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owe the bank a couple of Billion they write it off.

  • 31-08-2010 5:55pm
    #1
    patwicklow
    Registered Users, Registered Users 2 Posts: 1,937 ✭✭✭


    Just heard Alan Dukes (ANGLO) on the news about a certain person owes them 2.3billion and its going to wrote off, True what they say owe the banks millions and they,l take you to dinner, owe them a couple of grand and they hound you...


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,577 ✭✭✭✭Victor


    Written off for profit and loss purposes. They'll still chase the person.


  • #3
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    patwicklow wrote: »
    Just heard Alan Dukes (ANGLO) on the news about a certain person owes them 2.3billion and its going to wrote off, True what they say owe the banks millions and they,l take you to dinner, owe them a couple of grand and they hound you...

    is probably going to transfer to NAMA or something and still chase them. A write off doesnt mean the person gets away with paying it, its an accounting tool more than anything.


  • #4
    patwicklow
    Registered Users, Registered Users 2 Posts: 1,937 ✭✭✭patwicklow


    so what about the guy that owes that amount and has,nt got it? and will there still be interest apr on that?


  • #5
    homer911
    Registered Users, Registered Users 2 Posts: 5,150 ✭✭✭homer911


    Once a bank starts providing against a loan, they stop recognising income on it, otherwise they have to keep increasing the provision...


  • #6
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    patwicklow wrote: »
    so what about the guy that owes that amount and has,nt got it? and will there still be interest apr on that?

    If there is a judgment obtained interest is accured at 8% per annum as allowed by the courts. Its the banks discretion whether this is applied to the account.


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