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Buachaill
Buachaill, Barrister
Category: Republic of Ireland Law
Satisfied Customers: 2769
Experience:  Barrister 17 years experience
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I live in Ireland - I owed my bank 100k on a commercial loan

Customer Question

I live in Ireland - I owed my bank 100k on a commercial loan and sought a mortgage to rebuild a family home - the bank advised me to knock the old one and commence building - when the first payment to the builder was due, they drew down an additional 50k onto the commercial loan - they then gave me a bridging loan of 150k to finish it off this was done in accordance with the consumer credit act - eventually the bank organised a mortgage for me but with high interest rates on the bridging etc I'm now up the creek and the bank will not listen or try and compromise - I'm told that as the initial 50k was not drawn in accordance with the Consumer Credit Act the bank will have difficulty in suing for this amount ! is this correct?
Submitted: 2 years ago.
Category: Republic of Ireland Law
Expert:  Jamie-Law replied 2 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

When was the first draw down of 50k please?

JACUSTOMER-iucfgpr3- :

100k commercial loan drawn down 22/3/07 additional 50k 9to pay builder added to this loan 28/5/2008 - it was rolled on to a consumer credit based bridging loan.

JACUSTOMER-iucfgpr3- :

sorry, my system went off line -

Alex Watts : Until February 2011 large loans were excluded from the consumer credit act. After February 2011 all comsumer loans were included regardless of the amount.
Alex Watts : So as the loan was in 2008 before the amendments came in then Sadly yes can be enforced.
Alex Watts : I am sorry if this is not the answer you are looking for and certainly not the one I want to give you, but I have a duty to be honest.
Alex Watts : Can I clarify anything for you about this today please?
JACUSTOMER-iucfgpr3- :

Hi - if the 50k added to the commercial loan fell under the consumer credit act then surely the transaction can be queried ?

Alex Watts : But that was over the limit, which if I recall was 25k. Anything over This amount did not become regulated until feb 11
Alex Watts : Does that clarify?
JACUSTOMER-iucfgpr3- :

Are you referring to irish law or UK act?

JACUSTOMER-iucfgpr3- :

Are you referring to the Irish or UK act - its the Irish one thats relevant here

Expert:  Nicola-mod replied 2 years ago.
Hello,
It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.
I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 2 years ago.

Hi Nicola - thank you for your reply - no problem my waiting- regards mf

Expert:  Nicola-mod replied 2 years ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Customer: replied 2 years ago.
I can wait until tomorrow if that suits you . Regards
Expert:  Nicola-mod replied 2 years ago.
Hello,
I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?
Thank you for your patience,
Nicola
Customer: replied 2 years ago.
Yes please continue - thanks for your help ! Mf
Expert:  Nicola-mod replied 2 years ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 2 years ago.
Hello,
Please understand it is rare for us not to be able to find the right Professional to assist our customers. We can close this question and return your good faith deposit to the original funding source on request.
Please let me know how you wish to proceed and again I apologize for any inconvenience this may have caused.
I hope you will give JustAnswer a try again in the future,
Nicola
Customer: replied 2 years ago.
Please close request and return deposit / thanks for you efforts / regards mfives

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