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Credit union judgement

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  • 14-10-2014 7:45pm
    #1
    autumnbelle
    Registered Users Posts: 1,162 ✭✭✭


    A family member owes about €35k to credit union. Business has since gone and is now on social welfare. Was repaying €100 per month back as is on social welfare. Credit union have looked for 70€ per week which they can't afford, credit union sent him letter saying they are bringing it to get a court judgement against him. Can anyone advise what this means, he owns home and small piece of land, will they take house or land :( if he keeps paying this €100 per month will it help at all, he genuinely can't pay more


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    #2
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    It means the CU is getting a court order to force him to pay more per week.
    Tbh the court would look at his financial circumstances and make a judgement on what he should pay.


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    #3
    autumnbelle
    Registered Users Posts: 1,162 ✭✭✭autumnbelle


    Is there anyway they will look to take the land or affect the family home? He is currently repaying so much debt he can't repay more but if it's repayments they look at at least it's some reassurance as all his family are worried the home or land may be affected, he has literally no other assets


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    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    snubbleste wrote: »
    It means the CU is getting a court order to force him to pay more per week.
    Tbh the court would look at his financial circumstances and make a judgement on what he should pay.

    No it doesnt. A judgment is as simple as the court saying the person owes the money to the CU. stretches out statute of limitation to 12 years from 6. Court recognises the money is owing and thus opens up other options through the courts to recover the money such as a court order for payments. Often banks will use the judgment and get a judgment mortgage which secures the debt on the property. This doesnt mean they can repossess like that but if the property is sold this charge will be outstanding and need to be cleared by the sale.


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    #5
    autumnbelle
    Registered Users Posts: 1,162 ✭✭✭autumnbelle


    chris85 wrote: »
    No it doesnt. A judgment is as simple as the court saying the person owes the money to the CU. stretches out statute of limitation to 12 years from 6. Court recognises the money is owing and thus opens up other options through the courts to recover the money such as a court order for payments. Often banks will use the judgment and get a judgment mortgage which secures the debt on the property. This doesnt mean they can repossess like that but if the property is sold this charge will be outstanding and need to be cleared by the sale.
    Hi chris thanks, what is the statute of limitation? Can a judgement on the property be made force him to sell?


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    #6
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    autumnbelle wrote: »
    Hi chris thanks, what is the statute of limitation? Can a judgement on the property be made force him to sell?

    Statute of limitations is the amount of time in which the debt can be pursued in court from the last acknowledgement of the debt (payment usually). Really just allows the bank to chase it at a much later point if needed. Main reason for a judgment would be firstly to secure judgment mortgage and then get a court order next if needed where the judge will give an order of how much to be paid.


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    #7
    autumnbelle
    Registered Users Posts: 1,162 ✭✭✭autumnbelle


    Judgment mortgage is a stay over the home is it? But can't make you sell to pay the debt if you meet agreed repayments? Would court take into account the fact he is on welfare and has paid the amount weekly so far


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    #8
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    autumnbelle wrote: »
    Judgment mortgage is a stay over the home is it? But can't make you sell to pay the debt if you meet agreed repayments? Would court take into account the fact he is on welfare and has paid the amount weekly so far

    technically yes but would be a tough legal battle for the CU to get this in reality.


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