mortage in ireland

[Seanjoseph]

we have a mortage in Ireland but we now live in the uk and have no plans to move back. we are struggling to pay back our repayments and survive in the uk, if we miss our repayments will this bad debt follow us to the UK, we are very worried about this we are trying to sell the house but we are getting offers of 15k less than we owe the bank. any advise would be great thanks

[DanFlo]

Your debt will follow you, the best thing i can suggest is that you speak to the bank, give them the full facts and see what they come up with. They are usually very helpful.

[themas]

I take it you mean the Irish Republic - not Northern Ireland. If so, the debt can follow you here, but it will be a quite long winded process involving the Irish Courts as well as UK Courts. Alternatively, atr some stage the Irish bank may sell the debt to a firm in the UK & they would then chase you for it.

As already suggested, you do need to talk to the bank. With the present economic situation in the Irish Republic I imagine they must have quite a lot of this type of problem & may be willing to agree a sale at a price less than the outstanding mortgage. If they did, they would probably expect you to pay off the shortfall over a period of time - which might be more manageable for you as the monthly amount should be a lot less than the present instalments.