In Debt

liambar

Hi,
I am in major trouble with loan repayments(approx 50k) i have been out of work for near on 2 years and this year I had major heart surgery from which I am no recovering. Because of my heart condition I will only be allowed to do very light work in the future and at the age of 58 my chances of getting work in current climate is almost none. I am presently staying on a temp base with a relation so housing is soon going to be a problem. I have no savings or assetts of any kind just only about €600 so the future is looking very dim for me. At the moment the banks have agreed for me to make minimum payments out of my €204 SW weekly payment. I do not know how long the banks will go alon with this and I have as much chance of paying off these loans as I have of winning the lotto. Has any one have any ideas on how to solve this problem other than end it all which I think a lot about thes days. Please help!!

liambar

RoadKillTs

I am really sorry to hear of your troubles. Maybe you should talk to your GP if your feeling down.

I'd love to give you a magical solution which would solve your problems but no one here can.
Would there be a possibility of a relative helping out?

It's good that you are in talks with the bank. Once your fair with them they will be fair back.

Sorry I can't be of more help.

BuffyBot

Indeed - it looks like you're doing all you can do right now.

Keep the lines of communication open with the bank(s), which you seem to have been doing - that's the key.

hinault

liambar wrote: »

Hi,
I am in major trouble with loan repayments(approx 50k) i have been out of work for near on 2 years and this year I had major heart surgery from which I am no recovering. Because of my heart condition I will only be allowed to do very light work in the future and at the age of 58 my chances of getting work in current climate is almost none. I am presently staying on a temp base with a relation so housing is soon going to be a problem. I have no savings or assetts of any kind just only about €600 so the future is looking very dim for me. At the moment the banks have agreed for me to make minimum payments out of my €204 SW weekly payment. I do not know how long the banks will go alon with this and I have as much chance of paying off these loans as I have of winning the lotto. Has any one have any ideas on how to solve this problem other than end it all which I think a lot about thes days. Please help!!

liambar

I am sorry for your trouble.

can I ask you what the €50k loan was for?
Did you buy something with it?
If you did, could you sell whatever you bought with that loan and use the proceeds to help pay down some of your debt?

liambar

It was for a franchise business, the franchise owners folded and I could o longer get product from them.

liambar

hinault

liambar wrote: »

It was for a franchise business, the franchise owners folded and I could o longer get product from them.

liambar

It was for a frachise and you cannot get product from them?
Did you receive product from the franchise?

You paid over €50k - if you haven't received the goods, you are entitled to get your money back, Liambar.
Unless they supplied you with goods, they're in default.

Are they an Irish company, Liambar?

liambar

I did receive some product but just enough to do a few jobs. The company no longer exists and we can not find the owners. Looks like it was a scam from the start.

liambar

RoadKillTs

I did receive some product but just enough to do a few jobs. The company no longer exists and we can not find the owners. Looks like it was a scam from the start.

Would it be worth trying to track them down? Do you have any leads at all?

liambar

We have tried over the last year but no luck with these UK guys its a lost cause now at this stage

liambar

hinault

liambar wrote: »

We have tried over the last year but no luck with these UK guys its a lost cause now at this stage

liambar

Liam : I think you need to talk to a solicitor : given your circumstances I suggest that you talk to FLAC (Free legal advice centre).

You're entitled to recoup the balance of the money you paid over to the Franchise holder.
Assuming that you told the bank that €50k was for the franchise, and you did pay over the amount to the Franchise holder, you have got a stronger case with which to fight the bank.

The important thing here is to try to keep a clear head on this.
Based on what you have told us.
You borrowed the money in good faith.
You paid the money over to the franchise holder in good faith.
You have done nothing wrong here!

By talking this through with FLAC they can take up this case with the Franchise holder and with the bank (or they can pass it on to MABS to take it up with the bank on your behalf).

We need to track down these Franchise holder Liam.
The Brits are particularly stringent on this type of activity and they tend to come down hard on fly by night operators who take peoples money and run.

pog it

I agree you should pursue these guys in so far as you are able.. obviously you need to be careful with your current health condition- that is far more important.

Again, I am being mindful of this condition, but is there any chance you can take on a very light office job.. data entry.. reception.. You will get better money than social welfare and it will be worth it for your confidence in yourself and you would then have a better chance of making larger payments to your bank also. What else can you do? You will need to increase your income in some shape or form and there are light jobs out there - your GP may be able to advise on what exactly would be okay for you to do. You can work part time and claim social welfare for hours you are not working.

Best of luck.

liambar

Thanks for all your comments. No hope of ever getting back any franchise fee as others have tried and failed. My main worry is that I could end up in prison for not been able to pay back loan.

chris85

OP they will accept the minimum payments in the longterm i would imagine on the basis they will probably review it every six months which they would just want you to show them social welfare receipts to prove you are on SW which aint a problem. They cant get blood from a stone so if you can show its all you can afford then they should take it. If they get a judgment in the courts and try to get a court order this is all they will get anyways most likely.

Also ensure the bank are holding the interest as otherwise it is just pointless.

Also get the help of mabs as they will deal with them and you wont have to talk to the bank and you can focus on recuperating from your operation.

www.mabs.ie

RobDebtSolu

Liambar

At what stage are you at with your lender for the €50k?.....are they happy enough to keep the payments as they are for now?.....was it a commercial loan, securitized on anything & are they an Irish or foreign lender?

Deisekickboxing

what sort of franchise may i ask, were you operating as a sole trader or a limited company if so you may be better off declaring yourself bankrupt....
was it wise to be operating a franchise with such a serious health condition and should a lending institution be giving 50k to someone who is getting heart surgery , i dont think so !

yaaaboy

Just remember its always better to be alive than to be dead!!!

daveyboy_1ie

Very sorry to hear about your troubles and you seem one of the few out there willing to take responsibility for your debts which is commendable.

Hope things improve for you and the way I see it communicate regularly with the bank. Banks don't want to see their money go up in smoke and send you to jail as they dont gain from it. As long as you are paying what you can afford they should give you some breathing space. Easy to say but try not let it affect your health, especially when you are having difficulties already.

kakak1

liambar wrote: »

Hi,
I am in major trouble with loan repayments(approx 50k) i have been out of work for near on 2 years and this year I had major heart surgery from which I am no recovering. Because of my heart condition I will only be allowed to do very light work in the future and at the age of 58 my chances of getting work in current climate is almost none. I am presently staying on a temp base with a relation so housing is soon going to be a problem. I have no savings or assetts of any kind just only about €600 so the future is looking very dim for me. At the moment the banks have agreed for me to make minimum payments out of my €204 SW weekly payment. I do not know how long the banks will go alon with this and I have as much chance of paying off these loans as I have of winning the lotto. Has any one have any ideas on how to solve this problem other than end it all which I think a lot about thes days. Please help!!

liambar

I only picked up on this because it was thread of the day.

Firstly if what you state here are the facts(!) I'm sorry you have found yourself in this position.

Could you maybe answer a few questions (a) Where did you live before the temporary residence. (b) I take it the loan is over 2 years old if you have been ill for 2 years (c) did the bank ask for any security for the loan, thats if it is a bank (d) has the interest been stopped by the bank.

If all the answers add up to the above questions & to be honest I don't know how they do I would be advising the following.

(1) Try through FLAC to retrieve your money back from the franchise, probably a non runner.
(2) Keep talking to your bank & tell them you want to pay them back but.......... leave them make the decisions. Involve FLAC with these talks
(3) Then forget about it, get on with you life & your recovery, your health is much more important than 50K to a bank

I heard today on the radio 77000 householders are in serious trouble with their mortgage repayments, so just join that list, none of ye are going to prison. You can also do what the fat cats have done & who are responsible for many of our countrys problems......................just don't pay.

Fcuk em if they were foolish enought to give a non house owner, with no security a loan of 50K, what can they expect

hinault

Liam - the advice thus far is good and I think you have a lot of people here on your side, for what it's worth.

I will re-iterate the point I made yesterday.
You have done nothing wrong in this specific case.
You borrowed that money in good faith.
You bought the franchise in good faith.

No court/judge could suggest that you were irresponsible given the facts you have presented.


I still think that you should consider talking to FLAC about your case to pursue those guys who ripped you off.

In relation to your debt : if you are seen to pay off even the smallest amount possibe - it is a clear signal to the bank that you want to clear your debts and are acting responsibly.

The problem the courts have with people - are those who refuse to pay things like fines, TV Licences etc.
however it should not even come to this if you are seen to be paying of whatever amount you can.

And as another poster said, the banks have huge issues with people who have absconded or who have refused outright to pay any amount possible.
You have extenuating circumstances - you've been ripped off by some conmen.

Stay positive.

Hootanany

Was it a Roofing product by any chance

monkeypants

I agree with everything that has been said on this so far. You're already doing the important thing, which is communicating. Burying your head in the sand is the worst thing to do. As suggested, keep talking to your bank and MABS.