I own a 2 bed retirement house attached to a small nursing home, the operator of nursing home who is builder is not paying full rent for last 3 years, we 4 investors when ever we write he gives a threat to close down investment scheme, which would make us liable for revenue, if scheme closes down we have to return revenue the tax refunds we got from revenue, we kept quiet.
we no longer have patience and also not sure if he is taking us for a ride, operator is paying small amounts 1000 a year rather than honouring full rent 13000 a year as per rental agreement during purchase...
Rental guarantee (13000 a year)agreement started in 2008 and ends in 2012. we are also worried if we dont take action if the builder goes into liquidation our debts will not get registerd or paid out.
how to deal :
(1) court case : expensive and delayed route. if we sent soilicitor's letter and initiate action, he might even stop those small amounts (1000) per year altogether and we get locked in an expensive battle with powerful builder with reputed solicitors on his side. very tactically he is paying small amounts and sending an apologetic letter so that judge can see his 'honesty' and take sympathetic view. each of us we are already owed €21000/- accumulated in last 3 years and it does not include interest.
(2) Can we sell the debt to any low cost debt collecting company who would advance us money and recover the debt from builder and any further engagement will be with debt collection company and builder. any companies in ireland do that, please PM
while we know like every builder he had his good days and now in not so good times if not in bad times, we want to know from some one some ideas as to how we deal with this situation.
we also have our mortgages to be serviced, so our situation is not that great...
we no longer have patience and also not sure if he is taking us for a ride, operator is paying small amounts 1000 a year rather than honouring full rent 13000 a year as per rental agreement during purchase...
Rental guarantee (13000 a year)agreement started in 2008 and ends in 2012. we are also worried if we dont take action if the builder goes into liquidation our debts will not get registerd or paid out.
how to deal :
(1) court case : expensive and delayed route. if we sent soilicitor's letter and initiate action, he might even stop those small amounts (1000) per year altogether and we get locked in an expensive battle with powerful builder with reputed solicitors on his side. very tactically he is paying small amounts and sending an apologetic letter so that judge can see his 'honesty' and take sympathetic view. each of us we are already owed €21000/- accumulated in last 3 years and it does not include interest.
(2) Can we sell the debt to any low cost debt collecting company who would advance us money and recover the debt from builder and any further engagement will be with debt collection company and builder. any companies in ireland do that, please PM
while we know like every builder he had his good days and now in not so good times if not in bad times, we want to know from some one some ideas as to how we deal with this situation.
we also have our mortgages to be serviced, so our situation is not that great...
