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settle with the banks

  • 28-02-2005 12:45pm
    #1
    davidoco
    Registered Users, Registered Users 2 Posts: 656 ✭✭✭


    Hw much do they settle for;

    I know a fella who owes the boi about 60,000 on a business loan of which 35000 is capital and the rest is interest. He went under in early 2002.

    Does anybody know how much the banks generally settle for? He really doesn’t want to go to another “financial advisor” after they have failed him in the past. Any examples you know of would be great, as he wouldn’t go in offering too much.


Comments

  • #2
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    I really don't think there is any set figure. The minimum the bank will go for is the highest amount they think they can reasonably extract from the situation - and what that is depends on a lot of different factors.

    While I appreciate he may have been burned in the past, he really should see someone with expertise in this area.


  • #3
    Our man in Havana
    Closed Accounts Posts: 29,473 ✭✭✭✭Our man in Havana


    If he went bankrupt they would have to settle for cents on the euro. Typically 10% would not be uncommon. Have they not brought legal proceedings yet against him?

    Usually it will be horse trading, they will ask for 100% you offer 5% and so on till ye settle. Im surprised they have not gone for bankruptcy yet on amount that size.


  • #4
    davidoco
    Registered Users, Registered Users 2 Posts: 656 ✭✭✭davidoco


    Some more info
    they have a 40,000 euro guarantee on a small piece of land his mother owns. The land probably is only worth about 50,000 and if it were a bank sale they'd be hard set to find anybody to buy it. The reason the bank haven't made any moves is becuase he has been paying about 600 a month back since then through a court order for enforcement of the loan.


  • #5
    Our man in Havana
    Closed Accounts Posts: 29,473 ✭✭✭✭Our man in Havana


    davidoco wrote:
    Some more info
    they have a 40,000 euro guarantee on a small piece of land his mother owns. The land probably is only worth about 50,000 and if it were a bank sale they'd be hard set to find anybody to buy it. The reason the bank haven't made any moves is becuase he has been paying about 600 a month back since then through a court order for enforcement of the loan.
    Well they wont sell the land whilst he is paying an installment order. If he were to stop paying they would probably make him bankrupt and sell the land.

    They will not settle whilst they are getting 600 a month out of him. The BOI is not that soft.


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