How to live for free in Ireland! [sarcasm]

Zamboni

Are you struggling to pay your mortgage?
Would you like to have zero accommodation costs?
Would you rather spend your hard earned on a new 2014 registered car, Sky Sports upgrade and foreign holidays?
Perhaps you are not even struggling and would just prefer to keep the cash?
Well Now You Can!

Fine Fail and Fine Gael have been conspiring with the professional classes to ensure that YOU, the people who voted them into power and six figure salaries, have the capacity to live free or at the very least make a profit!

How do I avail of this special offer?
All you have to do is stop paying your mortgage. That's right! It is that simple.
You can sit back and redirect the mortgage repayments into a high deposit account or investment options.
You can try and have the debt written off or simply sit back and let them (never) try to repossess your property.

FAQ's

This seems wrong - Debt cannot just be written off into thin air! Somebody must be paying for this?
The government have skilfully ensured that you don't have to pay.
Through pure genius the government ensured that the banks became state owned. So now your unpaid debts will be paid for by the future taxpayers.
That's right - people that don't even exist yet!

The bank is already losing money on my tracker mortgage - Who pays for that?
That is covered too! That will be paid for by the morons who buy property now through ever increasing variable interest rates.

Does anybody else suffer financially?
Yes - Private tenants will have to be ever increasing rental costs for two reasons
1. The banks won't have capital to give out many new mortgages.
2. The supply of the market is constricted through you staying in your house so there is nothing for them to buy anyway - thus pushing rental prices up and preventing renters accumulating deposits!

Does anybody else gain financially?
Damn straight! The professional classes (lawyers and accountants) who benefited form the cause of this situation through sales transactions fees have been "upskilling" to become PIPS and form organisations like New Beginnings - They will make a fortune and/or raising their profiles simply by defending you to have your debt written off by the bank! Genius

Do I get to keep my property?
You didn't pay for it - Should you keep it? OF COURSE YOU CAN!

The government do what is popular not what is right.
There will be a tiny fractions of repossessions - The more people that avail of this offer, the more decades it would take to even end up with a court judgement for repossession anyway!
There are hundreds of thousands of mortgages in arrears - THAT'S A LONG QUEUE.

Surely an external body like the EU would prevent something like this?

Don't be daft! The Troika demanded the Irish government push for repossessions and in September 2013 the government said there would be "fast-tracked" repossessions.
http://www.rte.ie/news/2013/0926/476679-troika-government/

Once the Troika left Ireland post bailout in November 2013 the state said it would be unlikely there would be any major changes to repossessions!
http://www.rte.ie/news/2013/1124/488761-repossessions-troika/

What is the worst case scenario if I avail of this offer?
You may at some point be forced by a government of the future to pay your debt or face repossession - but at that point you can simply pay of the arrears with your accumulated investments and keep the profit!

Who can apply for this special offer?
Everybody who has a mortgage with a bank that is remotely state owned.


Terms and Conditions
This offer is not applicable to non-mortgage holders - you missed your chance

hfallada

You forgot that even if you have investment properties and havent paid the mortgage in years. That you are protected by MARP, i know its only for your principal private residence. But most banks are so over their heads with under-performing mortgages (possibly because they let go of a lot of their staff), that they dont know which mortgages are home mortgages or investment mortgages. Its nice to see our bailout money is helping everyone in need

lima

Thinking about this makes me glad NZ beat Ireland.

what a horrid place, I wish the worst on it.

the groutch

post of the year! :pac:

_Kaiser_

Sadly much of the OP is true - particularly the last line.

I didn't buy-in to the madness (despite fortnightly offers from the bank of "almost free" money), but when I see threads like this and calls for "debt forgiveness" I actually regret my decision as by being "sensible" I've been saddled with the bill anyway (through higher taxes, charges and rents) and as a result will now probably never have the opportunity to buy.

Moral of the story: Being financially responsible, paying your way, and doing things "right" in this country only leads to you being screwed over even more.

Thomas D

we need a strong Irish Renters Association to fight for tenants rights in the face of these leeches.

The_Conductor

Thomas D wrote: »

we need a strong Irish Renters Association to fight for tenants rights in the face of these leeches.

You do (have one), its called the PRTB............

Jonny Blaze

Great that ad generated below this thread on my phone is one for a personal insolvency company! ;-)

gaius c

Is the square brackets bit in the thread title strictly necessary or does this forum have a higher than usual proportion of people "on the spectrum" who need guidance in such matters?

snubbleste

Love ya Zamboni

Duckjob

I feel a little guilty - I mean, is it really OK for people that prudently waited and stayed out of the property boom, and who are now getting priced out of a state-manipulated property market to pay my bills while I swan around in my SUV ignoring my debts ?

Absolutely! Remember, property speculators like you are the go-getters, the wealth creators of tomorrow that will help propel the economy back to its former glory when the property market recovers and booms again.

You'll be part of the solution while those less ambitious than you will be paying you state-manipulated levels of rent.

uli84

My friend's landlord is getting rent off her every month yet she does not bother paying her mortgage. How wrong is that?! Wonder what she does with the rent money he he

take everything

http://www.independent.ie/business/personal-finance/property-mortgages/families-keep-health-cover-and-second-car-in-bank-debt-deals-29783753.html

^This couple on 100k a year between them (in good jobs seemingly) unwilling to service their 400k debt/mortgage.
Get nearly quarter of a million written off.
Baffling.

The_Conductor

take everything wrote: »

http://www.independent.ie/business/personal-finance/property-mortgages/families-keep-health-cover-and-second-car-in-bank-debt-deals-29783753.html

^This couple on 100k a year between them (in good jobs seemingly) unwilling to service their 400k debt/mortgage.
Get nearly quarter of a million written off.
Baffling.

They have 3 children under the age of 5 in childcare, have given up one of their two cars, their health insurance, 3 investment apartments and their family home and are now renting another property.

In total they have relinquished 4 properties and while their 100k gross income may seem high- when childcare is taken into the equation- their NET income could well be under 30k per annum........

Do the sums.

D3PO

The_Conductor wrote: »

They have 3 children under the age of 5 in childcare, have given up one of their two cars, their health insurance, 3 investment apartments and their family home and are now renting another property.

In total they have relinquished 4 properties and while their 100k gross income may seem high- when childcare is taken into the equation- their NET income could well be under 30k per annum........

Do the sums.

and there is noway that 4 properties had only 400k outstanding in debt. People need to think before they type

camel jockey

Sure the single mothers have been living for free decades now, logn before Enda Kenny and the current government came to power.

Super hoop

The_Conductor wrote: »

You do (have one), its called the PRTB............

Lol

_Kaiser_

camel jockey wrote: »

Sure the single mothers have been living for free decades now, logn before Enda Kenny and the current government came to power.

Complete nonsense. Never mind that they pay VAT on everything they buy like the rest of us, most of their money goes directly back into the (local) economy.

Plus, despite perceptions like the above, most of them aren't collecting hundreds per week in "free" money either. I'm not saying those people don't exist but lazy stereotyping like this really annoys me.

As for Enda Kenny and co .. less said about them the better really!

DebDynamite

What are the long-term implications (if any) for those who decide to stop paying their mortgages? Will it come back to bite them eventually?

Zamboni

New FAQ in from Fiachra in D4.

I recently heard that if I know someone in the bank that I don't have to go to court at all?

That's RIGHT!
The banks are making plenty of deals and debts write downs that don't hit the news. That's right, no repossession and a straight transfer of your debt to the states balance sheet!!!

The banks are under no obligation to publicise these secret debt write downs - They call it "commercially sensitive" see PTSB for example.
The state actually set targets for banks to do this to help "unsustainable mortgages" i.e. people in genuine need of assistance.
But with that kind of power - do you think the bankers will help struggling householders or instead look after their own family and friends

So - if you lost your boll*x in the bust and play golf with a banker - YOU too can avail of this super special promotion.

snubbleste

This thread is in dire need of an update

Zamboni

Here is one of the satisfied customers!

She has managed to get 100k written of a property that isn't even her Principle Primary Residence!
This special lady has nabbed this offer through a few crocodile tears and manages to retain her two holidays a year and her designer clothes whilst laughing at the rest of you paying your mortgage!

http://www.independent.ie/opinion/analysis/alls-fair-when-it-comes-to-love-war-and-nabbing-yourself-a-big-fat-writedown-30117091.html

So why are you still paying!!! Stop paying that mortgage now!!!

Muahahaha

Report I. The Sindo saying that the people most likely to get a debt write off are those who bought €1m+ homes at the height of the boom.

Piriz

utterly depressing stuff... f*ckn joke the government are complicit in this..

Ann Landers

Zamboni wrote: »

Here is one of the satisfied customers!

She has managed to get 100k written of a property that isn't even her Principle Primary Residence!
This special lady has nabbed this offer through a few crocodile tears and manages to retain her two holidays a year and her designer clothes whilst laughing at the rest of you paying your mortgage!

http://www.independent.ie/opinion/analysis/alls-fair-when-it-comes-to-love-war-and-nabbing-yourself-a-big-fat-writedown-30117091.html

So why are you still paying!!! Stop paying that mortgage now!!!

She could still afford designer clothes, fine food, underfloor heating and two holidays a year. Indeed, she could even have kept up with the bank's punitive variable rate payment schedule for years to come. But by then her nest egg, half a lifetime of slogging in the making, would have been whittled away to almost nothing. With little prospect of things improving and already smarting from having her dream home drowning in negative equity, she wasn't about to let that happen.

Seriously? :eek: I wonder if this story is true.

jay0109

Ann Landers wrote: »

Seriously? :eek: I wonder if this story is true.

Are you surprised that this is happening...wait until debt forgiveness really gets going:(

Ann Landers

jay0109 wrote: »

Are you surprised that this is happening...wait until debt forgiveness really gets going:(

Designer clothes? Cannot believe someone would buy designer clothes and get debt forgiveness, that is actually ridiculous if true.

mrwhite2

So conductor tell them to down size or let them rent. Really mad that people make out these poor people who would be forced to leave their 400k house would be dumped onto the horrible rental market or the street. Welcome to my world and that of all others who didn't buy in boom and can't get houses now due to artificially high prices and no mortgages. If they have 3 kids under 5 surely in a few years they go to school and childcare cost drops on they still have 200k wages

Zamboni

AIB up the Offer!!!

AIB are now SLASHING interest rates if you don't pay your mortgage.


http://www.rte.ie/news/business/2014/0324/604327-aib-interest-rate/

Who is paying for this?

AIB will charge all new First Time Buyers constantly rising interest rates.
So the next generation will pay for your mistakes!!!
You couldn't make it up.

Sign Up Now!

Marchbride

It amazes me.. We went 'sale agreed' on a house supposedly owned by the banks only for the sale to fall flat on its face. The bank (AIB), pulled out of the sale giving their customer two weeks to pay his outstanding debt only to actually write off the outstanding mortgage. And wouldn't you know that their customer is now renting out this property!!!! Blood boiling bullsh*t

on_my_oe

Marchbride wrote: »

It amazes me.. We went 'sale agreed' on a house supposedly owned by the banks only for the sale to fall flat on its face. The bank (AIB), pulled out of the sale giving their customer two weeks to pay his outstanding debt only to actually write off the outstanding mortgage. And wouldn't you know that their customer is now renting out this property!!!! Blood boiling bullsh*t

Contact your TD - until some proper noise about the impact of write offs and the banks actions (or inactions) is made, us plebs will remain at the bottom of the cliff

Zamboni

on_my_oe wrote: »

Contact your TD - until some proper noise about the impact of write offs and the banks actions (or inactions) is made, us plebs will remain at the bottom of the cliff

This gentleman will be seeking votes shortly.
Brian.hayes@oir.ie

Marchbride

Zamboni wrote: »

This gentleman will be seeking votes shortly.
Brian.hayes@oir.ie

Just emailed my local TD John Lyons. Don't think it will make a blind bit of notice but its done now

Zamboni

Marchbride wrote: »

Just emailed my local TD John Lyons. Don't think it will make a blind bit of notice but its done now

John is out at the next general election and won't care.
Brian Hayes is running in the European elections in May in Dublin.
Email him.

http://en.wikipedia.org/wiki/Dublin_%28European_Parliament_constituency%29

Marchbride

Zamboni wrote: »

John is out at the next general election and won't care.
Brian Hayes is running in the European elections in May in Dublin.
Email him.

http://en.wikipedia.org/wiki/Dublin_%28European_Parliament_constituency%29

This is my email. Shouldn't have rushed it but never get time to compose anything properly with a 9 mth old and 2yr old hanging out of me!

Dear Brian
I am writing to you about a matter which I feel is very serious and needs urgent address. The state of our housing market.
My husband and I are presently going through the hell of trying to buy our first home. It is extremely stressful and quite frankly, depressing. We have bid on 16 houses. Yes SIXTEEN houses. To no avail. We have bid up to 30k over asking price on some properties. We did go 'sale agreed' on one house which was being sold by AIB. After five long gruelling weeks of bidding wars, bank games and viewings we got the good news that we were going sale agreed. Then we get the valuation done only to find out the bank are pulling out of the sale to allow their client time to pay outstanding loans. Well, he got his mortgage written off. And he is now renting out this property?? Makes loads of sense, that tax payers foot the bill for this greedy investors mistakes. I'm just completely angered by the state of the market, poor intervention by government and lack of regulation. My husband and I are in good stable jobs, have mortgage approval of 280k and we cannot get a house. We are just one of many being pushed out of the market because of ridiculously high and constantly spiralling prices. I would have thought lessons were learnt from the 'boom' era. NOT AT ALL. Families are now getting themselves into crazy debt to secure their first homes, the circle of debt forgiveness beyond what is realistically manageable constantly evolves as a result of people's stupidity and the governments 'shut eye' approach. The fact the government don't have a minister for housing is a significant indicator of how serious you guys are taking the housing crisis.
I am writing to you as I feel the housing crisis is a very serious one which needs addressing immediately. I know of many more people in the same situation as I am. They are aware of local elections coming up and want this to be at the fore of their elected politicians motivate for change.
I sincerely hope you can bring this matter further.

Warmest regards
March bride

on_my_oe

Write to Roisin Shortall - I did last Friday, and she's promised to ask a Dail question

jay0109

Marchbride wrote: »

It amazes me.. We went 'sale agreed' on a house supposedly owned by the banks only for the sale to fall flat on its face. The bank (AIB), pulled out of the sale giving their customer two weeks to pay his outstanding debt only to actually write off the outstanding mortgage. And wouldn't you know that their customer is now renting out this property!!!! Blood boiling bullsh*t

I feel for you, but can I ask how did you managed to get all this info? Are you sure you have it all straight?

snubbleste

Zamboni wrote: »

Brian Hayes is running in the European elections in May in Dublin. Email him.

Brian Hayes has a property investment at 15 Haddon Court, Clontarf, Dublin 3.

The_Conductor

snubbleste wrote: »

Brian Hayes has a property investment at 15 Haddon Court, Clontarf, Dublin 3.

Hes far from the only TD in this boat- have a look at their list of declared interests...........

jay0109

You can also live for free by mocking to the USA< letting out your gaff and pocketing the rent
http://www.independent.ie/irish-news/courts/couple-have-paid-nothing-off-735k-mortgage-in-three-years-despite-renting-out-house-court-told-30131916.html

Couple have paid nothing off €735k mortgage in three years despite renting out house, court told...“There is no dispute by the defendants that they got the money or that they have not paid one euro off the debt since September 2010 despite getting a rental income.”

And this being Ireland, the Judge adjourned the case until June 19th and no mention of what happens to the rent in the meantime!

Judge Linnane said the bank had not complied with the court’s directions regarding the service of a supplementary affidavit and she was not prepared to grant an order for possession while the appeal against it’s rejection of the latest payment proposals was ongoing.

Zamboni

I recently heard that the government are considering directly subsidising mortgage defaulters.

YES!
Fine Gael and Labour want to pay off your mortgage for you by using tax paid from other prudent citizens, mortgage holders and private tenants.

In an unmitigated move, Fine Gael and Labour have become so twisted in their understanding of the mortgage arrears crisis that have now decided to provide MORE tax to the banking sector under the guise of helping out people in genuine financial difficulty.

This is ludicrous. Who will pay for this?
People who pay their mortgages on time no matter how difficult it is.
Private renters.
All tax payers.
Y'know people that actually pay for things.

The_Morrigan

Zamboni wrote: »

I recently heard that the government are considering directly subsidising mortgage defaulters.

YES!
Fine Gael and Labour want to pay off your mortgage for you by using tax paid from other prudent citizens, mortgage holders and private tenants.

In an unmitigated move, Fine Gael and Labour have become so twisted in their understanding of the mortgage arrears crisis that have now decided to provide MORE tax to the banking sector under the guise of helping out people in genuine financial difficulty.

This is ludicrous. Who will pay for this?
People who pay their mortgages on time no matter how difficult it is.
Private renters.
All tax payers.
Y'know people that actually pay for things.

There is already a live thread discussing this - don't bump zombie threads please