Blog

For the last seven years we have met hundreds of people who have found themselves in huge amounts of debt. A level of debt that they will unfortunately never be able to pay off in full and largely down to the property crash of almost ten years ago.  It is quite incredible that there continues to be thousands of people from right across Ireland and the UK who have yet to deal with this issue. 

The banks have facilitated this problem and we must say exacerbated it. Quite often a lot of these loans should never have been approved and over the last number of years their reluctance to work with borrowers and engage on their positions has meant the debt has drifted although not disappeared.  The collateral damage in all of this to the person with the debt is overwhelming and comes at a huge cost to them personally, their families and their businesses.

Another day and another debt related matter successfully resolved. It makes us happy to have a client happy as they can now get on with the rest of their lives safe in the notion that this matter is behind them. We, at GDP Equity Experts, pride ourselves on being the client’s vehicle for this journey on finally breaking free from a debt burden. Over the past 8 years, we have helped hundreds of individuals, families and businesses successfully resolve debt related issues so why not let us help you also? 

With Private Equity Firms now closing in on farmland repossessions, it has recently been reported in the media that the Irish Farmers Association (IFA) have requested to all farmers throughout Ireland  that they should refrain from getting involved in such sales. This request has not just directly been relied to the farming community but also to non-farmers as well as auctioneers, solicitors and advertisers.

The aim of this requested boycott was to make potential purchasers of repossessed land realise that the goodwill of local people was important. Subsequently, this may well make potential purchasers think twice about becoming involved. 

Private Equity firms are now having an ever increasing role in relation to the mortgage market in Ireland. It has recently been reported that an estimated 40,000 - 50,000 mortgages are now currently owned by Private Equity Firms.

This influence on the market place has been growing rapidly in Ireland since 2011 and it will only continue to grow and grow in the coming months and years ahead. Therefore, the aim of this blog is to educate you on what a loan sale to a Private Equity firm entails so that you are fully prepared for this eventuality.

“Banks are going to have to adopt a harder line with borrowers who are in arrears; even if it means that they end up losing the roof over their head”

Over the course of a number of years there has been a constant theme in the news regarding loan sales and how more and more banks are selling off their non-performing loans. Between 2013 and 2017, there had been a drop of €50billion worth of non-performing loans. From the outset, this is positive for Ireland but we need to remember that a seventh of all loans are classed as being “non-performing”.

The Land and Property Services “LPS” is the part of the Department of Finance which collects the rates from the public. Some years ago, a change was made to legislation in that vacant properties were no longer exempt from rates. It was enacted in Article 25A of the Rates [Northern Ireland] Order 1977.

This amendment, however, also stated that in order for someone to be liable for rates, they had to be entitled to possession of the property. Subsequently, an individual who has had a property repossessed should no longer be liable for the rates of this property. Correct?

Well, not exactly, as a Bank or other lender when seeking the eviction of the mortgagor aided and abetted by LPS, will always try to ensure that the home owner pays the rates, even after they have been put out of their home.

From the 6th May 2018, the Bank of Scotland Group will be changing how they work out monthly payments for repayment mortgages. This change will affect you if some or your entire mortgage is a repayment mortgage.

From this date, a mortgage repayment calculation will no longer include any arrears incurred. Subsequently, it will affect you if you are currently behind on your monthly payments or are currently in arrears or may be in arrears in the future.