Two large mortgages, thinking of leaving the country, any advice?

C

chippy

Registered User
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Hi,

I have 2 large mortgages, im slowly getting hit in the peanut jar to the point the plane fare will shortly be gone.

Im nearly on the plane and am not worried about throwing the keys anywhere.

Any advice please?

chippy,
 
Where are you on the plane to, within EU or outside? Is there any chance you might want to come back to Ireland in a few years or are you emigrating permanently?
 
Oceania, come back not in the immediate future, im not in a hurry, but of course there is the usual stuff, funerals, reading of the will etc

Sounds tough i know, it is
Chippy
 
Just bear in mind, its very hard to run away from debt, especially large debts.

They will chase you for it, and if you run to somewhere they can't chase you, then they will be watching out for your name should you ever return. You will always have it hanging over your head.

I hope you get things sorted.
 
You might be better off moving to the UK first and declaring yourself bankrupt first, otherwise your debts will hang over you for a long time.
 
I wouldn't blame you at all for jumping on a plane.

The banks are greatly to blame for this present mess -and they are supposed to be the experts, not the hundreds of thousands of property purchasers,especially young people, in dire straits.
In USA you'd have no problem in telling the banks that recklessly threw money at people that you can't pay -here are the keys. It is recognised there that banks must share the risks with the purchaser.

I'm not an expert on how banks chase people for debts. If there is some sort of border watch I'd be amazed. I'm not that sure that you'd have any real problem if you came back to Ireland in a year or ten years, except if you considered ever applying for a loan or bank account etc.

But you'll always have some anxiety even if it is unfounded. Thus it would be better if you found out what is the worst that could happen if you openly and honestly declared that you just cannot pay.

There are free advice centres, both govnt and charity/private who are real experts
and will tell you your options .

After getting the facts you may still decide to jump ship. I wouldn't blame you.
But you must find out a bit more first. Your situation - your despair - is too serious to depend only on advice from posters like me.

Good luck

P.S. You may consider, before things get too dodgy with your lenders, opening a small savings account in another bank - and ,if possible, across the border.
 
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