notified by the bank to close up all the accounts within 21 days and pay off balances

Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Sounds like BOI are in trouble if they are desperate to close accounts like this.
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Hi Guys
Just a quick word of update, since my last post, I changed to Post Bank who I am happy to deal with for say-to-day banking. Also went back to Mabs and begged for them to help me out and I wasn't trying to be smart, now I realize that I nearly "lost it" half a year ago. I always said people that kill themselves over debt are crazy...but I understand now, those are very dark days, I just got out of it, Thank God and Thanks to my beautiful kids that made me keep my head up every day. Also the support I got on this post was highly appreciated and needed.
Mabs took over the dealings with BOI, I am not talking to them anymore. I made an offer in 2 of the loans that is way less then I was paying before and the other 2 loans, I just cannot afford them now.They sent me to their solicitors and I am happy to see that theres no more letters coming into the door every day and no more phone calls either. I am much better now, I am feeling better, the family is better.
We are still living with little or no money, but we are not half stressed of what we were 6 months ago. My partner started working and slowly there is more money coming into the house.
I just want to say THANK YOU to all of you that kindly helped me throu the darkest phase of my life...
Thanks.
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Hi In Bad Debt,
Its good to know that you are in a better place right now. Thanks for sharing your story and I would also like to thank all those who sent in words of encouragement and advice. You don't know how many people's lives you've touched with this.
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Hi

But this is still happening..please look up thread under " senni "...they are doing it to my brother and he is really stressed, in your experience ...what should he do?

Thanks

Senni
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Hi all,

Three things to keep in mind re loan and mortgage repayments.

1. Code of Conduct on Mortgage Arrears; AIB and Bank of Ireland cannot take action to repossess your house for 12 months, on the condition you 'play ball' with them. The other lenders have given a 6 month commitment. Neither term is long enough given the current environment - it should be 24 months, however it's a start.
2. You may be able to capitalise your arrears, add on loans if you have enough equity built up on your home, switch to interest only or request a moratorium (payment break). Otherwise, you may be able to find a 'specialist' lender that would bundle all your loans together. Caveat Emptor.
3. There might still be a way to go down the 'Seniors Money' route. If you have parents that are asset rich, but cash poor and are over the age of 60, then there is the possibiliy they can release cash through their home and pay off your debts. The nice thing about this is that there is no obligation to repay the debt until your parents pass away. However, I would suggest that this is not ideal as it may prove expensive over the long run.

All these options should be discussed with a professional as there are many things to consider based on your needs and situation.

Good luck in the months and years ahead. Email me if you'd like any other information on the above.

Bob
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Bob, you do not pay loans with loans, thats one thing I have learn.If you have loans, negociate them but stop taking up loans.My opinion , of course.
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Dear Senni. I am very sorry to read your post, I didnt have a chance to read yet about your brothers post, i will later and will post you later....but as a general advice, which I apologize in advance if i am wrong, here follows my advice:
1) Dont deal with the banks directly, get help from Mabs. You take everything personally as you are involved, but mabs wont...obviouslly!-this way you wont get stressed.
2) never take up loans to pay loans, thats stupid...yep, thats the word. Thats what put me on the situation where i am at the moment
3) define priorities, and by that i mean, ood at the table, clothes for the family, morgage....and so on...
4)dont forget that no matter how bad your situation is, there is a lot of people in this world way worse than you, keep smiling, its good for the soul...and finally...
5) Live your life and pay as much as you can, you can only do as much...

hope this helps, thats what i am doing.
 
Re: notified by the bank to close up all the accounts within 21 days and pay off bala

Thanks...this is happening to my brother and he just cant seem to see any light at the end of this tunnell.

I will get him to smile again,,,at present im keeping him talking
 
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