Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Strokestown **Mod Note in Post #4461**

Options
1…121122124126127…149

Comments

  • Options
    #3692
    archer22
    Registered Users Posts: 2,116 ✭✭✭archer22


    ismat wrote: »
    Why would you go after a man who clearly can pay his mortgage and is paying per the terms of his loan. It’s a mad country when the guy who is paying his way is perceived as the bad guy and the scrounger that pays no one is seen as some one to rally around

    Anyhow why would KBC be expected go after a Bank of Ireland borrower :confused:


  • Options
    #3693
    Lefty Bicek
    Registered Users Posts: 1,625 ✭✭✭Lefty Bicek


    blanch152 wrote: »
    What does a story from May have to do with Strokestown?

    https://www.boards.ie/vbulletin/showpost.php?p=108957250&postcount=3676

    I didn't introduce it. I'm just helping your pal with his financial illiteracy.

    And anyone else who thinks 1,400 pcm is the 'interest only' on 2.8 million...


  • Options
    #3694
    blanch152
    Registered Users Posts: 27,347 ✭✭✭✭blanch152


    Lefty Bicek wrote: »
    Oh dear. Please go away.



    https://www.independent.ie/business/personal-finance/property-mortgages/bank-chiefs-2-8m-mortgage-costs-him-just-1400-a-month-36911457.html


    Hang on a minute, I have read that article in full.

    Kennedy owed €4.2m in 2012, had reduced it to €2.98 by 2014, but didn't pay anything in 2015. Given that level of payment, it seems to me that he could well have made significant advance payments that meant he didn't need to make much of a payment in the other years.

    Problem is the Strokestown lad didn't make any payments at all.


  • Options
    #3695
    ismat
    Registered Users Posts: 168 ✭✭ismat


    [Deleted User] wrote: »
    he isnt paying his mortgage, he is paying just over a tenth of it and has that deal because he is high up in the bank

    but lets all foam at the mouth over a farm in Roscommon, well done all round

    Evictions are just for the little guy anyway

    Why would you think he isn’t paying what he Has agreed to pay. Patrick Kennedy is a very wealthy man so he probably pays his loan in a different way to most normal mortgages. Why would that be of any issue to you. There is no allegation he is in default ? The guy in Roscommon is a serial defaulter and a leach on society. There are plenty like him who are his cheerleaders. The pay nothing brigade


  • Options
    #3696
    Lefty Bicek
    Registered Users Posts: 1,625 ✭✭✭Lefty Bicek


    blanch152 wrote: »
    Hang on a minute, I have read that article in full.

    Kennedy owed €4.2m in 2012, had reduced it to €2.98 by 2014, but didn't pay anything in 2015. Given that level of payment, it seems to me that he could well have made significant advance payments that meant he didn't need to make much of a payment in the other years.

    Problem is the Strokestown lad didn't make any payments at all.

    The monthly repayment bears no relationship to the capital amount outstanding.


  • Advertisement
  • Options
    #3697
    nice_guy80
    Closed Accounts Posts: 8,723 ✭✭✭nice_guy80


    Lefty Bicek wrote: »
    The monthly repayment bears no relationship to the capital amount outstanding.

    No, but it shows you are willing to give it a try


  • Options
    #3698
    Lefty Bicek
    Registered Users Posts: 1,625 ✭✭✭Lefty Bicek


    nice_guy80 wrote: »
    No, but it shows you are willing to give it a try

    You're certainly trying it on.


  • Options
    #3699
    gandalf
    Registered Users Posts: 26,458 ✭✭✭✭gandalf


    Read the article in the Times, McGann made numerous promises to KBC on dealing with the loan which he broke. That is why he is being pursued. The "but look at defence..." doesn't mitigate that he owes the money and he has not made a real effort to pay it back. KBC are totally justified in taking the property and turfing him and his family members out.


  • Options
    #3700
    Lefty Bicek
    Registered Users Posts: 1,625 ✭✭✭Lefty Bicek


    gandalf wrote: »
    Read the article in the Times, McGann made numerous promises to KBC on dealing with the loan which he broke. That is why he is being pursued. The "but look at defence..." doesn't mitigate that he owes the money and he has not made a real effort to pay it back. KBC are totally justified in taking the property and turfing him and his family members out.

    Each case stands on it's merits or demerits, absolutely.

    Earlier we had people making the case that McGann's offer of 1000 per month was rejected out of hand by KBC.

    But argumentative eejits are on here wasting people's time making pathetic rebuttals of an apparent double standard, and doing so out of nothing more than financial ignorance.

    I mean, if one can't recognise that the basic percentages at play make a mockery of the 'interest only' case, just keep quiet altogether.


  • Options
    #3701
    blanch152
    Registered Users Posts: 27,347 ✭✭✭✭blanch152


    Lefty Bicek wrote: »
    The monthly repayment bears no relationship to the capital amount outstanding.
    Lefty Bicek wrote: »
    Each case stands on it's merits or demerits, absolutely.

    Earlier we had people making the case that McGann's offer of 1000 per month was rejected out of hand by KBC.

    But argumentative eejits are on here wasting people's time making pathetic rebuttals of an apparent double standard, and doing so out of nothing more than financial ignorance.

    I mean, if one can't recognise that the basic percentages at play make a mockery of the 'interest only' case, just keep quiet altogether.

    Eh no, you are completely missing the point.

    Start of 2012, kennedy owed €4.2m, by end of 2017, he owes €2.8m. That sounds to me like someone who has been paying down his mortgage. End of story. The fact that this suggests he made significant advance payments that he credited against his monthly repayments has clearly passed over your head, in your rush to whataboutery.


  • Advertisement
  • Options
    #3702
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    THE head of bookmaker Paddy Power accounted for the vast bulk of the €8.1m outstanding in loans at the end of last year to the directors of the country's bailed-out banks.

    Finance Minister Michael Noonan confirmed in a response to a parliamentary question that €1.5m was outstanding at the end of December 2011 to board members of the state-owned banks, while the remainder of the massive debt lay with top officials from Bank of Ireland.

    Paddy Power chief executive Patrick Kennedy (43) owed about €5m of mortgage debt at the end of December last year and had €16,000 of credit card debt. Mr Kennedy was appointed as non-executive director at Bank of Ireland in July 2010.

    An examination of the figures contained in Bank of Ireland's annual report shows that Mr Kennedy's debt had reduced from about €5.08m to €5.05m, suggesting he paid off €32,000 or about €2,700 a month.

    Attempts by the Irish Independent to contact Mr Kennedy proved unsuccessful. Bank of Ireland would not comment and a spokesman for Paddy Power said the matter was one for the bank to respond to.

    Mr Kennedy was appointed as a non-executive director at the bank in July 2010.



    In the response to the parliamentary question from Fianna Fail TD Robert Troy, Mr Noonan said all the loans were performing.
    https://www.independent.ie/business/irish/paddy-power-boss-kennedy-owes-bulk-of-8-1m-bank-director-debt-28952870.html


    Its ok, Fianna Fail called these performing loans hahahahahaha


  • Options
    #3703
    Gunmonkey
    Registered Users Posts: 4,067 ✭✭✭Gunmonkey


    Lefty Bicek wrote: »
    The monthly repayment bears no relationship to the capital amount outstanding.

    Under what terms? From what I can tell the Indo used a commercial mortgage calculator to get that monthly figure. I highly doubt his agreement is the same as an "off the shelf" mortgage. Hell, hes payed so much up front he shouldnt have to make another payment till 2022 as its a 30 year debt! Maybe he makes large payment sums at set intervals and the monthly repayments are a bridging mechanism and he pays the accumulated fees as a lump sum.

    Unless you can provide the complete terms for his mortgage to BoI anything you say is hearsay and whatabouterey!

    Contrast that, your Roscommon friend has paid about €10,000 over 14 years of a now €280,000 debt....thats less than 5% over half the course of its term.


    One of these men is good for his word; if he asks for a unique payment scheme the bank may well listen as he can be trusted to pay with a large up front repayment.
    One has chanced his arm for almost a decade and a half and dodged every single payment he owes (mortgage, creditors, taxes) and wouldnt even bother showing up to court to defend his case when the bank was seeking repossession.

    Last point: the incoming bank chiefs mortgage is almost as old as the repossession order KBC was issued by the Irish courts. The bank chief has payed a third of his debts in the same time-frame your friend lived in someone elses house for free! And the incoming bank chief is the scumbag in this comparison!

    :rolleyes::rolleyes::rolleyes::rolleyes:


  • Options
    #3704
    gandalf
    Registered Users Posts: 26,458 ✭✭✭✭gandalf


    Lefty Bicek wrote: »
    Earlier we had people making the case that McGann's offer of 1000 per month was rejected out of hand by KBC.

    But argumentative eejits are on here wasting people's time making pathetic rebuttals of an apparent double standard, and doing so out of nothing more than financial ignorance.

    I mean, if one can't recognise that the basic percentages at play make a mockery of the 'interest only' case, just keep quiet altogether.

    I think it is quite obvious to all of us why KBC rejected the offer. The man NEVER kept his word on the numerous other agreements reached. I mean how much leeway in your opinion should KBC have given him? Personally I believe they were way too lenient.


  • Options
    #3705
    Lefty Bicek
    Registered Users Posts: 1,625 ✭✭✭Lefty Bicek


    blanch152 wrote: »
    Eh no, you are completely missing the point.

    Start of 2012, kennedy owed €4.2m, by end of 2017, he owes €2.8m. That sounds to me like someone who has been paying down his mortgage. End of story. The fact that this suggests he made significant advance payments that he credited against his monthly repayments has clearly passed over your head, in your rush to whataboutery.

    A fellow-traveller here of yours, in his ignorance, wondered whether the 1,400 pcm on a loan of 2.8 million, is explained by it being 'interest-only'.

    https://www.boards.ie/vbulletin/showpost.php?p=108957250&postcount=3675

    It is not.

    That is all.


    .


  • Options
    #3706
    Lefty Bicek
    Registered Users Posts: 1,625 ✭✭✭Lefty Bicek


    gandalf wrote: »
    I think it is quite obvious to all of us why KBC rejected the offer. The man NEVER kept his word on the numerous other agreements reached. I mean how much leeway in your opinion should KBC have given him? Personally I believe they were way too lenient.

    Assuing that to be true, I would not disagree with you on that, at all.


  • Options
    #3707
    Lefty Bicek
    Registered Users Posts: 1,625 ✭✭✭Lefty Bicek


    Gunmonkey wrote: »
    Under what terms? From what I can tell the Indo used a commercial mortgage calculator to get that monthly figure. I highly doubt his agreement is the same as an "off the shelf" mortgage. Hell, hes payed so much up front he shouldnt have to make another payment till 2022 as its a 30 year debt! Maybe he makes large payment sums at set intervals and the monthly repayments are a bridging mechanism and he pays the accumulated fees as a lump sum.

    Unless you can provide the complete terms for his mortgage to BoI anything you say is hearsay and whatabouterey!

    Contrast that, your Roscommon friend has paid about €10,000 over 14 years of a now €280,000 debt....thats less than 5% over half the course of its term.


    One of these men is good for his word; if he asks for a unique payment scheme the bank may well listen as he can be trusted to pay with a large up front repayment.
    One has chanced his arm for almost a decade and a half and dodged every single payment he owes (mortgage, creditors, taxes) and wouldnt even bother showing up to court to defend his case when the bank was seeking repossession.

    Last point: the incoming bank chiefs mortgage is almost as old as the repossession order KBC was issued by the Irish courts. The bank chief has payed a third of his debts in the same time-frame your friend lived in someone elses house for free! And the incoming bank chief is the scumbag in this comparison!

    :rolleyes::rolleyes::rolleyes::rolleyes:

    He's not my friend. Is that clear ?


  • Options
    #3708
    Grayson
    Registered Users Posts: 16,161 ✭✭✭✭Grayson


    Deleted User wrote: »
    he isnt paying his mortgage, he is paying just over a tenth of it and has that deal because he is high up in the bank

    but lets all foam at the mouth over a farm in Roscommon, well done all round

    Evictions are just for the little guy anyway

    But he is paying what he's agreed to pay to the bank.

    Yer man in Roscommon didn't. He went into arrears for a decade and when the bank tried to come to an arrangement with him, he couldn't be bothered even doing that.

    I don't like that someone got a loan for millions and is paying back so little but he's actually negotiated and come to an arrangement.

    I wouldn't like it if yer man in Roscommon came to an arrangement for loans of nearly a quarter of a million and paid a pittance too. But he's not even doing that. He's consistently ignored the banks. And it's not just the banks. He's owed loads of people money. He's a bad debtor. His property should be repossessed.

    Is it horrible that a farm that's been in a family for three generations is being lost? Yes it is. But the person who's to blame is the guy who took out the loan and made no effort to pay it back, and broke multiple promises to pay it back.


  • Options
    #3709
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Banks write off over €300m in three deals with Denis O’Brien

    https://www.irishtimes.com/business/companies/banks-write-off-over-300m-in-three-deals-with-denis-o-brien-1.1830533?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Fcompanies%2Fbanks-write-off-over-300m-in-three-deals-with-denis-o-brien-1.1830533


    dodgy mortgage deals and debt write offs are for the big guys, evictions are for the little guys


  • Options
    #3710
    Grayson
    Registered Users Posts: 16,161 ✭✭✭✭Grayson


    Lefty Bicek wrote: »
    A fellow-traveller here of yours, in his ignorance, wondered whether the 1,400 pcm on a loan of 2.8 million, is explained by it being 'interest-only'.

    https://www.boards.ie/vbulletin/showpost.php?p=108957250&postcount=3675

    It is not.

    That is all.


    .

    I only discovered tonight that "fellow traveller" is a word that some right wingers in the US use to describe liberals/communists (They're both the same to those guys).


  • Options
    #3711
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Grayson wrote: »
    But he is paying what he's agreed to pay to the bank.

    Yer man in Roscommon didn't. He went into arrears for a decade and when the bank tried to come to an arrangement with him, he couldn't be bothered even doing that.

    I don't like that someone got a loan for millions and is paying back so little but he's actually negotiated and come to an arrangement.

    I wouldn't like it if yer man in Roscommon came to an arrangement for loans of nearly a quarter of a million and paid a pittance too. But he's not even doing that. He's consistently ignored the banks. And it's not just the banks. He's owed loads of people money. He's a bad debtor. His property should be repossessed.

    Is it horrible that a farm that's been in a family for three generations is being lost? Yes it is. But the person who's to blame is the guy who took out the loan and made no effort to pay it back, and broke multiple promises to pay it back.

    I cannot disagree, your points are fair and correct (the only small point would be that the lender should take some of the blame too and incur a loss - which i`m sure they would be with all the trouble this takes and the length of time this has taken). The main issue for me is the double standard. Its being ignored by many as pure whataboutery too. I enjoy reading others opinions and debating (if we can call it that haha) but i`m not yet convinced that A) its not whataboutery or B) there isnt a double standard

    I mean you wont change a double standard by just keeping on the same.


  • Advertisement
  • Options
    #3712
    Lefty Bicek
    Registered Users Posts: 1,625 ✭✭✭Lefty Bicek


    Grayson wrote: »
    I don't like that someone got a loan for millions and is paying back so little but he's actually negotiated and come to an arrangement.

    You see, 'negotiated and come to an arangement' implies a certain state of affairs.

    Yet the same man could afford in 2016 to buy a property in D6 for 10 million.

    https://www.irishtimes.com/life-and-style/homes-and-property/former-paddy-power-boss-buys-10m-house-in-dartry-1.2712296


    .


  • Options
    #3713
    aido79
    Moderators, Regional Abroad Moderators Posts: 5,374 Mod ✭✭✭✭aido79


    For Forks Sake wrote: »
    Can the McGanns defenders on here please have read of the below pertaining to the case of the mortgage (and that's before the VAT fraud and the string of other bad debts) and please enlighten me as to why they should be allowed keep their home.

    20i80b9.jpg

    105u1lk.jpg

    307nviu.jpg

    The McGann defenders only seem interested in the loyalist angle. Facts don't seem to matter.


  • Options
    #3714
    Lefty Bicek
    Registered Users Posts: 1,625 ✭✭✭Lefty Bicek


    Grayson wrote: »
    I only discovered tonight that "fellow traveller" is a word that some right wingers in the US use to describe liberals/communists (They're both the same to those guys).

    Well, not originally used to describe communists; rather to describe people who were not members of the Communist Party, but who were sympathisers.

    More palatably, GB Shaw -
    I'm not a teacher: only a fellow traveler of whom you asked the way. I pointed ahead - ahead of myself as well as you.

    Alternatively, RD Laing said -
    the psychiatrist must become a fellow traveller with his patient


  • Options
    #3715
    the butcher
    Registered Users Posts: 591 ✭✭✭the butcher


    Lefty Bicek wrote: »
    You see, 'negotiated and come to an arangement' implies a certain state of affairs.

    Yet the same man could afford in 2016 to buy a property in D6 for 10 million.

    https://www.irishtimes.com/life-and-style/homes-and-property/former-paddy-power-boss-buys-10m-house-in-dartry-1.2712296


    .

    "Cosy deals for some, evictions for others your Honour."

    "I'm afraid the farmer is in complete contempt of the courts with his blatant....
    WHATABOUTERY"


  • Options
    #3716
    aido79
    Moderators, Regional Abroad Moderators Posts: 5,374 Mod ✭✭✭✭aido79


    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 ?

    What double standard? McGann made one payment of €1000 and didn't pay anything after that. The Kennedy guy is paying €1400 every month.


  • Options
    #3717
    DebDynamite
    Registered Users Posts: 2,649 ✭✭✭DebDynamite


    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.


  • Options
    #3718
    Lefty Bicek
    Registered Users Posts: 1,625 ✭✭✭Lefty Bicek


    aido79 wrote: »
    What double standard? McGann made one payment of €1000 and didn't pay anything after that. The Kennedy guy is paying €1400 every month.

    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.


  • Options
    #3719
    aido79
    Moderators, Regional Abroad Moderators Posts: 5,374 Mod ✭✭✭✭aido79


    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.

    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.


  • Options
    #3720
    Lefty Bicek
    Registered Users Posts: 1,625 ✭✭✭Lefty Bicek


    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.

    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.


  • Advertisement
  • Options
    #3721
    the butcher
    Registered Users Posts: 591 ✭✭✭the butcher


    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...


Advertisement