Residual debt

Discussion in 'Mortgage arrears & negative equity case studies' started by Gerard 22, Apr 20, 2017.

  1. Gerard 22

    Gerard 22 New Member

    Posts:
    1
    I have residual debt of 150.000 thousand euro from the voluntary sale of an apartment in 2013.
    What happens, it has been nearly 4 years now i am starting to save again because i am working now thank god. No word from the bank as yet, can they take my savings from my account at any time?
    20 thousand.
    Will they sell my debt to vulture funds?
    Anyone know what is likely to happen to me in the future regarding this.

    Please looking for someone that knows about this kind of thing.

    Thanks.
     
  2. elcato

    elcato Moderator

    Posts:
    2,613
    They can't take the money from your account but you should probably have the money in a different bank anyway (if it's not in a different bank already). They may have written the debt off but let sleeping dogs lie here till they get in contact. If they don't initiate proceedings regarding the debt within a certain timeframe (6 years I believe) then it will be deemed written off. They may or may not pass your debt to someone else such as a debt collection agency. Chances are they may contact you in time to see if they can get anything from you but until then lie low. If and when they do get in touch, under no circumstances give them any information over the phone about your finances. Maybe get back on here if there is contact. In the meantime concentrate on your own life and good luck.
     
  3. Gerry Canning

    Gerry Canning Frequent Poster

    Posts:
    2,514
    Gerard 22.

    Do not take phone calls .

    1. Anyone phoning you, should out of courtesy identify themselves , do not say who you are , ask them who is calling . If they do not say who it is but waffle on about needing date of birth just hang up .
    2. If you accept a phone call it can be taken as re-enacting the debt , so do not accept calls .

    ...................
    Very probable that your residue has been onward sold to a Debt Collection type company rather than a {Vulture} fund . These Debt collectors are good at letters/calls etc so do not engage ,suggest come back to AAM .
    elcato,s advice is good.
     
  4. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    31,888
    Hi Gerard

    Do you not owe the money?

    If you owe the money and you have some of it, you should pay it.

    If you are bankrupt, you should declare bankruptcy and get a fresh start.

    Brendan