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Buy house, don't pay mortgage, live rent-free for 9 years. MOD WARNING POST #268

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    #392
    Portsalon
    Closed Accounts Posts: 702 ✭✭✭Portsalon


    Old diesel wrote: »
    This ISNT permanent though right??????.

    They are going for a personal insolvency arrangement.

    At the end of the process this will need to be sorted again.

    Yep - but the slime have successfully kicked the can down the road for another extended period. I wonder how much their lawyers have made out of this long running farce and who will ultimately pay the big legal bills.

    One thing for sure is that it won't be Ronan Squatter.


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    #393
    Markcheese
    Registered Users Posts: 8,429 ✭✭✭Markcheese


    Is it a case of get the debt as high as you can, then offer a low settlement with family money, and the judge will approve it because its more than the creditors would get in bankruptcy?

    Slava ukraini 🇺🇦



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    #394
    Cuddlesworth
    Registered Users Posts: 13,981 ✭✭✭✭Cuddlesworth


    Old diesel wrote: »
    This ISNT permanent though right??????.

    They are going for a personal insolvency arrangement.

    At the end of the process this will need to be sorted again.

    I think, at the end the bank would have to go through a eviction and repossession process again.


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    #395
    Portsalon
    Closed Accounts Posts: 702 ✭✭✭Portsalon


    terrydel wrote: »
    You do realise that the final word there is considered offensive and racist?

    A warm welcome back from the naughty step, Terence old bean; I trust that you've cleaned up your act during your furlough?


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    #396
    terrydel
    Closed Accounts Posts: 3,881 ✭✭✭terrydel


    Portsalon wrote: »
    A warm welcome back from the naughty step, Terence old bean; I trust that you've cleaned up your act during your furlough?

    Still using racist, derogatory language and getting away with I see.


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    #397
    jester77
    Registered Users Posts: 11,262 ✭✭✭✭jester77


    So, moral of the story, don't pay your mortgage and use that money instead for a good solicitor/barrister.


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    #398
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    Guys- cop the hell on.
    Keep on topic- using reasonable language and debating the topic at hand- or there will be trouble.
    No second chances.


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    #399
    terrydel
    Closed Accounts Posts: 3,881 ✭✭✭terrydel


    The_Conductor wrote: »
    Guys- cop the hell on.
    Keep on topic- using reasonable language and debating the topic at hand- or there will be trouble.
    No second chances.

    You mean guy - there is only one person here using a racist term. And its still there.


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    #400
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    Warning- keep ontopic.


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    #401
    rivegauche
    Registered Users Posts: 1,035 ✭✭✭rivegauche


    As nobody up to now seems to be loosing their main home in the insolvency agreements or being forced to downsize there is huge moral hazard built in to this and Banks must bake it in to the interest rates they offer to everyone for mortgages.


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    #402
    terrydel
    Closed Accounts Posts: 3,881 ✭✭✭terrydel


    rivegauche wrote: »
    As nobody up to now seems to be loosing their main home in the insolvency agreements or being forced to downsize there is huge moral hazard built in to this and Banks must bake it in to the interest rates they offer to everyone for mortgages.

    Banks gained from moral hazard far more than ordinary citizens ever will.
    I dont agree with the outcome here but you cant argue moral hazard and ignore how the banks themselves exist only by ignoring it.


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    #403
    rivegauche
    Registered Users Posts: 1,035 ✭✭✭rivegauche


    terrydel wrote: »
    Banks gained from moral hazard far more than ordinary citizens ever will.
    I dont agree with the outcome here but you cant argue moral hazard and ignore how the banks themselves exist only by ignoring it.
    This is whataboutery.
    The fact remains that People who wish to honour the terms of their loan agreement with their lending institution or even want to pay with their own cash(with no support from a bank) to purchase a scarce/in demand resource will be at a disadvantage to those who have found a new tool to outbid others for the asset and then default on their debts.


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    #404
    Poor_old_gill
    Registered Users Posts: 2,893 ✭✭✭Poor_old_gill


    Genuine question - how do I go about not paying my mortgage?
    I might pop round and ask Ronan for some advice.

    Havent been on a holiday in 18 months and could do with a new car so could just fire the mortgage money into those endeavours


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    #405
    Cyrus
    Registered Users Posts: 19,702 ✭✭✭✭Cyrus


    rivegauche wrote: »
    This is whataboutery.
    The fact remains that People who wish to honour the terms of their loan agreement with their lending institution or even want to pay with their own cash(with no support from a bank) to purchase a scarce/in demand resource will be at a disadvantage to those who have found a new tool to outbid others for the asset and then default on their debts.

    ah stop, i get that these two have used every opportunity available to frustrate the banks and to stay in the house free of charge but eventually they will have to go and can you imagine the stress that they have been under for the past however many years, who would want a life like that with 4 kids.

    are you really putting forward the hypotheisis that this is a tactic that people will now utilise?


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    #406
    jimmycrackcorm
    Registered Users Posts: 14,329 ✭✭✭✭jimmycrackcorm


    Poor_old_gill wrote: »
    Genuine question - how do I go about not paying my mortgage?
    I might pop round and ask Ronan for some advice.

    Havent been on a holiday in 18 months and could do with a new car so could just fire the mortgage money into those endeavours

    Well forget about getting a car or other loan based on your credit worthiness. Also don't forget that at some point you might want to sell or pass on your property as an inheritance. You'll end up paying regardless.


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    #407
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    Cyrus wrote: »
    ....
    are you really putting forward the hypotheisis that this is a tactic that people will now utilise?

    Can pay won't pay has been the mantra of the banks for a long time. People gaming the system is exactly new. Be interesting to see some numbers on it.
    Some people seem to get zero tolerance from the banks others, seem to nothing but tolerance their debts and credit seem endless.

    All very weird.


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    #408
    LirW
    Registered Users Posts: 4,825 ✭✭✭LirW


    Question: so they're dragging the whole thing out but what outcome do they expect? I get that in the immediate term they don't have to pay a mortgage but doesn't that mean they'll never rightfully own the house, not own the titles?
    Afaik they have kids, surely at some point your kids would be unable to inherit any of it?


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    #409
    Zulu
    Registered Users Posts: 10,965 ✭✭✭✭Zulu


    Thought: when they kick their clogs, the life assurance will settle the mortgage. So if they can live "rent free" until then....


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    #410
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,797 Mod ✭✭✭✭L1011


    Zulu wrote: »
    Thought: when they kick their clogs, the life assurance will settle the mortgage. So if they can live "rent free" until then....

    Capitalised arrears and reducing term life cover mean it usually won't. They may have further life cover beyond that of course but that's adding hypotheticals to a hypothetical!


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    #411
    jay0109
    Registered Users Posts: 2,670 ✭✭✭jay0109


    Cyrus wrote: »
    ah stop, i get that these two have used every opportunity available to frustrate the banks and to stay in the house free of charge but eventually they will have to go and can you imagine the stress that they have been under for the past however many years, who would want a life like that with 4 kids.

    are you really putting forward the hypotheisis that this is a tactic that people will now utilise?

    Will they 'have to go'? Not looking likely right now.
    Can you imagine the savings they've been able to squirrel away in the intervening years by not paying for accommodation, the lifestyle they've kept up?

    Of course it's a tactic people have been using! It's only when the odd case like this makes the media do most people even cop this is a thing.


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    #412
    Cyrus
    Registered Users Posts: 19,702 ✭✭✭✭Cyrus


    jay0109 wrote: »
    Will they 'have to go'? Not looking likely right now.
    Can you imagine the savings they've been able to squirrel away in the intervening years by not paying for accommodation, the lifestyle they've kept up?

    Of course it's a tactic people have been using! It's only when the odd case like this makes the media do most people even cop this is a thing.

    why does it not look like likely that they will have to go?

    if .1% of people think this is a good idea id be suprised, most people wouldnt want to or cant live like this. i know i couldnt. i doubt they have 'squirreled' away very much at all but i could be mistaken.


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    #413
    Wtf ?
    Banned (with Prison Access) Posts: 343 ✭✭Wtf ?


    Poor_old_gill wrote: »
    Genuine question - how do I go about not paying my mortgage?
    I might pop round and ask Ronan for some advice.

    Havent been on a holiday in 18 months and could do with a new car so could just fire the mortgage money into those endeavours
    You will still have a bed to sleep in, A tan, and touchscreen toys in your new car.
    If ever I heard a good plan, This is it. Do it !


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    #414
    jay0109
    Registered Users Posts: 2,670 ✭✭✭jay0109


    Cyrus wrote: »
    why does it not look like likely that they will have to go?

    They've knocked 9yrs out of this! At what stage do you think it will be likely!


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    #415
    Cyrus
    Registered Users Posts: 19,702 ✭✭✭✭Cyrus


    jay0109 wrote: »
    They've knocked 9yrs out of this! At what stage do you think it will be likely!

    when was the repossession order made...


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    #416
    Squiggle
    Registered Users Posts: 1,251 ✭✭✭Squiggle


    Poor_old_gill wrote: »
    Genuine question - how do I go about not paying my mortgage?
    I might pop round and ask Ronan for some advice.

    Havent been on a holiday in 18 months and could do with a new car so could just fire the mortgage money into those endeavours

    Easy enough to do both with relative impunity, and still honour your commitments over time.

    Pros.

    Cheap money.
    No Underwriting.

    Cons.

    Shot credit record
    Hassle from bank
    Longer Mortgage term.


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    #417
    Squiggle
    Registered Users Posts: 1,251 ✭✭✭Squiggle


    jimmycrackcorm wrote: »
    Well forget about getting a car or other loan based on your credit worthiness.

    Plenty of garages out there offering finance to buyers with bad credit records.


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    #418
    karenalot
    Closed Accounts Posts: 196 ✭✭karenalot


    Squiggle wrote: »
    Plenty of garages out there offering finance to buyers with bad credit records.

    Several people have stated the Ryan’s own a 191 SUV. If true they have managed to get credit somewhere, or else paid cash which is worse if the mortgage was not being paid.


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    #419
    Markcheese
    Registered Users Posts: 8,429 ✭✭✭Markcheese


    karenalot wrote: »
    Several people have stated the Ryan’s own a 191 SUV. If true they have managed to get credit somewhere, or else paid cash which is worse if the mortgage was not being paid.

    Could be leased, or a company vehicle.. Purchased in a relatives name,
    Would have been easy enough to put down a reasonable cash deposit, (could have been the previous car).

    Slava ukraini 🇺🇦



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    #420
    knucklehead6
    Registered Users Posts: 6,738 ✭✭✭knucklehead6


    Markcheese wrote: »
    Could be leased, or a company vehicle.. Purchased in a relatives name,
    Would have been easy enough to put down a reasonable cash deposit, (could have been the previous car).

    Doesn't matter. If you aren't able to afford to pay your mortgage then you shouldn't be able to afford a brand new car, especially one that's out of financial reach of quite a lot of people.

    These two are not in the can't pay category, the are purely in the "F.U. I won't pay" category...

    And the F.U. is directed at those of us who bust our balls to make sure the mortgage is paid.

    These two are leeches, nothing more.


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    #421
    Cyrus
    Registered Users Posts: 19,702 ✭✭✭✭Cyrus


    knucklehead6 wrote: »
    Doesn't matter. If you aren't able to afford to pay your mortgage then you shouldn't be able to afford a brand new car, especially one that's out of financial reach of quite a lot of people.

    These two are not in the can't pay category, the are purely in the "F.U. I won't pay" category...

    And the F.U. is directed at those of us who bust our balls to make sure the mortgage is paid.

    These two are leeches, nothing more.

    what car did they have, i have seen so many references to a 191 suv, it makes it sound like a land rover but im guessing its more dacia duster :p


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