Can the bank do this ?

PCPhoto

I dont know if this should be in legal discussions or where it should be but here goes:

Recently I received a "notice of attachment" (for those that dont know what this is - like me - it means the revenue has asked told the bank that their customer owes money and they demand their money - in my case about €1600)

long story short.... various monies were transferred into and out of my account.... I transferred money to pay my rent, and several loan payments were taken out ...then I get a call from the bank telling me what a notice of attachment is and explaining to me that unless the revenue money is paid ...I can't take money out of my account.

shortly after this I noticed several transactions reversed:
1 Loan repayment were reversed - another wasn't - yet both of them were taken out of the account a few days ago.
- money previously transferred into another bank account was also reversed.

I've set up some auctions on e-bay to raise some money to pay revenue but I'd like to know if this can happen to me WHY didn't it happen to the bankers/businessmen who "defaulted" on their loans ? ...or why doesn't it happen in everyday business when someone owes the revenue ?

also is it right that the bank has access to other accounts to remove money and pay revenue ? - Can the bank reverse the loan repayment ?

Hopefully the issue will be resolved soon - but it does seem like the Revenue are going after the little businessperson and not the larger companies !!

NuMarvel

Not a tax or Revenue expert but a google search brought up this Revenue document on Attachements - http://www.revenue.ie/en/about/foi/s16/collection/enforcement/attachment.pdf.

Have you received anything from Revenue on the matter, as according to that document they must first issue a Final Demand before instigating Attachment processes.

PCPhoto

I didn't receive a notice of attachment in the post - but I did know that I owed them money....I was waiting on other people to pay me before I pay them.

meh ! ... I'd be more interested in if the bank is allowed to reverse loan payments made in the last few days and why similar procedures were not applied to those developers who defaulted on loans.

Hopefully it will be sorted within the week.

its a bit funny though - front page of todays Evening Herald was something like tax clampdown on middle classes .... nice to know I'm considered middle class.

chris85

Ok stop blaming banks and developers in fairness. yes developers defaulted on loans and bankers ruined a lot of things. We all know the story but you havent paid the taxman and we all know thats not on either. You are on the smaller scale of things obviously but by no means a victim here.

You owe the revenue money. As you said you were aware it was owing and was obviously not addressed fully by you so they are going heavy on you. They just want what is due and you have not paid it.

They can do this and have so you need to get the funds to pay it back. Revenue have so much control its crazy.

Anomic

When a bank receives a notice of attachment , basically the account is stopped, so yes if a loan repayment is due on the day the notice is received , then it will be reversed. The notice covers all accounts /money held in your name by the Bank. Any credit funds in the account have to be paid directly to the revenue.
Revenue are fairly flexible with regards setting up payment plans, i'd suggest ring them straight away and agree to a payment plan to bring your arrears up to date. In my experience, if you contact them a& commit to a repayment , they revoke the notice of attachment within a day or two. Ring them tmrw,otherwise your loan will go into arreas, and it could effect your credit rating.

PCPhoto

I sold some stuff to get quick cash to make the loan repayment - will go into the bank tomorrow and make that payment.

Revenue will have to wait until I get paid - they cant get any money out of me until then - as for the notice of attachment then surely I should have been informed by revenue, on a technical note unless I am informed by revenue the bank cannot initiate the notice of attachment.... so I could/should contact revenue and/or the bank and inform them of this...but as I said earlier there is no money in the account anyway - so I'm not too bothered on trying to fix the issue with technical problems.

I was more curious about if the bank can overturn payments made - as another poster has said revenue seem to have a lot of power (its a pity they never used it in the past)

Thank you Anomic and Nu Marvel ... chris85 I just think your post was more of an attack on me - when I had clearly stated in my post that I hope to have the matter resolved soon and I wasn't blaming the banks and developers - I'm more wondering about revenues muscles and what the bank is entitled to do in this situation ....and asking the advice of people whom might have been in my situation and who may understand the runnings of the revenue (I've never heard of a notice of attachment until I got the phone call the other day)