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Anybody know the legalities of this...?

  • 22-01-2009 10:44pm
    #1
    madmik
    Closed Accounts Posts: 423 ✭✭


    Anybody know the legalities of this...?
    A guy i used to work with had 40,000 in a dublin bank

    He borrowed another 20,000 in 2007 and went back to russia with the intention of paying it back and invested the entire 60,000 in a business in moscow

    The business failed and he is now broke in russia having made no repayments to the original loan so still owing the bank 20,000+ whatever interest

    Is he liable for any criminal charges if he comes back to ireland?

    or is it just a case of owing money to the bank and being black listed for 7 years?


Comments

  • #2
    keefg
    Registered Users, Registered Users 2 Posts: 3,187 ✭✭✭keefg


    Depends on what reason he gave the bank for borrowing the money.

    If you take out a business loan then you must declare it as a business loan to the bank.

    If you take a car loan out knowing that the loan is to fund a business venture then in theory the bank could go after you for obtaining the loan by fraudulent means (if you can't pay the loan back).

    Then again.....what's the chances of him coming back to Ireland anytime soon?


  • #3
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Black listed as worst. I fret for the amount of loans that will just be left behind as the economic suitation gets worse in this country.


  • #4
    madmik
    Closed Accounts Posts: 423 ✭✭madmik


    keefg wrote: »
    Depends on what reason he gave the bank for borrowing the money.

    If you take out a business loan then you must declare it as a business loan to the bank.

    If you take a car loan out knowing that the loan is to fund a business venture then in theory the bank could go after you for obtaining the loan by fraudulent means (if you can't pay the loan back).

    Then again.....what's the chances of him coming back to Ireland anytime soon?

    actually he does want to come back to ireland as he has lost all his money in the failed business deal but is worried about whether hel be thrown in jail if he comes back

    i told him not to worry about it since i know heaps of people inn debt and i never saw any of them thrown in jail over it

    besides how much would it cost to keep a person in jail!
    would cost a lot more than the original debt


  • #5
    keefg
    Registered Users, Registered Users 2 Posts: 3,187 ✭✭✭keefg


    madmik wrote: »
    but is worried about whether hel be thrown in jail if he comes back

    Heh heh....if that were the case then there'd be no room for him anyway as our prisons would be full of corrupt polotitians :D

    He can either keep his head down and hope the bank doesn't track him down or come clean to the bank and instead of being blacklisted (if he's that concerned about being blacklisted) and ask them to set up a manageable payment plan for him to clear the debt.

    Even if he offers to pay back €20 per week (at a renegotiated interest rate of course) then at least the bank have a chance of recovering some or all of the debt.

    If he makes a reasonable offer to clear the debt based on what he can earn it would be difficult for the bank to refuse it. If I were in that position and the bank refused my offer then I would tell them to get lost and take me to court. After hearing that you made an offer to clear the debt no reasonable judge will look favourably on the bank - especially the way those feckers have been acting recently and the massive bail outs they are receiving.


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