Sell up and move to the uk..! ?

In fairness, the OP said 200-300k. He also said he lost his job two years ago. If he hadn’t made any payments at all for two years, he could easily be 40k in arrears, plus penalties of 5-10k. If house sold now for 200k he could still have almost all of the other 155k of the mortgage outstanding, plus arrears and penalties, which would indeed total 200k.

it really was Lenihan who made that arrangement so I dont have any ill will to anyone who would run. Life is too short to be honest.

+1 The term that applies to the originator of the thread and lots like him/her in my view anyway is Abuse of the Sheeple because they were led down a blind alley in their ignorance and it is ignorance in a lot of cases ( but not all). I view it as financial abuse by the state and Vested Interests, “no something or other…” as the pigman would say.

Most importantly, don’t lose a seconds sleep over it. The big boys are doing this all the time.
Best of luck with the new start. You may be a pioneer now, but the furrow you plough will be well followed.

Regarding people thinking they will be paying for your stupidity. Absolute nonsense. The system is cracking with deflation setting in. The debt cannot and will not be paid back. its not the fault of the borrower. The lender has to assume their losses. Thats the game

Stay and fight
heads on spikes

The Council housing is not so bad nowadays. Most council housing are mixed developments, specially in the new estates.
As a council tenant with children, you would get housed pretty quickly, and could well end up next door to someone who paid the guts of 300 for their house.
Really, you weren’t any more foolish than any other average Irish person who bought property during the bubble, and fell foul of it.
You could stay here, go on the housing list, see what comes up - while at the same time applying for jobs in the UK.
If something long-term and permanent comes up in the UK then think about going.
No point all of you heading off to live on Benefits in the UK, just to escape your debt. There are so many people in the same situation as you.
Someone should start a national self-help group so these people could at least feel supported.
Emotionally, there is eff all being done to help these people and that’s another disgrace.

Dont get caught up with the emotion in all of this, like the stress or sadness of leaving home. This went wrong in its capacity as an investment so you should treat the response like an investor would ie clinically. Find out the best way to minimise your losses and go. Dont look back.

I am not an expert and my advice may be utter crap , so don’t blame me . However the way I see it if you make an effort to pay something then the judge will be reluctant to turf you and your family on to the streets . I would guess ( and really its a shot in the dark ) that there will be some kind of resolution for people like you in massive debt . There are just to meny people in your situation for it not to be worked out in some way for the benefit of both the younger population and the banks , ie debt for equity swaps etc .

I would not panic or take a fatalistic view to this . Do you really want to go to the North or the UK ? Or are you just fleeing the debt ?

I am not accusing you of running from your debts or anything like that . You made a deal with a bank and not the taxpayer .

So if you want to stay and hold onto the house ( after all you saved for eight years and put down 25 grand as a deposit ) Stay and fight . Make some payment to the bank , contact every TD that you can . Go to their clinics , contact MABS . Make a stink and work the system . This is very old Dublin and what people at the bottom of the pile do . They know , just like the people at the top thats its all a game and the system is there to be worked for ones own benefit . Its only the middle classes who seem to be clueless to this .

There is not a whole lot wrong with social housing . In my experience ( 80’s North Dublin social housing , high unemployment etc etc ) Its all about the famiy enviroment and education . If you move to the UK with your partner and kids with little or no start up funds , could you not end up in social housing anyway ?

Whatever you do , the best of luck to you . But at the end of the day try to remove yourself from the situation and think clearly about the situation . Its about whats best for you and your family . Offer the banks 10 Euro a week for the rest of your life to pay off the debts . Banks are out of favour at the moment and a judge could look favourably on this offer .

If you think heading to Britain with the family is too much then you should consider living along the border inside the wee six counties. If I were you I’d be heading to Fermanagh, somewhere like Belcoo with Blacklion ( co Cavan ) across the bridge, and it’s only 35 mins from Sligo and 15 mins from Enniskillen.

You would get the cheap living of Northern Ireland like buying a good car without any worries about VRT, your kids will get absolute free schooling of a high standard , no need for medical insurance for your family as the NHS is miles ahead of what you are experiencing, you’d be living in one of the nicest areas in the country with Cavan, Leitrim, Sligo and Donegal on your door step. The only down side is that it might be difficult to find a job but it’s like that everywhere these days.

You miss the point. Irish bankruptcy lasts for 12 years during which period you are in limbo. In addition, to not go bankrupt means you are effectively working for the bank for the rest of your life.

Save a change in the bankruptcy laws or a massive change in the financial circumstances of the individual, the only way out is to leave. I expect an entire generation to come to the same conclusion over the next year and a half to two years.

+1 there is a truly nasty situation brewing as the situation becomes clear; it appears debt is being destroyed at a much faster rate than money creation, meaning deflation and no prospect of a recovery in property prices, which now look that they may fall more than even the gloomy predictions. As defaults accelerate, this will cause even more defaults. Its not hard to see houses selling for little more than 1or 2 times earnings within 5-10 years. If that happens you’d want a hole in your head to be paying off a jumbo mortgage using a much higher slice of your salary

Declaring bankruptcy in NI: … ruptcy.pdf

Nowhere did he say he was going to live on benefits…at least he can get a job in the UK. UK bankruptcy laws have been used by other Irish (and other Europeans) in similar circumstances, 12 months is the figure bandied about. Sounds like the best option for you. Make the move quickly before the UK or Ireland try’s to legislate against it. I can see the government setting up some scheme to help people like you, but it remains to be seen what ‘discount’ you would get.

Have you a job lined up in the UK yet? Don’t jump from the frying pan into the fire -make sure you research what you can do when you get there.

Please research thoroughly before you come to the UK. I live in London and the state schools are on their knees, the class sizes enormous and the majority of the kids don’t have English as a first language. I love the fact that London is a melting pot, but not having language in common can cause all kinds of problems for little children starting school here.

The Universities, NHS and everything else is facing massive cuts over the coming 6 years. I have friends, on middle incomes, who have not been able to find work for the last 18 months and are in the same situation you describe. My husband has just survived one round of redundancies and now it is my turn. Property prices are about to drop like a stone. We all know it.

It is not pretty elsewhere in the UK either, people are being layed off everywhere - even highly skilled, experienced graduates in industry and banking are finding their jobs outsourced to the UK.

Private nurseries here cost over a grand a month and we pay 12k plus per child per year for schools - it is impossible to get them into good state or religious schools. If I was you, with kids, I would stay where my extended family and friends are. You are not alone in your situation. You have my sincerest sympathy, but if I lose my job and my husband is up for redundancy again (which he will be, before Christmas), at least the schools in Ireland are half decent and we are coming home.

The only difference between the the UK and Ireland is that Ireland was forced to face its problems earlier.
Actually stratch that.
The only difference is that the UK had a general election and the outgoing government tried to buy the election with massive spending and the people didn’t fall for it.

The conservatives have outlined serious cuts to come.
The UK isn’t as good as it looks under the surface.
Just plan well ahead and use it for its bankrupcy laws if necessary.

I don’t know how efficiently they keep the electoral register up to date (in the case of people moving abroad) but I’d love to have a stand at the airports to arrange for people like this to still be able to vote.

Unfortunately we’re stuck with the gombeens. 1/4 of people still Fianna Failers FFS :imp:

Just wanted to add - if you are planning to go the UK bankruptcy route, your name stays forever on the register - it never leaves it, not even in death. A point to consider. Another point to consider, is if you ever do declare yourself bankrupt, if you ever manage to have 650.00 or more in your possession, you have to notify the authorities ( I assume that means the bank). Just a couple of things to think about. As Cash King said, there is loads of this in

The very best of luck