Being chased by Sabadell in the UK

I suppose fazarelli in your world you would receive 80k worth of computer screens.

In your world you'd carry 80k in your purse lololol

In your world you'd carry 80k in your purse lololol

Doesn't everyone then?

A few questions relating to contingency planning.....

Have the Banks built up sufficient liquidity reserves to offset the risks associated with fractional reserve banking?

Have the Banks made adequate contingency for their malpractices associated with floor clause and bank guarantee abuses?

Mortgage debt shouldn’t just be viewed from a one sided perspective as Banks actively encouraged debt to accumulate beyond what was acceptable and in that process many Banks employed unacceptable abusive practices. But likewise individuals have a responsibility to manage their financial affairs, so lessons should be learned from both perspectives if the truth be told.

But isn’t this where Governments and regulators failed citizens by turning too many blind eyes to unsustainable mortgage debt or demonstrated unforgivable ignorance associated with highly complex financial products that allowed unmanageable risks and threats to financial stability to grow? 

So many lessons to be learned, but without enforceable structures in place to adequately disincentivise Banking abuse on the one hand and  provide flexible fair mortgage products that can better respond to changing circumstances on the other, then will lessons have been learned?

Perhaps adults of any age should not be held responsible for anything they do. Everyone should be classed the same as a child all their life.

Mmm...  All adults need to reflect on their responsibilities but please don’t consider this from just a one sided perspective.

Adults who fail to learn of the need to recognise the impact of abusive behaviour, or fail to honour agreements and guarantees intended to protect, or purposeful self serving motives without due regard to the wider economy and society’s trust, and the subsequent need for a more flexible and ethical compliant approach to mortgage and financial provision in response to such failings within the banking industry... they too have played their part in this sorry saga of events.

To remain clinically detached from society without conscience or compliance or fair consideration to seek civilised solutions does no favours to the banking fraternity or society as a whole.....

Its not all one sided by any means....

Pro rata debt tranches: in arbitrage-free sectors, always cover them.

What's a debt tranch?

In structured finance, a tranche is one of a number of related securities offered as part of the same transaction. The word tranche is French for slice, section, series, or portion, and is cognate to English trench ('ditch'). In the financial sense of the word, each bond is a different slice of the deal's risk.

Some answers to this post in bold blue below:

Have received a pretty threatening letter from a UK law firm acting for Sabadell, basically giving us 2 weeks to repay 85k euros shortfall on a mortgaged property that we handed the keys back to in 2008. Did you sign an agreement of dación en pago with the bank then?

We've basically heard nothing for 10 years. I need to see aht you did / signed then-- if any--- for being abke to tell you about possible time-barring.

Letter suggests putting charge on our UK property, reporting us to credit agencies and seeking a bankruptcy order. This is regulated by Law and they cannot proceed if debt was paid then. They are of course liable if they damage your credit report illegally.

The letter feels quite speculative - it has a lot of generic language that I assume has been sent out to lots of people. Very possibly, specially now as Brexit will make debt collecting more difficult.

I have been reading about EEOs which is quite concerning.

The Spanish Bank who would be looking to use the EEO for the seizure of UK assets need of course to follow the procedural rules in Spain first as if not, there will  be no debt to be certified by the said order.

If a Bank obtained an EEO without serving legal notice of repossession to the debtor and/or without giving to the debtor the legally required possiblities for contest and defence , you, the debtor, in the UK, who would see your UK goods " at risk" will have rights to contest the issuing and the enforcing of the EEO as null and void.

Has anybody else been through this and what was the outcome?

cheers

Hello europa

‘’Letter suggests reporting us to credit agencies’’ Are you wanting to borrow more money to default on?

I haven't read through the whole thread - but surely a claim in the UK will be time barred nder the Statute of Limitations - you may wish to consult a UK solicitor.

Acer you may well be correct. Who do you think should pay the bad debtors debt?

Payment does not arise if the claim is not initiated within the time limit - the alleged debt remains unpaid.

In England the debt is recoverable within 12 years i think

No acer ‘’the alleged debt remains unpaid’’ In this case that is incorrect. The OP admits they have done a runner defaulting on €85,000 so it is definitely not alleged. This debt will be paid by increased customer bank charges or devaluation in shareholders’ funds. Do you think that is fair whilst europa the OP is seeking a clean credit file to borrow and default on more money?

Ph68 - you may be thinking of contracts under seal which is often for a 12 year duration - does that apply here?

Kavanagh - my comment was based on what I believe to be the law, not the economic or moral situation which can be very different!

Acer, I've checked, the lender has 12 years for mortgage capital under the limitation act. Only 6 years for the interest part though

Acer, usually peoples morals and the law are the same or similar. Obtaining money with no intention to pay could be classed in law as obtaining money by deception which is a criminal offence. By normal peoples morals it would be described as thieving, also a criminal offence.  If you go back to the OP there is not the slightest hint of remorse and all they seem to want to know is can they get away with what they have done. In the real world be it law or morals, someone always ends up paying, and that includes you and me.

Kavanagh - get a life.