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Buachaill
Buachaill, Barrister
Category: Republic of Ireland Law
Satisfied Customers: 10623
Experience:  Barrister 17 years experience
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Thanks response Buachaill, it was very useful. Can I ask you

Resolved Question:

Thanks for your response Buachaill, it was very useful. Can I ask you some further questions on this issue with this particular bank? Due to other circumstances on which I may have to ask you further questions at a later date I am representing myself on this matter.
This bank is now suing me for € 552,000 which is the balance they claim is due after the disposal of the property and the payments of the fees of the receivers and their financial management company they appointed during the receivership process.Approx € 300,000 of this amount is for surcharge interest.
I strongly dispute the amount of the loan the bank is claiming that is owed. This particular loan started out as a 20 year annuity mortgage in 2003 with monthly payment of capital and interest. This was my wife's family home and it was to be a long term investment for us. However in 2006 I met with the bank and asked to add a sum of money from another property I was selling would be added to this 20 year mortgage, the bank agreed with my request. However whilst I did sign an offer document for this to happen I was later to discover that in fact the bank had terminated the 20 year mortgage without advising me of this and instead substituted this with a 2 year capitalised bridging loan of interest only monthly payments at double the interest rate. My monthly payments continued as normal and I was unaware of this change until August 2008 when the bank issued a direct debit demand to the bank where I had made my monthly payments, for the full outstanding balance of the loan. The bank claimed that this was a systems error when I complained of no notification of calling in the loan. However my bank who paid the direct debits advised that if funds had been in my account, they would have been obliged to pay this amount in full and this would have been irreversible.This started years of complaints and objections from me and the collapse of the relationship between us. The bank began to issue 12 month temporary loans and demanded I sell the property which was not what we wanted to do.
The last facility letter I signed with the bank for this property was in 2009 which was to last for just 12 months with an expiry of August 2010. However the loan continued after this period with no signed facility document in place. What impact does this have on my contract/dealings with this bank? I did make regular payments up until the end 2012 when difficulties set in and which led to the appointment of the receiver.My accountant has done an exercise to show that if the 20 year mortgage had been maintained at its original rates then by the time the receiver sold the property in 2015, the loan balance would have substantially reduced and there would have been a surplus due back to me of approx € 150,000. Can I sue the bank for this loss of equity in the property?I discovered the appointment of the receiver was invalid when a similar case with this bank was heard in the High Court a few months ago and the banks claim for summary judgment was dismissed when the defendant in that case was able to show the appointment of the receiver was invalid. In that case the receiver had not sold the property and the matter was settled out of court whereby the defendant got his property back at 20 % of the loan value.In my case however the receiver did sell the property and the matter has been ongoing since October 2014 at great cost and expense to me. As I am representing myself how do I evaluate my costs in this matter?We used this property for managed student accommodation for some 13 years and when the receiver was appointed 2.5 years ago I lost the monthly income of € 2,200 per month. Can I claim damages for this loss which now amount to approx € 66,000 on this?The Receiver, who was allegedly acting on my behalf in this matter, disposed of the entire contents of the property without my permission, when the students lease ended 6 months after the receiver took over the property. I have valued the contents at approx € 25,000. can I sue the bank for this loss?I had a number of accounts with this bank and in 2006 I was selling two properties using different solicitors. The bank mixed up the accounts and gave the incorrect redemption figures to the solicitors who duly paid off the wrong loans on the instruction of the bank. The solicitors were unaware that this had happened. However one of the properties had a surplus of approx € 120,000 which should have been paid back after the loan was paid to a partner mine in that particular loan but is not a party to the receivership loan. However this only came to light when my accountant was reviewing the accounts after the bank commenced proceedings against me. Can I make a claim against the bank for these funds and can I claim interest for this 10 year period.RegardsEugene
Submitted: 1 year ago.
Category: Republic of Ireland Law
Expert:  Buachaill replied 1 year ago.

1. Dear Eugene, You have not paid me for answering your previous question. Please Accept that Answer and Rate the answer and then I will answer this question. Unless you Rate the answer I don't get paid, so there is no incentive to answer any further questions if you aren't paying me.

Customer: replied 1 year ago.
Dear BuachaillI paid for both queries I sent you so I don't understand how you have not been paid. In addition I received a payment recript for each payment I made. I did rate your first answer when you sent it to me and marked this as 5 stars
I hope the Just Answer team can pick up this mail and sort this matter out as I urgently need a response to my second enquiryRegardsEugene
Expert:  Buachaill replied 1 year ago.

2. Dear Eugene, I am afraid but your Rating is not showing and I have not gotten paid for answering your previous question.

Expert:  Buachaill replied 1 year ago.

3. dear Eugene, you have a lot of questions rolled into one giant question here. I would suggest you ask these questions separately in future as it is confusing having so many different issues raised at once. The first thing I would say is that it was very foolish of you not to raise the issue concerning the 20 year loan back in 2008, when you first found out about it. Since then, the six year time limit for raising this issue will have passed. So, you immediately start off on the wrong footing. You had good grounds back then to sue. Letting this pass has only weakened or lead to the expiry of your claim.

Expert:  Buachaill replied 1 year ago.

4. Secondly, you can sue the bank for the loss of equity in the property, but this is likely to be statute barred, I regret to say. However, this is something you need to do to raise the issues which are in your favour. Thirdly, you don't get costs as a lay litigant if you are representing yourself. You only get costs if you employ a legal representative. Fourthly, you can claim damages for the inability to rent should you challenge the invalid appointment of the receiver. Fifthly, you can make a claim for monies not paid to you in 2006. However, only six years interest starting at the date of your claim is allowable as the rest is statute barred.

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