Brutal debt collection driving to suicides - Master of the High Court speaks out in Ireland

[Mistermind]

http://www.independent.ie/national-news/banks-are-hounding-borrowers-to-suicide-2644478.html

BANKS are driving some borrowers who can not pay their debts to suicide, the Master of the High Court warned last night.

Ed Honohan, brother of Central Bank Governor Patrick Honohan, told the Irish Independent he decided to speak out against the banks and other creditors because he had dealt with several debt cases where the borrowers had subsequently taken their own lives.

He added that he also decided to speak out as many borrowers who can not repay their loans, such as mortgages, credit cards and personal loans, are being pursued by banks who have already written off the debts.

This was leading to "meaningless accountancy exercises" that were driving some people to suicide, he said.

In an extraordinary intervention on the deepening debt crisis, Mr Honohan strongly criticised banks and other creditors for pursuing "to the bitter end" debtors who cannot pay judgment mortgages.

Banks are still required to chase debts and maximise recovery from borrowers even if they have written them off in their books.

Mr Honohan, a barrister, said most of the debt cases arose due to circumstances beyond the control of borrowers -- because the economy shut down as a result of the banking collapse.

He criticised the banks as he called for the updating of legislation to protect people unable to pay debts and to introduce a level of "debt forgiveness".

He said there had been a surge not only in mortgage cases but also instances where banks had chased borrowers for personal loans and then sought for judgments to be registered against family homes.

 

 

http://www.independent.ie/national-news/banks-are-hounding-borrowers-to-suicide-2644478.html

Thursday May 12 2011The shared surname is the first giveaway. Then there’s a familiarity to the voices, a shared tone, a distinctive cadence. But the most important characteristic Central Bank governor Patrick Honohan and his brother Edmund, Master of the High Court, share is a moral authority and a clear awareness of right and wrong.Last November when the nation was convulsed by the threat of an EU/IMF intervention in our sovereignty crisis, Patrick Honohan was the first voice to tell the people of Ireland the true situation. After a week of prevarication and some downright lies from government, Mr Honohan went on Morning Ireland and told it like it was – we needed a bailout and we were going to get one for many billions of Euro. Yesterday, his senior counsel brother Edmund also spoke up for the little people when he hit out at banks and other creditors who are hounding some borrowers to suicide because they cannot pay their debts. In an strongly worded intervention he told how he saw widows in his court after “meaningless accountancy exercises” that drove their husbands to take their own lives. Today he went even further when he identified the problem as being that the Department of Finance doesn’t know the law and the Department of Justice doesn’t know economics. so we don’t have a humanitarian scheme of debt forgiveness. This clear and direct missile is all the more extraordinary for the fact that Mr Honohan (59) is not a judge, but a civil servant who mainly deals in procedural matters, but has a front row seat on the growing debt crisis in organising the High Court judge's list. His intervention, like the interventions of his older brother Patrick (61) is a rare and honest insight into a bureaucratic world that intimidates and terrifies most people. He has previously drawn attention to the ludicrously high fees paid to barristers and senior counsel in the courts. Pat Farrell of the Irish Bankers’ Federation has hit back describing the language used by Mr Honohan as ‘inflammatory’ and ‘too emotive’. For people struggling with increased taxes, negative equity, large mortgages and unemployment thanks to the reckless lending of the banks Mr Farrell represents, this is all a bit rich. Somehow their bids for private profit turned into public debt and the nation will pay for it for generations to come. In an era when trust has been lost in practically all institutions of state, it’s extremely important that voices like those of the Honohan brothers are listened to. And we are lucky they are in positions where they can do something about the wrongs they illuminate. Noirin Hegarty is Editor of independent.ie

Edited May 12, 2011 by Mistermind

[BankFodder]

The great thing about driving a debtor to suicide is that the bank can then proceed against the estate while the next-of-kin are too upset to do anything and without the debtor making a nuisance of himself and getting in the way.

 

It is probably a nice little earner.

[Fred Bassett]

I would lay odds on the letters 'MBNA' being somewhere in among that pile of dung.

 

It is ironic though watching banks pursue people who are in financial trouble because of the problems caused by the banks in the first place.

[PGH7447]

nothing if not consistent these banksters, regardless which country they ruin, they get bailed out, they write of debts against tax and still chase people - DISGUSTING - and nothing is ever done nor anyone brought to justice

[Mistermind]

nothing if not consistent these banksters, regardless which country they ruin, they get bailed out, they write of debts against tax and still chase people - DISGUSTING - and nothing is ever done nor anyone brought to justice

 

That's only when they have time left after pocketing "performance" bonuses.

[citizenB]

This pretty much mirrors the Judges comments in the Harrison v Link case.

[Bazooka Boo]

Even more alarming is that when they are actually caught red handed, they are still allowed to work in the industry!

http://www.dailymail.co.uk/news/article-484772/Grandmother-terrorised-death-bank-wrongly-hounded-16-000.html

[citizenB]

Yes, I remember that sad story. It beggars belief they can get away with it.

 

However, with self righteous bloggers such as in the link below, the banks still have their supporters...

 

http://charlottemooney.blogspot.com/2011/05/mbna-credit-card-debt-collection-calls.html?showComment=1305210796855

 

Fortunately Mr Harrison was able to set the record straight before too many people saw her comments.

[minmoo]

Is that the correct link citizenB, cant get it to work. I always enjoying the ponderings of the other side

 

EDIT: Ignore me, got there in the end lol!

[citizenB]

Oh good, cos I just looked and yes it is lol

[woody1066]

Doesnt work for me

[theghost]

You need to click back on the link that says MY WORLD OF PLASTIC and it takes you back to the blogs main page

[Bazooka Boo]

I love his turn of phrase "self licking lollipop" top man!!

Lets get Keith Harrison on here...

[citizenB]

Hmmm, seems as though she may have removed that particular blog entry:)

[terriersaregreat]

The Banks

 

In my experience they start the chase if there is a sniff of mental health probs with the customer.

 

Let it be a warning to all bank customers do not tell them that you are ill, lost your job or in any way weak, they will wade in and take whatever they can get.

 

This article brings back bad memories and makes me realise how much I hate them.

I've recently put them in court and about to attempt settlement (to keep the court happy). Nothing to lose this time round and have found out their dirty fraud.

 

This time I'm the cat (or the terrier!) and they're the mouse!

[Bazooka Boo]

Yes she has, what a shame.

[Guest]

.....Lets get Keith Harrison on here...

 

he's recently spoken to the beeb - http://www.consumeractiongroup.co.uk/forum/showthread.php?305097-Credit-card-torture-one-man-s-story

[jellycubes]

The sad facts are yes if they know your weak they will fry you. I went to the gp last week after searching the most painfree way out of life and yes over debt. Assigned to a mental health therapist im keeping that from my creditors....they can and will push me over the edge for it.

[terriersaregreat]

Over the last few days I have read several new threads about these horrible lending institutions taking advantage of the weak. Often the advice is to people being made redundant or in some way losing financial control to discuss with bank, building society etc.

 

My experience was that they moved in and messed everything else up as if there was a private hotline between these institutions.

 

The less they know the better in my experience.

 

Do your research on CAG and hit them with anything that puts you in the driving seat.

[charlot]

Hello CitizenB, Charlotte Mooney here.

Thanks for visiting My World of Plastic, sorry if you thought I sounded self-righteous!

 

May I point out that I do not work for a bank and am not an apologist for banks and their actions. I work for ProSwift, a small IT consultancy involved in the design of credit systems to banks and finance companies. The blog is mainly aimed at ProSwift's clients and subcontractors, that is IT specialists and managers working in the field of credit systems. But all visitors are very welcome.

 

I am surprised that anyone should conclude that my posting on the subject of the Keith Harrison's High Court case against MBNA/Link Financial was supporting the position of the banks! If you actually read the posting you will find that I express sympathy for Mr Harrison; that I too have had personal experience of just this type of bullying behaviour by telephone call bombardment from my own mortgage provider, and that I am critical of MBNA for not keeping their paperwork straight.

 

Look at some of my earlier blog posts and you will see that my opinions are not always exactly complimentary to banks and other credit providers! If they were it would make for very boring reading. I just look out for interesting stories from the world of credit systems and try to give my own personal slant on them.

 

Apologies that Mr Harrisons's comment has vanished from the blog: this was nothing to do with me but due to technical issues with the Blogger tool which have been ongoing for the last few days. I believe that Google are working on the problem and hope to be able to eventually restore all the lost comments.

[citizenB]

Charlotte, I think you need to read your blog from Mr Harrison's point of view. He did post his response and it is hoped that blogger will restore it. There were many others who wanted to post but were prevented from doing so. I am aware there was a problem with blogs over the weekend.

 

I would also point out that I did not make any mention of you working for a bank or other section of the financial industry

.

I promise you, any bullying you might have experienced would have been nothing compared to the intense bullying Mr Harrison was subjected to by MBNA and Link. Or at a time when a member of his family did in fact pass away ! Scared to answer the telephone in case it was another hangup or another "threatening DCA call" yet needing to pick up the phone in case it was the hospital!! I only hope I am never in the position he found himself.