Notice to Clear Mortgage Balance of €44k, Vulture Fund

Quick question, nearing a decision.

It's not very clear if a person is eligible for a PIA if they do not have arrears.

I ask as I'm leaning towards clearing arrears and moving forward with the hope I can manage a new arrangement with the help of Mabs (excellent I have to say)

The spectre of the Judgement mortgage remains in this scenario, I can not deal with both.

My question if anyone can advise.

Does a person have to be in arrears to be eligible for a PIA or is it a Person has to have a secured debt

Thanks again everyone.
 
Hi All,

Quick update.

I've decided to proceed by clearing all and any arrears. In essence, whilst I initially thought my situation was grim the reality was more confusion, partly on my part but some pretty shocking matters came to light with regard to what the vulture fund understood was actual arrears, the interest rate I was being charged, the terms re split mortgage etc.

Whilst a PIA was and remains an option, the advice ultimately leaned towards getting arrears sorted removing any immediate concerns about the vulture fund seeking repossession or seeking full clearance of the €44k. The split remains a seperate matter with no interest accruing of repayments necessary, I'll hopefully address that when and if my health challenges improve.

Whilst the entirely seperate judgement mortgage still exists, there remains questions about it, wether I've acknowledged it and the likelyhood of it being enforced imminently, as explained there's me absolutely no engagement, communications etc since 2014 and anything after 2009 when it was obtained may have been subject to without prejudice considerations. Its a concern but I have to focus on the now.

I'm awaiting clarity on what my full mortgage payment will be moving forward once arrears paid and I'm fortunate to have some financial support.

I just wanted to say thanks to all who offered advice and kind words. It's still a challenge ahead but at last I've a sense of were I am at and it's been quite some time since I aware of that.

Thanks again.
 
Hi,

I’m in a similar situation at the moment. Can I ask how did you get on with this? Was the judgement statute barred or did your acknowledgment of it in 2014 mean it was not? Did you have the judgement removed from the land registry and if so how long did it take?
 
Pinkpanther said:
Hi,

I’m in a similar situation at the moment. Can I ask how did you get on with this? Was the judgement statute barred or did your acknowledgment of it in 2014 mean it was not? Did you have the judgement removed from the land registry and if so how long did it take
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It's been a while since I posted about this. To surmise, I recieved written opinion, the Judgement is Statue Barred now (2024) I was advised not to act to get it removed until a full 12 years from last engagement.

I'm now also Mortgage Free having cleared my mortgage with a Vulture Fund.

Regardless of differing opinions on the Statue Barred defence, it is Not Black & White, so I decided to seek legal advice.
 
JD2021 said:
Gosh I would hope your might be correct (but it might be wishful thinking on my behalf) there's two very distinct dates I have to hand, indeed on the folio I requested from Land registry,, it actually shows the date of actual initial court judgement in the details section of folio (2009) and obviously the date it was added to folio 2011 as a judgement mortgage. So I'm presuming that actual date of importance is when it was added to folio as a mortgage judgement if I'm making sense. It's a main bank also and I've not heard a word about this since 2009, date of court judgement, I'm guessing primarily because until they sold my mortgage, they were not worried albeit it is curious the VF have never raised it albeit not of concern them unless property was be sold ( which never contemplated)

Thanks again, will be interesting as to what others thoughts are on this question
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When the fund bought your debt they would have had to do due diligence on loans contained in the portfolio and it would probably have been disclosed to them by the original lender at some point as it would have impacted the value of the debt when negotiating a sale price. This might explain why the original lender might have done nothing about this, as you say the debt was only sold to them 2 years ago. I'm not sure what the legal position on disclosure is if there is a separate court judgment attached to the folio, but as others have said, they have 12 years to look for an enforcement order and if they have not done so within 12 years they cannot do so now.
 
JD2021 said:
It's been a while since I posted about this. To surmise, I recieved written opinion, the Judgement is Statue Barred now (2024) I was advised not to act to get it removed until a full 12 years from last engagement.

I'm now also Mortgage Free having cleared my mortgage with a Vulture Fund.

Regardless of differing opinions on the Statue Barred defence, it is Not Black & White, so I decided to seek legal advice.
Click to expand...
This is sound advice and hopefully of help to the new poster. Glad to hear you managed to resolve the issue and hope your health issues have improved also.
 
lff12 said:
When the fund bought your debt they would have had to do due diligence on loans contained in the portfolio and it would probably have been disclosed to them by the original lender at some point as it would have impacted the value of the debt when negotiating a sale price. This might explain why the original lender might have done nothing about this, as you say the debt was only sold to them 2 years ago. I'm not sure what the legal position on disclosure is if there is a separate court judgment attached to the folio, but as others have said, they have 12 years to look for an enforcement order and if they have not done so within 12 years they cannot do so now.
Click to expand...
This Thread dates back to 2021, My mortgage was sold by PTSB to Start Mortgages in 2019, the actual judgment mortgage was also from PTSB relating to a personal debt (2009) but judgement registered in 2011. Start would have been aware of.

On seeking legal advice 2 years ago, it was determined, 12 year statute Barred Date was 2024, that date now passed & no communication in over 12 years, actually more but I was being cautious.

My Mortgage with Start now cleared & will seek to have the Judgement mortgage (completely separate) removed shortly
 
JD2021 said:
This Thread dates back to 2021, My mortgage was sold by PTSB to Start Mortgages in 2019, the actual judgment mortgage was also from PTSB relating to a personal debt (2009) but judgement registered in 2011. Start would have been aware of.

On seeking legal advice 2 years ago, it was determined, 12 year statute Barred Date was 2024, that date now passed & no communication in over 12 years, actually more but I was being cautious.

My Mortgage with Start now cleared & will seek to have the Judgement mortgage (completely separate) removed shortly
Click to expand...
Thanks so much for your reply. My case is a little more complex and I am wary of posting on threads like this with too much detail at the moment. When vulture funds are contacting you and threatening to appoint receivers you get a little paranoid. I hope it all works out and when it is over I can update on the situation in the hope that I can pass on some information that might help someone else in a similar situation.
 
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