billybound
Registered User
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Hi, a friend is in 80k euros negative equity. He has been offered a job abroad. If he leaves the house and hands back the keys, how do the bank recover money.
You cannot walk away from you debts unless you are David Drumm.
There would be no harm returning for a visit. It is a civil matter and not criminal so the Gardaí would have no involvement.They will sell the house.
But as they will be after a quick sale he will be lots more than 80k short.
They will then follow him through the courts to get the money back. Given the amounts involved he will have to go a long way to hide from them (outside eu). And never return to Ireland , even for a visit.
From a realistic point of view it would be a waste of time as they would have very little real prospect of ever getting the difference back.They will then follow him through the courts to get the money back.
There would be no harm returning for a visit. It is a civil matter and not criminal so the Gardaí would have no involvement.
If he ever became resident here again it would come back to haunt him.
From a realistic point of view it would be a waste of time as they would have very little real prospect of ever getting the difference back.
There would be no harm returning for a visit. It is a civil matter and not criminal so the Gardaí would have no involvement.
If he ever became resident here again it would come back to haunt him.
Not for a civil case. And a commital warrant cannot be sought until such time as a judgement is obtained, an installment order made and a commital hearing held. Also the bank would have to prove proper service of court documents on the debtor. Impossible if he is not located within the state. Without proper service it will not get beyond obtaining a judgement. I would even be doubtful if the High Court would grant judgement where the debtor had not been served.That's a big assumption to make.
A judge can order a bench warrant when he doesn't turn up for the case.
Hi billybound
I'm sorry i can't help you regards to Irish laws but I know of someone who had the same problem in England back in the early ninties. They posted back the keys to their mortgage lender and told them they had left the country etc. They did receive a letter from a debt collection company about 5 years later. The original neg equity would have been approx €10,000 at most if house was sold but by the time the letter came it had increased to €50,000. On the advice of a solicitor here, they ignored it and have not heard anything since and that is 12 yrs ago.
Dont take too much notice of people telling you that you can't ignore your debt. Of course you can, its intirely up to you to decide whether this is the best way to go or not. This country is massively corrupt in a legal kind of way and to be honest I for one am sick of being walked on. My heart goes out to all the innocent people trying to do what s best as I have been 100% honest all my life and it has only sent me into misery.
That just how I'm left feeling.
Good luck with your new journey
This country is massively corrupt in a legal kind of way and to be honest I for one am sick of being walked on. My heart goes out to all the innocent people trying to do what s best as I have been 100% honest all my life and it has only sent me into misery.
You control your own destiny, not others.
Did you miss all the news reports about Nama, and Anglo Irish bank etc?Thats great, its just what we need as a country...another "victim" with a defeatist attitude. This country is not massively corrupt and no one is walking on you.
Who are all these "innocent" people and who are the people walking on you?
I AGREE 100% and from now on I intend to do it my way. I have tried it the honest way for half my life and because I put the trust in the people that were voted in to protect us and manage the country I have been left with nothing.
Some may say that people should not walk away from debt but walking away from debt when one has nothing else to lose is to me far less of a crime than that committed by those people in authority that made detremential neglectful decisions that resulted in the direct or indirect cause of the economy collapse we see today.
ARE those people living in fear of their sanity. Are they living in fear of how they are going to cope day to day, where they are going to be living next week/month. How they are going to afford to drive their kids to school when their old car packs in and they can't afford a new one. I could go on but the people who will mostly understand unfortunately will be the people who are living a similar experince. I say mostly, because I do know some people who are not in a bad situation but can see why some people just have to get up and go.
The Govt would probably give them more of our money to prop them up, just like Anglo :mad: