Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Voluntary second charge on residence

  • 15-03-2011 9:04pm
    #1
    einsam
    Closed Accounts Posts: 20 ✭


    Just wondering if anyone knows anything about a financial institution looking for a voluntary second charge on your residence.

    I had a business loan, but long story short, the business failed. The loan was over 5 years, and repayments were made for the first three years. I was left with €55k which I was unable to repay. The bank have now asked me to take a voluntary second charge on my family home. I'm not looking for legal advise, just wondering what the long term implications are.

    Also can't afford a solicitor at the moment so if anyone could point me in an affordable direction, that would be much appreciated.

    thanks in advance


Comments

  • #2
    Kennie1
    Registered Users, Registered Users 2 Posts: 302 ✭✭Kennie1


    So whats in it for you??? The bank has a charge on your property but what do you get out of the deal??? If nothing, I tell them to go and swing for it!


  • #3
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    I actually read that differently, I presumed the bank wanted the voluntary charge as opposed to them going to court to get a judgment registered against you which would have the same effect to them but you would end up paying the legal costs as well.


  • #4
    nimus
    Closed Accounts Posts: 16 ✭nimus


    Has this come about through discussions with the bank on restrucutring the debt or is it a request (demand?) from the bank?
    Are you paying anything at all off the loan at the moment?


  • #5
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    OP, I would presume a restructure is being talked about. If so it seems ok the bank would like the debt secured if its going to be a long term debt. i would imagine the debt is to be restructured long term?

    Or i may be wrong and they are seeking a judgment to be registered against your property.


Advertisement