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Personal Insolvency

  • 29-03-2013 12:14pm
    #1
    grumbleweed
    Registered Users, Registered Users 2 Posts: 127 ✭✭


    I'm aware it has not come in yet but does anyone know,

    If i was to enter into personal insolvency and come out the other end after 6 years will it be possible to get another mortgage or is that it "game over" . I half expect when it does come in the uptake will be huge and there should be some sort of allowance to let people get back on the property ladder .

    I may not have any option but to enter into it and this is my biggest fear for the future , not having anything to leave my kids ....

    Cheers .


Comments

  • #2
    Brownhead
    Site Banned Posts: 21 ✭Brownhead


    grumbleweed wrote: »
    I'm aware it has not come in yet but does anyone know,

    If i was to enter into personal insolvency and come out the other end after 6 years will it be possible to get another mortgage or is that it "game over" . I half expect when it does come in the uptake will be huge and there should be some sort of allowance to let people get back on the property ladder .

    I may not have any option but to enter into it and this is my biggest fear for the future , not having anything to leave my kids ....



    Cheers .

    It will all depend on the lending environment at the time. Banks are always pro cyclical and never learn. They will do again what they have done this time: lend left, right and centre. All past sins will be forgiven and forgotten.


  • #3
    Joe Hart
    Closed Accounts Posts: 358 ✭✭Joe Hart


    grumbleweed wrote: »
    I'm aware it has not come in yet but does anyone know,

    If i was to enter into personal insolvency and come out the other end after 6 years will it be possible to get another mortgage or is that it "game over" . I half expect when it does come in the uptake will be huge and there should be some sort of allowance to let people get back on the property ladder .

    I may not have any option but to enter into it and this is my biggest fear for the future , not having anything to leave my kids ....

    Cheers .

    I don't think the banks will have any legally binding framework and I would hopefully assume that they decline your for commercial reasons. Age would come into it after a while so that would then be a life ban.


  • #4
    grumbleweed
    Registered Users, Registered Users 2 Posts: 127 ✭✭grumbleweed


    Joe Hart wrote: »
    I don't think the banks will have any legally binding framework and I would hopefully assume that they decline your for commercial reasons. Age would come into it after a while so that would then be a life ban.

    You dont think i should be entitled to another mortgage even if i meet the age requirements :confused:


  • #5
    Joe Hart
    Closed Accounts Posts: 358 ✭✭Joe Hart


    grumbleweed wrote: »
    You dont think i should be entitled to another mortgage even if i meet the age requirements :confused:

    No. As a shareholder in all of the Irish banks I'd be pretty pissed off about somebody who reneged on 10s/100s of thousands of debt looking for another 200K loan.
    Any loan approved would need to have penal interest rates to account for the risk and that would probably only make the loan riskier.


  • #6
    ResearchWill
    Closed Accounts Posts: 4,111 ✭✭✭ResearchWill


    OP look here http://neofinancialsolutions.com/insolvency-guide-updated/ And download the guide. It sounds like you are aiming more for a PIA which does allow for the retention of the family home. Personal insolvency may or may not be a solution for you.

    But as an aside thinking before you even enter the system of how your going to get a large loan in the future to buy a property does not bode well. From my quick reading of the Act there is no bar on getting credit in the future, but you have to ask yourself do you really want to.


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  • #7
    grumbleweed
    Registered Users, Registered Users 2 Posts: 127 ✭✭grumbleweed


    ResearchWill wrote: »
    OP look here http://neofinancialsolutions.com/insolvency-guide-updated/ And download the guide. It sounds like you are aiming more for a PIA which does allow for the retention of the family home. Personal insolvency may or may not be a solution for you.

    But as an aside thinking before you even enter the system of how your going to get a large loan in the future to buy a property does not bode well. From my quick reading of the Act there is no bar on getting credit in the future, but you have to ask yourself do you really want to.

    Thanks for this , a helpful post .


  • #8
    Barracuda1
    Closed Accounts Posts: 89 ✭✭Barracuda1


    http://www.independent.ie/irish-news/debt-deals-leave-just-5-per-day-for-food-29163749.html

    22500 per annum to keep a family of tree. 20 eur per day to feed them great diet


  • #9
    monkeypants
    Closed Accounts Posts: 2,386 ✭✭✭monkeypants


    Barracuda1 wrote: »
    22500 per annum to keep a family of tree. 20 eur per day to feed them great diet
    Plenty of fresh fruit and veg can be got for €20.


  • #10
    Lbeard
    Banned (with Prison Access) Posts: 311 ✭✭Lbeard


    Joe Hart wrote: »
    No. As a shareholder in all of the Irish banks I'd be pretty pissed off about somebody who reneged on 10s/100s of thousands of debt looking for another 200K loan.

    I would say most of the bank staff being good solid Irish conservatives (read: stupid), got up to their necks in property too. They're not really in a position to be judgmental, and they may not feel like it either.
    Any loan approved would need to have penal interest rates to account for the risk and that would probably only make the loan riskier.

    Well, who are the banks going to lend to then? The point is, so many people are insolvent the banks will not have a customer base unless there is some industrial scale forgiveness and amnesia.


  • #11
    Lbeard
    Banned (with Prison Access) Posts: 311 ✭✭Lbeard


    ResearchWill wrote: »
    From my quick reading of the Act there is no bar on getting credit in the future, but you have to ask yourself do you really want to.

    From irrational exuberance to irrational pessimism.

    If you've been following the prices there is now some incredible value around the country. And it's only going to get better from the perspective of buyers. Back in the 80s there were pretty good houses people couldn't give away. And that's where we're at again. A 100k will buy you a lot outside of Dublin. Realistically you could get houses where you could pay your mortgage out of your dole.

    The good times are coming again.

    The adrenalin rush of property speculation.

    images?q=tbn:ANd9GcSfC1R_MXur3_A4sie6XDehdto1ScBpT9kUxJf04x0xOrwC3hY-lg

    We'll bounce back!!


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  • #12
    Brownhead
    Site Banned Posts: 21 ✭Brownhead


    Joe Hart wrote: »
    No. As a shareholder in all of the Irish banks I'd be pretty pissed off about somebody who reneged on 10s/100s of thousands of debt looking for another 200K loan.
    Any loan approved would need to have penal interest rates to account for the risk and that would probably only make the loan riskier.
    Thank God it is the boards of Directors and not the shareholders who run the banks. The tide goes in and out. So it is with lending. The problem is that when the banks are lending, every idiot borrows. The result is invariably a crash.


  • #13
    Barracuda1
    Closed Accounts Posts: 89 ✭✭Barracuda1


    monkeypants wrote: »
    Plenty of fresh fruit and veg can be got for €20.

    Modern day ration book here we go. On the other hand it was proven to be a healthy diet but very boring. I have moved to a plant based diet myself and eat alot less meat and processed food and it is cheaper


  • #14
    1st dalkey dalkey
    Registered Users Posts: 241 ✭✭1st dalkey dalkey


    grumbleweed wrote: »
    I'm aware it has not come in yet but does anyone know,

    If i was to enter into personal insolvency and come out the other end after 6 years will it be possible to get another mortgage or is that it "game over" . I half expect when it does come in the uptake will be huge and there should be some sort of allowance to let people get back on the property ladder .

    I may not have any option but to enter into it and this is my biggest fear for the future , not having anything to leave my kids ....

    Cheers .

    There is no bar on the banks in relation to lending to people who have completed the insolvency process, but there is no requirement on them either. I expect that they will look at your circumstances as they are at the time of application. Of course the history of the applicant will be taken into account, as it is with all applications. But so also will your employment position and earnings and the security of these, along with any savings history you have managed to accrue since insolvency.


  • #15
    SB2013
    Closed Accounts Posts: 805 ✭✭✭SB2013


    Barracuda1 wrote: »
    http://www.independent.ie/irish-news/debt-deals-leave-just-5-per-day-for-food-29163749.html

    22500 per annum to keep a family of tree. 20 eur per day to feed them great diet

    Only if you spend it in McDonalds. I could give you a meal plan for three for a week for €140. I mean a stew alone can give plenty of nourishment and last for days. I'm fairly sure there's a nutrition forum on boards where you can get help. You could definitely reduce that food budget by 50% and still eat healthily.


  • #16
    mozattack
    Registered Users, Registered Users 2 Posts: 1,908 ✭✭✭mozattack


    SB2013 wrote: »
    Only if you spend it in McDonalds. I could give you a meal plan for three for a week for €140. I mean a stew alone can give plenty of nourishment and last for days. I'm fairly sure there's a nutrition forum on boards where you can get help. You could definitely reduce that food budget by 50% and still eat healthily.

    These people and the bile they spout about living on vegatables...


  • #17
    otterj
    Registered Users, Registered Users 2 Posts: 386 ✭✭otterj


    has the register been published


  • #18
    NoQuarter
    Registered Users, Registered Users 2 Posts: 4,632 ✭✭✭NoQuarter


    otterj wrote: »
    has the register been published

    Not yet but I doubt any of the processes have concluded yet. Keep an eye here:

    http://www.isi.gov.ie/en/ISI/Pages/Registers


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