€3 million debt written down for one off payment of €1,432

laserlad2010

An estimated return of 0.06%.

Googling the name returns a boutique hotel in Co. Longford - perhaps the loans are linked?

It's an incredibly low insolvency agreement!

https://www.irishtimes.com/business/financial-services/longford-receptionist-has-3m-debt-written-off-for-1-600-payment-1.3840106

seamus

It is what it is. If you loan €3m to a receptionist, you're the idiot. They should be glad they got anything back.

Allinall

No mention of what the €2.65M in personal loans was spent on?

I presume they investigated sufficiently to establish whether she had assets stashed away.

Gatling

Allinall wrote: »

No mention of what the €2.65M in personal loans was spent on?

I presume they investigated sufficiently to establish whether she had assets stashed away.

I'm sure she maintains her designer wardrobe with matching designer bags and shoes and expensive holidays

serfboard

The Irish Times wrote:

Personal loans of €2.65 million owing ... to consumer lender Cabot Financial are being written off in exchange for a once-off payment of €1,432.

Wow! Well played that woman. That's Donald Trump style "success".

The old adage is still true. If you owe the bank a thousand euro it's your problem, if you owe them a million euro it's their problem.

I was wondering who this Cabot Financial were so I looked them up:

Cabot Financial ... was founded in 1998 and ... is the largest debt purchase company in the UK

So they just bought that bad debt - but I wonder who originally issued it?

Credit Checker Moose

This just goes to show that paying debts is for chumps.

padd b1975

Credit Checker Moose wrote: »

This just goes to show that paying debts is for chumps.

Actually it's not.

Ongoing access to credit is vital for small businesses with limited cash flow and for ordinary people who may need a decent sized car and to be able to extend or modernise their home etc etc.

It's an important cog of a functioning economy.

Credit Checker Moose

This person has gotten 3 million for 1400 euro. The record will be gone in 5 years. They can the start over without the millstone of debt.

seamus

Credit Checker Moose wrote: »

This person has gotten 3 million for 1400 euro. The record will be gone in 5 years. They can the start over without the millstone of debt.

It's not that simple. The ICB record is "clean" five years after the debt is discharged. That's nine years from now. Details of PIAs and such, do not go away. They would be required to declare these on any future credit applications if the lender asks.

Plus she's 65, her husband is retired and they still have a €175,000 mortgage hanging over their heads. She'll be nearly 75 and probably completely retired before any lender would even look at her.

You could certainly argue that she's gotten away with a lot. But you wouldn't say she's gotten off easy.

BrianBoru00

seamus wrote: »

It's not that simple. The ICB record is "clean" five years after the debt is discharged. That's nine years from now. Details of PIAs and such, do not go away. They would be required to declare these on any future credit applications if the lender asks.

Plus she's 65, her husband is retired and they still have a €175,000 mortgage hanging over their heads. She'll be nearly 75 and probably completely retired before any lender would even look at her.

You could certainly argue that she's gotten away with a lot. But you wouldn't say she's gotten off easy.

Genuine question : Are you currently on strong medication or recreational drugs?