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What can they do to me

  • 31-03-2010 8:38pm
    #1
    will21
    Closed Accounts Posts: 16 ✭


    Can anyone please tell me what will happen in my situation.I have a loan with BOI.It was once a business loan but got changed to a personal loan when i lost my business and started a new job.I lost that job last november and signed on the dole.As i did not have enough stamps i had to be means tested which i was in feb but still have not recieved payment.Meanwhile BOI has closed my current a/c and have passed my loan a/c to an outside party.I have explained my story to them but they say they are not happy with my a/c(neither am i).I have no savings or assets so what will they do to me,i have not paid the loan since november and explained i would offer a reduced payment when i recieved my dole.Any advice would be welcomed


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    will21 wrote: »
    Can anyone please tell me what will happen in my situation.I have a loan with BOI.It was once a business loan but got changed to a personal loan when i lost my business and started a new job.I lost that job last november and signed on the dole.As i did not have enough stamps i had to be means tested which i was in feb but still have not recieved payment.Meanwhile BOI has closed my current a/c and have passed my loan a/c to an outside party.I have explained my story to them but they say they are not happy with my a/c(neither am i).I have no savings or assets so what will they do to me,i have not paid the loan since november and explained i would offer a reduced payment when i recieved my dole.Any advice would be welcomed

    If the outside agency dont get payments within a few weeks it will be passed to their solicitors. My advice is to put forward a budget to them with a proposal for repayments to commence on a date when you expect to get the dole. Remember you are the one in breach of contract by falling behind so back up your case for reduced payments with as much information and proof as you feel necessary.

    Basically if nothing is paid they will seek a judgment against you in the court, your means to repay will not be considered at this stage. if payments are not made after this they will seek to enforce the judgment by a number of means:

    Court Order - The courts rule how much you have to pay and this would be passed on an assessment of your financial means. If you refuse to provide a statement of means to the court it will usually award an installment order anyways. Its criminal offence to break an installment order.

    Judgment Mortgage - the bank will place the judgment against your property which means the house cant be sold or remortgage until the debt is paid.

    Sheriff - the bank may lodge the judgement with the sheriff who has permission to enter the property and seize goods and sell them on to recoup some or all of the money owing to the bank.


    Remember that they only take matters to court if they cant get payments in and generally as a last resort for most debts (unless its a substantially large debt).


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