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negotiating a payment

  • 11-02-2013 4:59pm
    #1
    blops2013
    Site Banned Posts: 46 ✭


    I have a judement on my property for x amount to BOI and i made a payment plan for 50euro a month untill i get back into work or till i ever sell my house. I will be(maybe) coming into a sum near what i owe soon and ive been told that i can phone the recovery solicitors and negotiate a better deal for me if i pay it all up.

    Im wanting to know where i stand and what realisticlly can i hope for when dealing with them. Is it possible i can get 25% of said debt or would this be wishfull thinking.

    Maybe i could get even more off if its possible but with me not having the first clue about any off this, i thought id start a thread and see what best my options are.



    If this thread is against the rules , please delete mods. I checked the rules and dont really understand if im breaking them asking this question. If i am, please notify me and ill try and ask in a different way if possible


Comments

  • #2
    Kosseegan
    Banned (with Prison Access) Posts: 987 ✭✭✭Kosseegan


    Go to MABS.


  • #3
    blops2013
    Site Banned Posts: 46 ✭blops2013


    Kosseegan wrote: »
    Go to MABS.

    Think they have a massive waiting list where i am.


  • #4
    Corkbah
    Registered Users, Registered Users 2 Posts: 1,668 ✭✭✭Corkbah


    blops2013 wrote: »
    I have a judement on my property for x amount to BOI and i made a payment plan for 50euro a month untill i get back into work or till i ever sell my house. I will be(maybe) coming into a sum near what i owe soon and ive been told that i can phone the recovery solicitors and negotiate a better deal for me if i pay it all up.

    Im wanting to know where i stand and what realisticlly can i hope for when dealing with them. Is it possible i can get 25% of said debt or would this be wishfull thinking.

    Maybe i could get even more off if its possible but with me not having the first clue about any off this, i thought id start a thread and see what best my options are.



    If this thread is against the rules , please delete mods. I checked the rules and dont really understand if im breaking them asking this question. If i am, please notify me and ill try and ask in a different way if possible

    as with all financial negotiations ... you are about to be in a position of power .

    if/when you get the money you can approach the bank and ask if they are willing to clear the account for X amount ...if they insist on you repaying the full amount - then theres no incentive for you to break the already agreed €50 a month agreement.


  • #5
    blops2013
    Site Banned Posts: 46 ✭blops2013


    I was chatting to the solicitors whos dealing with it and hes sending me out the forms for the process. He told me that the min that the bank will accept is 50% of what i owe. Im hoping that i can get them down to the 50% and move on from it because its just hanging over me these last few years and want to start of on a new fresh. Can anyone tell me how long it will take for my credit rating to get back to normal.


  • #6
    blueythebear
    Registered Users, Registered Users 2 Posts: 1,074 ✭✭✭blueythebear


    blops2013 wrote: »
    I was chatting to the solicitors whos dealing with it and hes sending me out the forms for the process. He told me that the min that the bank will accept is 50% of what i owe. Im hoping that i can get them down to the 50% and move on from it because its just hanging over me these last few years and want to start of on a new fresh. Can anyone tell me how long it will take for my credit rating to get back to normal.

    You can always ask but if you go from suddenly paying €50 per month to having half the money available in a lump sum, the obvious question that the solicitors will be asking is to prove where you got the lump sum from. Failure to prove a simple thing such as this, would be something of a red flag, leading to further investigation.

    One relevant question is in relation to security. Is the loan that is the subject of the judgment secured against property via a mortgage? If it is, it is unlikely that the Bank will forgive any of the debt unless that property is sold off and the proceeds put to the debt.


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  • #7
    blops2013
    Site Banned Posts: 46 ✭blops2013


    blueythebear wrote: »
    You can always ask but if you go from suddenly paying €50 per month to having half the money available in a lump sum, the obvious question that the solicitors will be asking is to prove where you got the lump sum from. Failure to prove a simple thing such as this, would be something of a red flag, leading to further investigation.

    One relevant question is in relation to security. Is the loan that is the subject of the judgment secured against property via a mortgage? If it is, it is unlikely that the Bank will forgive any of the debt unless that property is sold off and the proceeds put to the debt.



    There is no mortgage on the property but i think you call it a judgement mortgage that they attached to the deeds. I took out a personal loan and was paying it ok untill the recession came and couldnt pay the payments and they brought me to court and attached this to the deeds. I wanted to negotiate to pay over half and get it cleared or theyre going to have to take the 50 euro a month for the rest of the payments.


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