What is the Bank waiting for?

Discussion in 'Personal Insolvency, bankruptcy, etc' started by J Hayes, May 10, 2017.

  1. J Hayes

    J Hayes New Member

    My family and I currently live abroad with no intention to return to Ireland in the near future. In long term mortgage arrears with the Bank (EBS) since 2013 and was renting out the property while working on a resolution. PIA rejected in 2015 with voluntary surrender as the only remaining option. Keys were returned and tenant removed at the Banks instruction.

    Almost 2 years later, the property is still vacant and the Bank have made no attempt to actively engage with me or sell the property. In recent months, they have ceased communications altogether. Since the process started, my wife and I have started a family (one child with two on the way!) and are surviving on a single income.

    Any guidance on whether a resolution is achievable at this point and how I could go about it?

    I also wonder what EBS are waiting for and whether they are in a holding pattern with this plan to offload impaired loans in the near future?
  2. cremeegg

    cremeegg Frequent Poster

    I am not a lawyer.

    Wait six years from the last time you acknowledged the debt and I reckon the house is yours, debt free.
  3. aristotle

    aristotle Frequent Poster

  4. RedRed

    RedRed New Member

    Wasn't the original poster asking about how to get EBS to come to the table and find a solution, particularly with AIB's stated objective of getting rid of NPL's? I think referring to statute of limitations is missing the point. EBS has obviously gone radio silent.
  5. TLO

    TLO Frequent Poster

    This could go on for years. Chances that EBS doesn't know what to do with the returned property. Or maybe it is caught up in the Central Bank's tracker redress review? Or maybe, because the property was originally a family home, EBS might have to get a court order to allow for it's sale? Hard to know.

    Suggest forgetting about it.
  6. J Hayes

    J Hayes New Member


    Recently received notification that the property in question has finally been sold!

    Would be very interested to hear peoples thoughts on what will happen next, given that I have no assets of note and 2 more dependents since they were last in contact?

    Does the Bank typically look to start negotiations on the residual unsecured debt (~€100k) or do they immediately go the insolvency/bankruptcy route (noting I don’t live in Ireland and cannot be served)?

    I had made a lump sum settlement offer in the past as part of a PIA submission, which was rejected out of hand. Interested to see if they will revisit this.

    Appreciate all the advice so far!

  7. Brendan Burgess

    Brendan Burgess Founder

    They are very unlikely to do anything.. they wont spend money chasing you abroad as they have little chance of success. They might sell it to a fund who might hassle you.

    Or if you return, they might seek an order against you..

  8. TigerDebt

    TigerDebt Registered User

    Hello J Hayes,

    I am in a similar position but still in the country. My mortgage was/is with EBS. Voluntarily sold home in 2014 at a huge loss. The residual debt is just sitting there as I cannot afford to repay and I do not qualify for PIA. EBS would not do a deal or come to a settlement. For the first two years I tried to come an arrangement but they didn't want to know. For the last 15 months its just radio silence. For the life of me I cannot understand their strategy.

    The only option I have now is to wait 6 years and apply the statute of limitations. I'm in limbo but at least I have my sanity!