https://www.irishexaminer.com/news/courtandcrime/arid-40916174.html this sort of stuff will never cease to amaze me!
I had €7000 arrears on a house after my co-borrower died, I tried to engage with the bank and they wouldn't settle on anything after years of discussion other than taking my house rather than coming to an equitable arrangement. I was 40 when this happened, my mortgage was more than half my salary at the time. It then turned out that I am one of the tracker redress cohort. It sticks in my throat a little that getting 7million written down seems to be easier than 7000. I wasn't comment on Flynn himself, just the madness of imbalance when it comes to dealing with banks.The properties were all sold and the bulk of the debts was the defecit.
The secured debtor will be getting €1900 out of a €3200 salary from a 59 year old man.
How much more do you think he could have done?
I was 40 when this happened, my mortgage was more than half my salary at the time.
It sticks in my throat a little that getting 7million written down seems to be easier than 7000. I wasn't comment on Flynn himself, just the madness of imbalance when it comes to dealing with banks.
I had a PIA that was unsustainable as I was paying rent and paying back creditors. My PIA ended prematurely.There are PIAs in the paper every day where ordinary people get big amounts written off. It's not limited to the people with millions.
A PIA can only be proposed when it is sustainable. Your PIP clearly thought that keeping your house was not sustainable.
As you lost the house anyway, I wonder why he did not propose bankruptcy?
Did your father's estate pay the shortfall on the mortgage?
Brendan
Interest only would have been affordable in my case at the time.
I am a big fan of interest-only.
But the Central Bank was not and so a mortgage which relied on interest-only, was not regarded as sustainable.
Brendan
I didn't keep my house Brendan, I didn't do well at all. The PIA ended early because I couldn't afford it, I had to pay rent and pay back the PIA so something had to give.So AIB had a full right of recourse to your father's estate, but did not exercise it? Was your father's estate in excess of €50k?
It seems to me that you did very well.
You got a PIA which, presumably, meant that you kept your home?
So you kept your home.
Your father's estate was released from its liability.
You got a write-off of €50k.
But for some reason, the PIA ended early. Presumably you were unable to sustain it?
Brendan
I didn't keep my house Brendan, I didn't do well at all. The PIA ended early because I couldn't afford it, I had to pay rent and pay back the PIA so something had to give.
I wouldn't say I got a write off at all,
The bank ended up taking a 50k hit.