It just occurred to me today, if the bank isn't playing ball and won't write off the debt on voluntary surrender then maybe you should go through the repossession process and drag it out for as long as possible as your gaff will be appreciating and so whatever debt you're left with will be shrinking. You'd be shooting yourself in the foot if you allowed voluntary surrender without writing off the residual debt in this climate.
So a person shouldn't use the legal processes to his advantage?
This is business Dermot , if you want morals go to church.And what about the morals of it all or does that matter.
BOI. Told them that I'd strip the asset of any value before I left if they refused to make a deal - wires, floors, doors, toilets, sinks, windows, kitchen etc etc.. They said "go ahead, we don't do deals period". I can understand that they don't want to open the floodgates but they have to be realistic, a substantial portion of the population simply lost the ability to service their debts over the past 6 years and that ability is still some way from returning. Deals need to be done or for some it will simply make more economic sense to strip the asset of any residual value and go bankrupt abroad.Agreed. I have made this point at the AGM of Bank of Ireland.
I advise people to drag it out as long as possible, as they have nothing to lose.
Who is the lender? AIB will do a deal. ptsb might do a deal. KBC is also possible.
Brendan
I don't know, how much profit do you think you should make when you sell your house?You've already dragged it out for 6 years....how many more do you feel you should get away with?
And what about the morals of it all or does that matter.
Then we complain about high SVR Mortgages.
Someone has to pay.
As a society we want it every way.
BOI. Told them that I'd strip the asset of any value before I left if they refused to make a deal - wires, floors, doors, toilets, sinks, windows, kitchen etc etc..
BOI. Told them that I'd strip the asset of any value before I left if they refused to make a deal - wires, floors, doors, toilets, sinks, windows, kitchen etc etc.. They said "go ahead, we don't do deals period". .
Firstly, this was a tool for bargaining, I have no intention of actually doing it but would be well withing my rights if I chose to, so blackmail? No, this is not it.This is not on, this kind of behaviour. And I totally would not agree with it. If you're emigrating why would you do that? All you do when you make threats like that is cost the rest of us taxpayers more money and in addition you make banks more unlikely to do deals.
I have no problem with anybody who cannot afford to do so going bankrupt but I wouldn't agree with what sounds like a kind of blackmail.
I'm also aware of it happening, the selling off of everything, I've referred to it on here.
Blackmail, criminal damage, fraud? As long as the deeds are in my possession I'm fully entitled to do as I please with the house, no? These are serious allegations that I certainly don't want to be a part of and if true then I will immediately cease them.There are a few issues here.
I have suggested to all the lenders that they should do deals with people who agree to voluntarily surrender their house and maximise the sales proceeds.
I have pointed out that there is no advantage to anyone to surrender their home without a deal being done if they are going to pursue you anyway.
However, blackmailing them is a different thing. If I was Bank of Ireland, not only would I pursue you for the shortfall, I would try to get the Gardai to pursue you for criminal damage and fraud.
Blackmailing does not work. If you are vacating the house anyway, go ahead and do so. If you behave responsibly, you might get a deal at a later stage on the shortfall. Bank of Ireland's policy might change after the stress test results are announced.
However, blackmailing them is a different thing. If I was Bank of Ireland, not only would I pursue you for the shortfall, I would try to get the Gardai to pursue you for criminal damage and fraud.
This is business Dermot , if you want morals go to church.
Not gonna spend too much time on this DelBoy, I could be here all day correcting your logic. Suffice to say everyone except yourself and a few other high horsers has figured out it's business and so this might explain your surprise at the "tacit approval" for treating it as such.If it was 'business', you'd have been kicked out of that house after 3 months of not paying with a judgement for the balance following you.
You see to believe it's business if it's working in your favour.
I'm not surprised by the examples you have given of what you'd potentially do to the house if it came to it. Your posts on this and the other thread you started re name changes and emigrating to Canada outline your modus operandi.
What I am surprised at on this thread, is the tacit approval you have been getting from some experienced posters for your actions (not the house stripping part I hasten to add) or planned actions.
There are legal avenues you could go down to rid yourself of the house and the debt, but you'd much rather live rent/accomm free for as long as possible. You also don't seem to want the hassle of going the correct routes.
And now that there is a surge in house prices, you see the possibility of more rent/mortgage free living for a couple of more years before selling and possibly breaking even.
As long as the house hasn't been repossessed, how can he be done for criminal damage on to his own property? And fraud?
Does the standard mortgage contract say that the house must have wiring, floorboards, doors etc? If so, they can get him for breach of contract.
Not gonna spend too much time on this DelBoy, I could be here all day correcting your logic. Suffice to say everyone except yourself and a few other high horsers has figured out it's business and so this might explain your surprise at the "tacit approval" for treating it as such.
Repeat away, it will not make what you say any more logical.I repeat- if it was 'business' you'd have been out on the street after 3 months, not still in situ 6 years later.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?