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Clearing bank loan

  • 05-02-2017 11:13am
    #1
    mcneil
    Banned (with Prison Access) Posts: 332 ✭✭


    Theres a very close friend of mine who took a bank loan out in the boom to finish of her house, and another loan to buy a second hand car and used the change for other materials in the house. Shes told me that it was 20k she got from the bank.

    The crash happened, lost her income and couldnt the loans back. Ended up burying her head in the sand. Depression, drink drugs then followed. She couldnt care about anything other than her addictions at the time. Went to court, a judgement mortgage was attached to her deeds of her home and was told to pay 50euro a month. She started paying this for a year then went on a spiral of destruction again not paying her bills or the loans.

    Fast forward to the present day and shes got herself together, looking for employment and putting all that mess behind her. She has money coming to her very soon and has said, she wants to do the hournourabkle thing and try and clear her debts rather than have this money and teh temptation to mess up her recovery by hitting the drink/drugs again if this kind of money is in her account. Her uncle mentioned to her, he knows of people who has cleared their debts by paying half the amount still owed. If she owes 13k, is it possible to do a deal with the lender or recovery agent to pay say 7k, clear this debt. This debt has really effected her in a negative way and wants clearing up.


Comments

  • #2
    alig123aileen
    Banned (with Prison Access) Posts: 117 ✭✭alig123aileen


    This is such a sad story of the effect of debt in our country and the legacy left by the banks and I empathise with your friend and she is so lucky to have you supporting her. Your friend probably feels very alone but in fact there are thousands like her in thisd country and it has become the hidden illness - not admitting you are crashing under debt pressure. Yes It is possible to do a deal with the banks but she will have to put her case in writing. I can help with this and I do not charge as I watched my dad die at 60 due to stress from bank debt hence I help as you will see from my other comments on boards.ie . My background is Banking Legal and Regulatory Compliance. Depending on the way the loan was conducted in the first instance your friend can tell them that she is taking a case to the Regulator and I think you will find they will concede if documentation and processes haven't been strictly adhered to. She may even escape the debt altogether if due process hasn't been followed by the bank as the Regulator takes a very dim view of this. Banks and Debt collectors need to be accountable and customers just need help to challenge them that's all. Send me a PM if you need any further help and we can set up a phone meeting. And please tell your friend not to worry this is not insurmountable and can be successfully challenged. Tell your friend to take back the power from today on.


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