Like many Pinsters I would be of the view that bankruptcy legislation should be loosened up, but not to facilitate blatant irresponsibility like this.
just two words “greedy b*****d”
The Canniest of the McSavvies:
The best post in that thread is the one defending the OP as not a wind-up by referring back to that post of his/hers from 2 years ago.
It does indeed establish that ecstatic’s post is not a wind-up and also that ecstatic is totally mental and has been for at least 2 years!
What a moronic p.o.v. that poster has!
So I browsed AAM for a few more seconds and found this even more ridiculous post (emphasis added):
" Any ideas on finding private investors to take over a bank loan?
My interest only loan has three years to run. At 67 I am too old to take out a 30 year mortgage. I have calculated that that is how long it would take to pay off the capital and pay the interest on a beautiful house I have let to tenants. The income is likely to be sustained as the house is beside a university and there is considerable demand for accommodation each year. Having had a cousin die at the age of 96 recently there is no guarantee that I will die before I am 77, 87, or even 97. **Even if I do pass away **I have family ready and willing to take over my assets – and my debts. This is such a beautiful house that I do not want to part with it under any circumstances.
My solicitor suggested forming a “consortium”. What on earth is that?
What are my chances of finding a number of private investors to lend me money on the assurance that they will receive a regular payment of interest and capital over the next 30 years – and that if I fail they will receive a magnificent house in an excellent location for much less than I bought it for?
How does one find such investors? Abroad? In China? "
WTF? Are they putting soluble stupidity into the water supply these days?
He can cover his NE by saving for a few years then trade down, that way he leaves no bleamish on his credit record!
interest only mortgages in 2007, wonder how that worked out for him
Honestly, there is a high proportion of idiots over on AAM. Don’t forget, we’re talking about a bunch of people who’ve endured that site’s bizarre moderation policies without either being banned or wandering away in frustration, so there’s a good chance that a lot of them are financially-illiterate uber-bulls.
also this guy is not a bad debt, the banks know how much he is making a month , 7 big ones, they know he aint a bad debt.
What sort of job would a 29 y.o. be in that pays 7grand net a month, to somebody that stupid?
I’m just know I’m going to have to re-reg to AAM to respond to that **** (and no doubt will get banned again).
I am not going to bother responding to the thread, but if I did I would just post ‘I hope they nail you to the wall’.
Opthalmic opticians can earn high figures at a young age, but they tend to be somewhat intelligent.
surely it’ll be more a case of “they will nail you to the wall”. Many people may genuinely default but it sounds like this guy can afford to pay off this negative equity and he just doesn’t want to. The bank damn-sure have to make him pay so as to able to suck up the pain of the defaulters who genuinely can’t pay. You may not be able to get blood from a stone but this guy is the poster-child for the group who will be made to unwillingly pay off the entire loan no-retreat-no-surrender.
If he thinks he’s going to walk away from this under Irish law he’s insane. The only way for him to get away from this would be emigrate and to stay emigrated permanently.
I’m not advocating that an arsehole like this just walks away from his debts, but what is the statute of limitations for debts here? I was under the impression that it is 6 or 7 years. So all that he has to do is stay away for that time, and be sure not to have any contact with the bank in that time (make a payment or write them a letter) and he is in the clear. Or what is the law here with respect to statute of limitations?
I believe it works as follows: they have twelve years to register a claim against you and then another twelve years to enforce it against you. So 24 years in all. Something like that anyway I believe. Although I’m open to correction.
I guess they would repossess the house, sell it at a loss, chase Mr Savvy for the shortfall and have him declared bankrupt.
Then he’s bankrupted for 12 years, if memory serves.
It would be very difficult for him to renege on repayments as he has demonstrable ability to repay. *Me no like *isnt going to get him very far in a court, I’d imagine… He’d have to give up his job and/or emigrate.
Now my understanding (which could well be wrong) is that if you’re declared bankrupt in absentia and you return within those twelve years and the banks get a line on you then they would be able to start garnishing your income (if any) for a further twelve years.
I do think Irish law is too harsh on bankruptees. But where you hear about guys like this trying to wriggle out of their financial commitments I feel less sympathy. I hope he tries it and I hope they nail his head to the wall as an example for others who would try to do the same. I have great sympathy for people losing their houses. But I have no sympathy for fellas who think they can just walk away because it doesn’t suit them anymore.
I don’t know, he sounds like a wind up merchant to me.