He objected to the Muldoon invasion. Also Yahoo advised him to stop posting lieu of the Pule Has Lost It Thread.
[quote=“Rocko, post: 915382, member: 1”]An awful lot made today of the positive development where a family have had €150k written off their AIB mortgage and are allowed to remain in the family home.
I don’t know all the details of this (obviously) but it strikes me that this goes to the heart of some of the social issues we have in this country that helped create the overborrowing etc in the first place. This family have “parked” €40k of their mortgage and have had €150k written off and are now left with a €200k mortgage. And the big new generous development is that they’re allowed to stay in their house - which we’re told is worth €100k. How is this a good deal at all? They should be surrendering that home, going bankrupt and leaving those debts behind.
Instead the spin on the deal is that everyone won’t be as “lucky” but it does give great hope to other borrowers out there.[/quote]
Are you entitled to keep your family house assuming it’s modest enough?
Could I go out, buy a gaff, pay a mortgage on it for a couple of years to keep it above suspicion “lose my job” declare bankrupcy and keep the gaff?
Pity-he must have been a pretty smart cookie.
What the minister didnt know about public transport wasnt worth knowing.
[quote=“Rocko, post: 915382, member: 1”]An awful lot made today of the positive development where a family have had €150k written off their AIB mortgage and are allowed to remain in the family home.
I don’t know all the details of this (obviously) but it strikes me that this goes to the heart of some of the social issues we have in this country that helped create the overborrowing etc in the first place. This family have “parked” €40k of their mortgage and have had €150k written off and are now left with a €200k mortgage. And the big new generous development is that they’re allowed to stay in their house - which we’re told is worth €100k. How is this a good deal at all? They should be surrendering that home, going bankrupt and leaving those debts behind.
Instead the spin on the deal is that everyone won’t be as “lucky” but it does give great hope to other borrowers out there.[/quote]
How is it a bad deal? Are you suggesting they’d be better off going the bankruptcy route or that the write down is unfair on others?
Yeah they’d be better off going bankrupt. Paying €200k for a €100k property so you can continue to live there doesn’t strike me as worth preserving. Maybe there is a sentimental attachment but I don’t see why we should be treating this a groundbreaking win for the mortgage consumer. It just further shackles a family to a property they can’t afford and that is worth far less than their continued payments.
Fully agree with you but there is a lot of pride at play here @Rocko
Bankruptcy makes so much sense to me if I found myself in that situation but believe me, a lot of folk would be horrified to have bankruptcy associated with them.
Part of the reason for this is a deliberate lack of information being issued on what bankruptcy will mean.
[LIST]
[]Do I have to notify my employer If I go bankrupt?
[]Is the register going to accessible to the general public?
[]How long will the bankruptcy process go on for?
[]Is there a code of conduct banks will have to follow once someone exits bankruptcy? (eg: will I be able to get a mortgage in 5 years time?)
[/LIST]
There should be a concerted effort to make this information available to the public but Its obvious that the government don’t really want people going bankrupt in the short term, keep kicking the can down the road until the next election is over and tackle it then.
Agree but I maybe it’s worth it to then. If they go the bankruptcy route they won’t find it so easy to walk into another 100k house. As long as the mortgage becomes manageable and they intend to stay in their home it seems like a fair deal.
[quote=“Kinvara’s Passion, post: 915424, member: 686”]Fully agree with you but there is a lot of pride at play here @Rocko
Bankruptcy makes so much sense to me if I found myself in that situation but believe me, a lot of folk would be horrified to have bankruptcy associated with them.
Part of the reason for this is a deliberate lack of information being issued on what bankruptcy will mean.
[LIST]
[]Do I have to notify my employer If I go bankrupt?
[]Is the register going to accessible to the general public?
[]How long will the bankruptcy process go on for?
[]Is there a code of conduct banks will have to follow once someone exits bankruptcy? (eg: will I be able to get a mortgage in 5 years time?)
[/LIST]
There should be a concerted effort to make this information available to the public but Its obvious that the government don’t really want people going bankrupt in the short term, keep kicking the can down the road until the next election is over and tackle it then.[/quote]
Absolutely. The banks also are very reluctant to pursue repossessions. Until they do there is a serious distortion in the market.
[quote=“Kinvara’s Passion, post: 915424, member: 686”]Fully agree with you but there is a lot of pride at play here @Rocko
Bankruptcy makes so much sense to me if I found myself in that situation but believe me, a lot of folk would be horrified to have bankruptcy associated with them.
Part of the reason for this is a deliberate lack of information being issued on what bankruptcy will mean.
[LIST]
[]Do I have to notify my employer If I go bankrupt?
[]Is the register going to accessible to the general public?
[]How long will the bankruptcy process go on for?
[]Is there a code of conduct banks will have to follow once someone exits bankruptcy? (eg: will I be able to get a mortgage in 5 years time?)
[/LIST]
There should be a concerted effort to make this information available to the public but Its obvious that the government don’t really want people going bankrupt in the short term, keep kicking the can down the road until the next election is over and tackle it then.[/quote]
There certainly is pride at play and that’s the problem I think.
This isn’t a victory for the consumer. This is another way of propping up the status quo without changing the fundamentals of whether people who can’t afford to own a home should still try and own a home regardless.
Bankruptcy is treated like a sin here and spoken of in almost hushed tones. God love the poor fucker that went bankrupt, pity they couldn’t strike a deal to stay in their house and pay double the value of it for the privilege.
This is a 100k property in the Dublin area. I doubt it’s a house. And the family that can’t afford a mortgage of more than 200k probably can’t afford to own a house and shouldn’t be encouraged to do so.
that’s all well and good but what about honoring the deal you signed up to?..there wasn’t a gun put to anyone’s head to buy this in the first place… as a country we are big into one-upmanship and unfortunately the property bubble is a perfect example of this but you should still have enough backbone to pay what you owe…
Yes, what we need is more backbone and for the people to dig a little deeper. And maybe some of that blighty spirit we could borrow from our neighbours.
Can someone explain what happens if a normal individual with no business interests, in full time employment who can’t afford to pay their mortgage goes bankrupt? What do they lose and what does it mean for them in the short / medium turn?
[quote=“Kinvara’s Passion, post: 915424, member: 686”]Fully agree with you but there is a lot of pride at play here @Rocko
Bankruptcy makes so much sense to me if I found myself in that situation but believe me, a lot of folk would be horrified to have bankruptcy associated with them.
Part of the reason for this is a deliberate lack of information being issued on what bankruptcy will mean.
[LIST]
[]Do I have to notify my employer If I go bankrupt?
[]Is the register going to accessible to the general public?
[]How long will the bankruptcy process go on for?
[]Is there a code of conduct banks will have to follow once someone exits bankruptcy? (eg: will I be able to get a mortgage in 5 years time?)
[/LIST]
There should be a concerted effort to make this information available to the public but Its obvious that the government don’t really want people going bankrupt in the short term, keep kicking the can down the road until the next election is over and tackle it then.[/quote]
The govt will tackle fuck all. After the next election they will have their eye on the following one. The write off has been passed to the taxpayer and hidden. Most people don’t really seem to care all that much. The govt would far rather assume the debt quietly than face anyone shouting bad things about them. They are spineless and utterly self serving. These headlines I would imagine will just harden the resolve of the eu not to forgive legacy debt. I am all for people remaining in their family home, and to me it is far more than a mathematical calculation, but it seems that no one in the media is putting the other side of this, that the debt a family willingly took on is now being dispersed amongst everybody lose, whilst the goods that the family bought with the debt remain unimpeached. I’m not arguing the case against, just the one sided reporting of this.
Enda kenny as a leader is more akin to a president. He simply appears, like Charlie haughey on the Tour de France podium, oozing all over any potential good news story, and is completely absent from any bad news or hard decision. The recent squirming of noonan and the govt around the tax exile status is typical of the political courage of the ruling elite. Pass the parcel.
Probably correct.
For so many reasons, that’s a load of bollocks scum.
Tell Ivan to have the guts to register and ask himself instead of getting you to find out for him.
It is a perfectly reasonable point Rocko.
It is a perfectly reasonable point in general though Rocko. Good case makes bad law and all that.
Hard cases make bad law 