Case study investment property in arrears but I have €55k in savings

I wouldn't bank on your business based on your investment track record. These sorts of threads are a godsend to get an unfiltered view into the mentality of some debt defaulters.
 
Folks

In case this thread appears a bit incoherent, day deleted a lot of his posts. We were able to recover some but not all of them.

Brendan
 
The scare or annoying thing if that there are probably 1000s of people out there like the OP who are not paying their debts even though they can because they feel they shouldn't/don't have to!
 
Strategic defaulters like day make life very difficult for the genuine cases. The banks tend to be sceptical of all cases because it's difficult for them to discriminate between the strategic defaulters and the genuine cases.

With the fixing of the law on repossession and the relaxation of the Mortgage Arrears Code, NIB now has the tools to sort out these guys. Hopefully, they won't use them on the cases who are cooperating.
 
Agree Brendan.

I unfortunately think that mortgage defaults/ repossessions are the next big financial crisis to hit this country. The burying the heads in the sand or artificially propping up houses prices is only prolonging the inevitable.

The second big house of cards has yet to fall!

Trying to make sure I don't enter into house price speculation.
 
Devil's advocating a small bit, if the OP had been given something instantly remunerative instead of redundancy cash, I don't think there would be quite the backlash. For example, if he had been given a fully licensed and insured taxi or some sort of franchise business that brought income in immediately, I don't think there would be a clamour to sell this asset to repay debts - it would be recognised that the asset was the OP's source of income and should be managed as well as possible to provide ongoing income for his family and to service debts. I've never seen a small business owner on here being told to sell off their business assets to pay their debts. But because the OP has cold, hard cash, this is considered fair game. Just something to consider...


Now, where the devil's advocating stops is when you look at the seven month gap since last November and now when the OP is 'in the process of setting up the business'; even if it takes this long to set up a business, a business plan should include reasonable expenses for the owner in the set-up stage - including servicing debt. Setting up a business is not carte blanche to park debts and other responsibilities.
 
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