But going to MABS and getting advice does no harm? They wont contact creditors without consent. If the house was only sold in 2019 and there is a residual debt then the bank has a couple of years to get a judgement. I guess like you are saying you can just wait it out and nothing might happen which is true. But I suppose it depends on the person and whether they want to face their issues or not. One route gives closure, the other leaves you waiting and worrying your past may eventually catch up with you. But of course it may not...I would not do anything regarding bankrupty or MABS. It's highly highly unlikely you will be found and more than likely that the debt has been written off. Once you get your feet here you can check your credit rating and see what is there. In the meantime don't worrry and get on with your life. Worst case scenario, you can take the bankrupty route should anything suddenly happen as regards this or if you feel you want to get it sorted at a later date. Good luck.
Yes I would like to know the answer to this.How long would it take for the bankruptcy to clear from your personal record?
If the OP wanted to buy a house in say 5 years, would she be able to get a mortgage?
Do you really think that a shortfall of 160K from 2019 wont be bothered with? Granted they dont have swat teams, but they do have teams who work on this.To the OP: Banks don't have swat teams checking people coming into the country. They have not contacted you for 8 years and have basically sold the house (somehow) without either your consent nor signature. As far as they're concerned that is the end of the matter. Your only danger is that perhaps they started sending letters to your parents address (not an uncommon practice in credit control land) and they may have engaged and paid off the money. Your credit as it stands is toast. Whatever has been added to the credit bureau regarding this si there already and won't get wiped. Even if you paid all tomorrow it would still be toast for whatever the term is. At some stage in the future that debt will be statute barred and you will get a mortgage. In the meantime stop trying to add to your burden and worry about something that is unlikely to happen.
Pretty sure that as a result of this I wont be inheriting anything down the line, not in my name anyway or at least not until this is dealt with.
There is no magical flow of data here. You applying for credit with a different bank will not alert the original lender of anything. But it will show up on the new banks credit check, and you won't be able to borrow.I know they dont have SWAT teams but I do know that if I applied for credit for example, I would flag up, which I wont be applying for but I guess my original question was is there anything else that might bring me to their attention? Is there any way PPS activity would flag up? I do think I will deal with this in time but I need some time to get on my feet and re-established in Ireland before they come knocking.
No. Your credit rating ignores the debt in Ireland, so has no bearing.Would my credit rating here, that has been kept in good standing for the last 10 years since leaving Ireland, bear any weighting on a decision if I were to apply for a mortgage post bankrupcy (4/5 years later)?
Thanks for the response. Can I ask was it that this person was unaware that there was a shortfall owed after the sale of the home and only discovered there was outstanding debt when they went to get a copy of their credit report? When was the house sold ? Wouldnt I be lucky if this was what happened! Id be interested in learning more about this story if you would be willing to share? Thank you!I know someone in a similar situation, the debt was written off completely they only found out by getting a copy of their credit report. It will be removed from the credit report later this yr. I hope this will the situation for you and you can start afresh with your children, best of luck
Thanks for the reply. Regarding my credit record where I currently am in the US, I guess I was hoping if I do go bankrupt after moving home and I guess years down the line if I were to apply for credit, that I can demonstrate I was a credible borrower in my ten years here, no payments missed ever. I understand from a technical perspective it would not impact or improve my credit rating in Ireland.There is no magical flow of data here. You applying for credit with a different bank will not alert the original lender of anything. But it will show up on the new banks credit check, and you won't be able to borrow.
The use of PPS in Ireland is tightly controlled by legislation, and can only be used for specific purposes. You getting paid a salary won't be in any way visible to the lender. Your tax of social welfare records are not public.
You need to find out whether or not this is on your credit record to begin with, and then work out what to do.
The debt became unsecured when the house was sold, so there is a 6 year statute of limitations from that date. But Statute of limitations isn't a magic bullet - it only gives you a defense if the lender initiates legal proceedings after that date. It doesn't automatically remove the debt from you Central Credit Record.
In terms of a deal, the lender might make a deal to remove your name from the debt but leave the remaining outstanding in your husbands name. It gets complicated when only one of the original borrowers engages, and it can be very difficult to come to an arrangement even if you pay 50% of the debt.
I think the fact that you are not resident in Ireland, and there isn't an Irish property involved any longer, might limit your options when it comes to a Personal Insolvency Arrangement, or Bankruptcy here before you move back. A specialist in the area will be able to advise you.
No. Your credit rating ignores the debt in Ireland, so has no bearing.
Banks are getting used to dealing with post bankrupt cases, so look at them on a case by case basis. The sooner you start the process, the sooner you'll come out the other side.
Hi, no the person knew of a shortfall but the bank never came to collect! Bizarre....house was sold 9 yrs agoThanks for the response. Can I ask was it that this person was unaware that there was a shortfall owed after the sale of the home and only discovered there was outstanding debt when they went to get a copy of their credit report? When was the house sold ? Wouldnt I be lucky if this was what happened! Id be interested in learning more about this story if you would be willing to share? Thank you!
Thanks for the response. Can I ask was it that this person was unaware that there was a shortfall owed after the sale of the home and only discovered there was outstanding debt when they went to get a copy of their credit report? When was the house sold ? Wouldnt I be lucky if this was what happened! Id be interested in learning more about this story if you would be willing
How did your friends fair out?I know someone in a similar situation, the debt was written off completely they only found out by getting a copy of their credit report. It will be removed from the credit report later this yr. I hope this will the situation for you and you can start afresh with your children, best of luck
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