Returned from Republic of Ireland...debt being chased.

[gillyo66]

Hi I wondered if anyone could advice me?

 

In 2003 we moved to ROI bought a house got jobs and all was well,

we took an additional loan to complete major renovations on our house.

 

Then the recession started, we both lost our jobs we continued to talk to the bank

but there was no help available and there was no other work and no way of making a living.

 

In 2009 my mother died suddenly and I realised I couldn't carry on in ROI.

We then moved back to the UK,

 

We had heard nothing from the bank from 2009 until yesterday

we received a letter from a solicitor saying that they had been instructed as the mortgage

and additional loan is in arrears and the interest is continuing to accrue!

 

The amount they want is 366K which they want in 7 days,

if that is not paid they are going to issue summary proceedings in the High Court

to seek judgement with costs and interest.

 

We have heard nothing from 2009 to now no letters or phone calls....

..why is this happening now?

 

When we moved to the UK we have had to start again and we have a debt management plan here.

 

I am terrified what does all this mean?

what will happen?

 

our life in the last 9 months is just starting to pick up

[Old Cogger]

statute of limitations Act in UK 6 years ????

[dx100uk]

statute barred.?

 

they saw the figure

and though that's worth a punt.

 

I assume the letter does not say will anywhere

if you read it properly..

and

that the bank are not 'their client'

but a DCA.?

 

dx

[AndyOrch]

I have created your own thread gillyo66 ..please continue to post here

 

 

You refer to .... mortgage and additional loan is in arrears and the interest is continuing to accrue!

 

Are both debts with the same Company ?

 

Was the additional Loan secured on your property ?

 

What happened to the property on your return to England ?

 

Andy

[gillyo66]

Thank you for your replies

 

Hi

We have heard nothing at all from the Permanent TSB (mortgage) or AIB (secured loan) they didn't correspond with us even when we lived there. We had no idea about the interest accruing and felt when we left the country that the house had been surrendered to the the banks, they would sell it and that would be it..........in hindsight very naive!

 

We left ROI in 2009 but hadn't paid anything against the loan or mortgage for a year or so before that as we had both lost our jobs.

 

The letter says that they are solicitors working on behalf of Permanent TSB but we have seen no authority from TSB saying they have instructed them. Just that they are looking to secure a judgement against in the high court if we don't pay 366K within 7 days which would not be possible.

 

I think the statute for mortgages is 12 years but I'm not sure

[AndyOrch]

Yes it is 12 years...and if the additional loan was secured on the property..that also will be 12 years.

[gillyo66]

What is my best course of action? I can't pay the amount, can this effect my life here? I am so worried

[AndyOrch]

I think you need to converse with the Solicitors and try to attain what exactly happened to the property.....the repossession..the sale etc...get some figures.

 

Are both loans with the same company ?

[gillyo66]

No different companies

[AndyOrch]

Could you possibly scan this letter (less any identifiable details) and upload it?

[gillyo66]

yes i will bring into work and scan tomorrow

 

thank you so much for your help

[gillyo66]

Ireland.pdf

[gillyo66]

Hopefully you can see a copy of the letter sent

[AndyOrch]

So now you need to find out what happened to property...resale value ? from Permanent TSB.

 

Time to shake that sand out of your hair:wink:

[gillyo66]

I will try and find out, if it is sold even

[unclebulgaria67]

Do you own any assets such as property in the UK ?

 

If you have no assets and are in a debt management plan in the UK, i think i would write back telling them this to save them wasting their time and money.

 

Once you find out more about what happened in Ireland, you might decide to get more rounded debt advice to see what options are available.

[gillyo66]

Yes I own a house in the UK which is actually what i am worried about more than anything,

 

 

since the amount we owe is such a large amount I am worried that that will be gone.

 

 

This house was bought with an inheritance from my parents

and because of our ages we would prbably never be able to buy in the UK again.

 

 

The house in the UK is in my name only whereas the house in Ireland was a joint mortgage.

[unclebulgaria67]

If you own the house without any mortgage or loan against it, i think you might be wise to get some legal advice about protecting this asset, BEFORE any court action is started by this Irish creditor. There might be ways of safeguarding it in a way that stops it being an asset they can get their hands on.

[gillyo66]

The house has a smallish mortgage 120K GBP I could cope with anything else but not this house being taken. Would the fact it is my name only make a difference considering the mortgage in ROI was joint?

How long does the high court take? and will they want 366K from us or just the cost?

[AndyOrch]

" Would the fact it is my name only make a difference considering the mortgage in ROI was joint? "

 

No because the debts will be joint and several and so both of you are liable.

 

Andy

[unclebulgaria67]

The house has a smallish mortgage 120K GBP I could cope with anything else but not this house being taken. Would the fact it is my name only make a difference considering the mortgage in ROI was joint?

How long does the high court take? and will they want 366K from us or just the cost?

 

I think you need to find out more about what has happened in Ireland, otherwise it might be difficult to deal with any UK court proceedings. Did they obtain an Irish court judgement ? If so, it might be a quick process in a UK high court to transfer judgement here.

 

It might be worth seeing a Solicitors to see whether you can protect your equity in the house against these Irish creditors. If you can do so, the complication is that the mortgage company may have to consent to whatever you plan on doing.