in this case, either because she was particularly persuasive, tenacious or it just made sense to them for whatever reason.

It isn't clear from the article as to why this deal has been disclosed. Others here have commented that banks may force you to sign a non-disclosure agreement as part of any debt write off, but that doesn't appear to be the case here.

To be frank, Irish banks should be respossessing far more properties than they are. Maybe more borrowers should be taking the intiative and forcing their hand in this manner via a similar route.
 
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