Strokestown **Mod Note in Post #4461**

Lefty Bicek

aido79 wrote: »

Maybe because last time the bank entered into that same agreement he made one repayment and reneged on it.

You realise that in the case of the 2.8 million debt that by paying interest only nothing will be paid off the capital so the bank will own it until the capital is paid off?
I really fail to see a link between the 2 cases. One guy is cooperating with the banks. The other isn't.

You also fail to see that one guy is 'the banks'. And has since splashed 10 mil on property, two years ago...


Once again, though, the real point is - people's reaction here on boards.ie to the strict issue of repayment amount vs capital, is inconsistent.

If you say that 1k off 400k owed is derisory, then 1.4k off 2,800k is equally so.

Yet people having taken sides, are prevaricating about that. Which is dishonest.


.

endacl

WesternZulu wrote: »

Seems like the most black and white eviction case you could think of.

KBC acted with the patience of a saint and the thanks they get for it is knuckle draggers attacking their branches.

We've our mortgage with KBC. The thanks they'll get from me is to get my personal banking business as well in the new year.

aido79

the butcher wrote: »

https://www.independent.ie/irish-news/rte-stars-judges-and-rugby-elite-who-owe-anglo-millions-29887499.html

Irish "celebs", media, judges, lawyers, bankers, politicians, accountants, stockbrokers, developers, the list goes on. They are the "sensitive" borrowers, they are the ones with the cosy deals. They might as well not be paying back anything in comparison. That BOI chairman won't pay off that 2.8 million for another 165 years at the rate he's paying!!

If you still don't understand the huge support for this eviction (and this farmer is probably the best example of a blaggard that Revenue/banks could display in public) then continue paying your overpriced shoebox for decades and never kick up a fuss. Tell others to join you in a sea of debt. Let's hope there is never any interest rate hikes or recessions or automation in the next 20-30 years...

You really don't get it. You say he won't pay it off for 165 years. I disagree. He is paying interest only...he wouldn't pay it off in 165 centuries and when he dies the bank will be left with the deeds of the property to recover the money.
Your mate in Roscommon is completely different because he refuses to come to a compromise with either the banks or revenue.

Lefty Bicek

aido79 wrote: »

You really don't get it. You say he won't pay it off for 165 years. I disagree. He is paying interest only...he wouldn't pay it off in 165 centuries and when he dies the bank will be left with the deeds of the property to recover the money.

Could you or I get away with that, while buying 10mil of property in 2016 ?

Like, what about honouring the contract you signed, and all that ?

And would you or I ever get an interest rate implied by 1,400 pcm on 2.8mil ?

aido79

Lefty Bicek wrote: »

You also fail to see that one guy is 'the banks'. And has since splashed 10 mil on property, two years ago...


Once again, though, the real point is - people's reaction here on boards.ie to the strict issue of repayment amount vs capital, is inconsistent.

If you say that 1k off 400k owed is derisory, then 1.4k off 2,800k is equally so.

Yet people having taken sides, are prevaricating about that. Which is dishonest.


.

In your opinion should everybody with a mortgage stick it to the man as you've put it in another post?

Lefty Bicek

aido79 wrote: »

In your opinion should everybody with a mortgage stick it to the man as you've put it in another post?

No. And I have said nothing to even imply that I think so.

aido79

Lefty Bicek wrote: »

Could you or I get away with that, while buying 10mil of property in 2016 ?

Like, what about honouring the contract you signed, and all that ?

And would you or I ever get an interest rate implied by 1,400 pcm on 2.8mil ?

I don't know. I have never approached a bank looking for a 10 million euro loan.

I didn't say I agreed with the deal Kennedy got but at least he's cooperating with the banks.
The interest rate which works out at around 0.6% is definitely something I would agree with you on though. It's not fair and is definitely showing favouritism because of his position.

Lefty Bicek

aido79 wrote: »

I don't know. I have never approached a bank looking for a 10 million euro loan.

I didn't say I agreed with the deal Kennedy got but at least he's cooperating with the banks.
The interest rate which works out at around 0.6% is definitely something I would agree with you on though. It's not fair and is definitely showing favouritism because of his position.

aido, how can you say he's co-operating with the banks ?

He is the chairman of the bank !

Lefty Bicek

Lefty Bicek wrote: »

Could you or I get away with that, while buying 10mil of property in 2016 ?

Like, what about honouring the contract you signed, and all that ?

And would you or I ever get an interest rate implied by 1,400 pcm on 2.8mil ?

Looking at interest only calculators online (there are none i can find for Irish banks) they vary from 11 - 13k per month in repayments for a 30 years interest only loan on 2.8million.
https://www.anz.com.au/personal/home-loans/calculators-tools/calculate-repayments/

https://www.mortgagecalculator.org/calculators/interest-only-calculator.php

so yeah he is only paying a fraction of what he should be paying and if everyone did that the banks would need bailing out again too. Is anyone angry about that increasing their rates ? Wouldnt the banks recover more money from that property via eviction than the farm in Roscommon

Lefty Bicek

Lefty Bicek wrote: »

aido, how can you say he's co-operating with the banks ?

He is the chairman of the bank !

This is a major part of the problem, the conflict of interest. Laws need to be made to prevent this from happening. More of the in crowd creaming off the top while they watch us fight among ourselves.

CatFromHue

the butcher wrote: »

https://www.independent.ie/irish-news/rte-stars-judges-and-rugby-elite-who-owe-anglo-millions-29887499.html

Irish "celebs", media, judges, lawyers, bankers, politicians, accountants, stockbrokers, developers, the list goes on. They are the "sensitive" borrowers, they are the ones with the cosy deals. They might as well not be paying back anything in comparison. That BOI chairman won't pay off that 2.8 million for another 165 years at the rate he's paying!!

If you still don't understand the huge support for this eviction (and this farmer is probably the best example of a blaggard that Revenue/banks could display in public) then continue paying your overpriced shoebox for decades and never kick up a fuss. Tell others to join you in a sea of debt. Let's hope there is never any interest rate hikes or recessions or automation in the next 20-30 years...

I don't know much about the BOI chairman you're talking about but even in your post you say he is actually paying!

As for the Indo article even in it it says that many of the loans were performing, granted not all.

What's very noticeable about the Strokestown case is that the guy was in arrears in 2007!

aido79

Lefty Bicek wrote: »

aido, how can you say he's co-operating with the banks ?

He is the chairman of the bank !

I have no intention of going down that rabbit hole with you.

CatFromHue

CatFromHue wrote: »

I don't know much about the BOI chairman you're talking about but even in your post you say he is actually paying!

As for the Indo article even in it it says that many of the loans were performing, granted not all.

What's very noticeable about the Strokestown case is that the guy was in arrears in 2007!

You missed the point about it being 'sensitive', i.e its all about as transparent as a black hole. Again there is an us and a them. They can make up the rules and write off their buddies debt, give themselves favourable mortgage terms etc etc.

anewme

DebDynamite wrote: »

I know this will come up over Christmas, with my Dad banging on about what a disgrace it is, evicting people from their homes, etc. Just so I can inform my dad of the actual level of debt and taking the piss, we have:

Taking a mortgage out on the family home of about €200k, and paying back around €10k of it. Hasn’t made a payment since 2011, and failed to cooperate with the bank with regards a restructuring of the loan

Owes a local quarry around €18,000

Owed Revenue €400k for indeclaration of VAT. Not sure how much of this was paid off

Owes money for a new Land Rover he bought

My father is a good man who pays his debts. It’s laughable that people like my dad are siding with Mr McGann out of some kind of misplaced solidarity. I’m not sure if it’s ignorance on their part, as they’d only hear what’s on the news so perhaps not aware of the full picture, but I find the level of support quite bizarre.

In fairness, I think that's down to the original story being twisted for pity when it was just simply not true.

"Foreign Bank employ Anti-Irish Loyalists to viciously evict poor Irish pensioners coming up to Christmas"

My Mum was the same. "Terrible thing to do in this day and age to these poor people "

people then get more annoyed then for being taken for fools and deliberately lied to.

When I explained your Man paid for nothing and paid no one ever, she swiftly changed her tune.

She's now asking why no one told the truth about this and how 50 must be the new 80! And Land Rovers? Sure they are a fortune.

The new focus is now because of this non payer chancer arsehole a dog was battered to death.

Sweet.Science

I don’t get these anti eviction rallies that are happening for people in private and public houses

Can anyone summarize it for me

Do I have to continue paying my mortgage or can I stop ?

listermint

Lefty Bicek wrote: »

Sentimental-minded people are not always necessarily in solidarity with the McGann's of the world, but against the 'system', whether that be Guards, banks, bailiffs.

A lot of people would like to have either the balls or the opportunity, or both, to stick it to the man.

Stick it to the man ?

What like throwing fire bombs into people's places of employment.

Yeah stick it to the man. Absolute crazyness

Amirani

the butcher wrote: »

Irish "celebs", media, judges, lawyers, bankers, politicians, accountants, stockbrokers, developers, the list goes on. They are the "sensitive" borrowers, they are the ones with the cosy deals. They might as well not be paying back anything in comparison. That BOI chairman won't pay off that 2.8 million for another 165 years at the rate he's paying!!

He's paid off about 2 million in capital in the past 5 years. Your "rate he's paying" is wildly off the mark. Banks commonly offer capital repayment holidays and interest-only periods to many types of borrower, as long as they're credit-worthy. My own parents for example took out a 250k mortgage for the family home when they bought it and for the past few years they've just been making small interest-only payments.

If you pay off a large lump sum; Kennedy paid off half the capital in a couple of years, then the banks will generally be open to very favourable terms. McGann has not been co-operative or even tried, and his attitude is a slap in the face to all hard-pressed mortgage holders who do their best to pay their way.

As regards calling him a "small guy", small guys don't owe 400k to revenue and more to other creditors. Small guys are people who are struggling to make ends meet and still do their best to pay their way. McGann is a leech on society.

kippy

Christ, yet more strawmen and whataboutery. Thankfully most regular people can tell the difference between an apple and an orange otherwise the country would be in a worse shape than it is already.

gandalf

Lefty Bicek wrote: »

When it was reported that McGann had offered a grand a month and that the bank had rejected it out of hand, people were scathing of the thousand as a proportion of the total.

Yet when the table is turned, mealy-mouthed apologists try to explain away 1400 a month on 2.8 million capital amount by some crap about the interest-only portion.

In both cases, people knew about as much of one agreement as the other, ie zilch.

We dealt with this. McGann has a history of making agreements and then not following through. That's why people dismissed his offer (if there ever was one). The economics had nothing to do with it. If this was the first negotiation then you would have a point but it isn't. At this stage if they decided to evict them on Christmas day I'd be in agreement. McGann has brought this all on himself.

NIMAN

Sweet.Science wrote: »

I don’t get these anti eviction rallies that are happening for people in private and public houses

Can anyone summarize it for me

Do I have to continue paying my mortgage or can I stop ?

Well if you did decide to stop paying your mortgage, there is a small chance that you will actually be evicted, as they are rare in Ireland.

Plus, it could take you many years to even get to that, so technically you could live in your house for nothing for many years.

And there is a large section of Irish society who think you'd be doing no wrong, but I suspect you know yourself that it wouldn't be the responsible thing to do.;)

Lefty Bicek

Lefty Bicek wrote: »

You see the problem with this, is that earlier in the thread we read that McGann made some token gesture of repayment... something like a grand per month.

And people here mocked the derisory nature of that, calculating the number of years it would take etc etc

All fine and well.

But this Kennedy guy, according to the headline in the link, is paying 1,400 per month on 2.8 million of debt.

Do you see any double standard there, in terms of how the two boyos are perceived ?

The difference is that McCann didn’t bother actually paying the €1,000

Wheeliebin30

NIMAN wrote: »

Well if you did decide to stop paying your mortgage, there is a small chance that you will actually be evicted, as they are rare in Ireland.

Plus, it could take you many years to even get to that, so technically you could live in your house for nothing for many years.

And there is a large section of Irish society who think you'd be doing no wrong, but I suspect you know yourself that it wouldn't be the responsible thing to do.;)

No wonder we have so many in mortgage arrears.

We hear it’s peoole who are suffering through austerity cuts rabble rabble.

Let’s be honest they can pay their mortgage they just choose not too cause they know they won’t be evicted.

randd1

Sweet.Science wrote: »

I don’t get these anti eviction rallies that are happening for people in private and public houses

Can anyone summarize it for me

Do I have to continue paying my mortgage or can I stop ?

You can actually stop now.

Let everyone on facebook know you're doing it, and tag some politicians in the post.

Say a few catchy lines like below;
- "I payed for the banks, I owe nothing"
- "I'm joining the revolution to take our country back"
- "FF/FG and the banks are utter fascists and I will not pay for fascism"
- "I'm standing against fascist capitalism"
- "Homes should be free for everybody"
- "No evictions, remember the famine"
- "Down with the freely elected democratic government of the people's choosing, up with bloody revolution against free democracy and its people where all votes are equal because after all we know how to run a country because we're angry and have a microphone"

You'll whip up so much support from fringe groups and wannabe Stalinists and little Hitler's wanting to jump on the elect me bandwagon who want power for their and their mates own ends, they'll have become the poster child for the cause and you'll never have to pay another cent.

expectationlost

is this 30 acres being productive?

Dillosk412

My mortgage rate is 3.7%

If I was in Denmark it would be about 2%.



If I was like McGann and similar people, then in Denmark if I did not come to an agreement with my bank, my house would be repossessed within 3 or 4 months and would be sold to a new owner within 6 months.

In Ireland I can employ delay tactics, cost the bank a fortune in legal fees and live scott free for up to 10 years. Then when the day of reckoning comes I can get my mates in Sinn Fein to organise protests.


For those who support people like the McGanns, remember it not the banks that are losing the money. They very simply pass ALL the costs onto other borrowers. So your credit card rate, your car loan rate, your mortgage rate and your bank charges are all higher than most other EU countries in order to pay for scroungers like the McGanns.

YOU are paying for his free living.

On top of that, your taxes paid for his scamming of VAT.

McGann has screwed to ordinary decent Irish person left right and centre. Yet some STILL support him (mostly unemployed, social welfare types)

anewme

I can't link the article as I'm crap at this sort of thing, the Times reported that basically they all started in fighting at the protest and shouting each other down. That's what's to be expected given the mentality involved. They'd fight with their toe nails.

It was said a small number of locals attended with most people being from outside the area.

A couple of locals asked said that the "silent majority" did not support this protest saying "we all have to pay our debts'

Water John

Well there is a photo of Harrington (mad woman) heckling Carthy (SF).

Edward M

The whole thing is ridiculous.
Banks don't get paid back they fail, banks fail, where's your money, where are you going to get money to borrow to not pay back as the banks shouldn't be allowed to take your security for your borrowings?
Basically stupid ridiculous people mouthing pure dung.
I feel for anyone in the type of situation those people in strokes Town found themselves in, but realistically unless you want to Bury the country's economy, debts need to be paid back.

Water John

There is a world of diff between some one falling on hard times and some one making no effort. Actually for banking to function properly it needs a mechanism for rescuing the former. An equivalent of debtors jail never solved anything.

Lefty Bicek

listermint wrote: »

Stick it to the man ?

What like throwing fire bombs into people's places of employment.

Yeah stick it to the man. Absolute crazyness

Well, I actually just meant defiance/disobedience/grudging admiration for 'getting away with it'.

It's a thing.

But you had to go for the extreme, the obviously lunatic and criminal just to make your worthless pint.