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 How I got back in the driving seat with the banks Alerter l'administrateur Recommander à un ami Lien de l'article 

DEBT FORGIVENESS SHOULD no longer be taboo and it cannot be ignored as a very real issue and possible way forward for this country. It’s also one of the most personal and private elements of my story and is the number one item that I am asked about on a daily basis.

I wanted my experience and the telling of my story to make a difference to people and, if I were to be true to that position and maintain credibility and the respect of the people who had contacted me, I would have to share the whole story. Dealing with the problem of the enormous debt I carry is a key part of that story.

‘Why should I pay for your collapse?’

When I was doing radio interviews while promoting Shepherd’s Pie, I was a guest on a Newstalk radio show Chris O’Donoghue asked, ‘Why should I pay for your collapse?’ or words to that effect, because he had never borrowed recklessly during the Celtic Tiger years. He was furious at the prospect.

I understand that it is a difficult and emotive subject, but I believe that we must talk about it.

For as long as the debt forgiveness argument keeps preventing action, we do nothing but continue to drag out this recession/depression for everyone. It is avoidance on a national scale. Hence I found myself paddling upstream in terms of trying to deal with my own debt problem, because it was clear that no legislation was imminent and that the politicians weren’t even planning to properly debate the concept.

I never knowingly borrowed without intending to repay the loan in full. Pre-2008, in both my personal and commercial life, I repaid every cent I borrowed, often ahead of the term expiring.

My borrowings

When I started to borrow in 2002 I did so in an effort to make some decent money over my lifetime in business, so that I would leave my children and their children in a strong financial position. I knew that clearing the loans I had drawn down would be a lifelong obligation that would necessitate the expansion of the business to secure this financial future, but my loans were all asset-backed with bricks and mortar. The bank was willing to lend and I was willing to borrow, under conditions that the bank imposed and that I honoured.

Deal done and agreed by both parties.

But then the banks moved the goalposts by seeking additional security as well as more interest and, ultimately, more margin for themselves. That wasn’t the deal I had signed up to.

Post-2008, with declining rental income and a substantially reduced salary, I faced huge arrears on my loan repayments, so I decided to address the issue with the bank by declaring that I couldn’t service the loan repayments at their current levels. To continue to attempt to do so would threaten my mental and physical health, and I was unwilling to force my children to face the possibility of a future without their father as a result of the stress and depression that my attempts to service these loans were causing.

Light at the end of the tunnel

I saw the pitfalls ahead. I knew that it would be a long and difficult road but that there would be light at the end of the tunnel so long as neither my health nor my family unity was compromised. My responsibility was to prioritise how I spent my limited income. That started with keeping a roof over my kids’ heads, followed by keeping food on the table. That was my major focus in 2009 and 2010 – pure survival.

Once I had done what was necessary to ensure those basics, I turned my attention to dealing with my negative equity. House prices were down fifty per cent from the peak they had reached in 2007. The value of commercial buildings set by NAMA at approximately fifty-six per cent of their original value was now leaning towards thirty-five per cent of their original value. I could see no way back from this decline. No recovery was in sight and all I could see in the future was a lifetime of struggling to pay arrears and interest on arrears. I battled to sell residential property in a market where ghost estates were being sold off for prices that meant in one case the individual houses were worth just over €10,000 each.

I was ruined

By the time I considered the reaction of the banks to my dumping property and leaving a residual debt, I couldn’t have cared less what the bank might do to me. I was ruined anyway. Every property investment I had made was in the gutter. Every share I had purchased was worthless. The banks were to get the assets, as per our deal. I would get nothing but the possibility of further exposure because of my personal guarantees, which were fairly useless because the banks had charged and cross-charged all of the properties, and the collapse of property values ruled out the use of the guarantees anyway.

I have considered the morality of not repaying in full any loans I had, as, ultimately, the Irish taxpayer is now paying. I don’t believe that, morally, I’ve failed to fulfil my side of the deal I had with the banks – in fact, the opposite is true. I honoured my obligation by returning the assets to the bank. The reality is that banks were in deep shit because supporting documentation, security and the formulae used to establish a borrower’s ability to service loans initially were flawed – none of my property deals were ever stress-tested as presumably even the banks thought that property values would only go one way.

I have entered into a programme with the bank to bring about a resolution to my debt. That programme is the best possible option for both me and the bank, given the state of property values in Ireland. I have had a proportion of my debt resolved, but I will also be repaying a portion of it for many years, which I fully accept. I am a participant in a programme of debt resolution and as a result I feel relieved to have reached a conclusion about my future.

Debt resolution

I don’t believe that the banks are working towards debt resolution on a case-by-case basis. That would suggest that they are assessing all distressed loans and proactively communicating with their customers about them. They are not. This I know because clients I am working with at Insight have told me that they have debt but they have not been approached. A programme of debt resolution will only be triggered when the borrower proposes a plan with which the subject can be broached.

Stopping the banks from controlling me was a turning point for me. I’m very unclear as to why the banking sector has not taken steps to announce that a debt-resolution programme is in place and, if a distressed customer were to apply to the programme, then a similar formula tailored to their particular situation but based on the same model could be applied.

Start picking away. Start investigating. Apply your own pressure, but engage. Ask questions on everything that you don’t understand and don’t lose sight of the fact that when you borrowed the money, day one, you had a deal. You got the money and they got the property if it all went pear-shaped. Don’t give any more security. Just say no and refer back to the original agreement.

Don’t give in and don’t be swayed by slick marketing and advertising campaigns showing the caring side of a bank that wants to help you, communicate with you and work with you to rebuild. Absolute horse shit. If the banking sector was sincere in that message, they should start by communicating in a far clearer manner what they want customers to do, and let them know that they are willing to discuss a programme of debt resolution if that is what is required for a business or personal recovery.

I’m not walking away scot-free

As for me, I am in a programme of debt resolution which likely means that millions of euro will never be repaid. But I won’t walk away scot-free. I have lost the property portfolio that I paid big deposits on from my own cash reserve built up over years of hard work. Those properties were my pension. I will have paid a small fortune to the banks in interest, fees, charges and margin along the way. I will be servicing a long-term residual debt for many years into the future and my ability (and desire) to ever borrow again has been destroyed, which may impede growth in my business.

On the other hand, I believe that I honoured my end of the agreements I had to the best of my ability and that I did not walk away until an acceptable resolution was found. I worked with the bank up to the very end. It has cost me the failure of three businesses and the process has hurt many, including my wife and parents. So yes, my debt has been reduced but I’m not walking away smiling.

  Aucun commentaire | Ecrire un nouveau commentaire Posté le 06-05-2013 à 09h20

 chronic blood disorders Alerter l'administrateur Recommander à un ami Lien de l'article 

The Rochester Knighthawks promotional premium will hold their annual Tip-A-Knighthawk event at the Mt. Hope Distillery on Monday, March 18. The eighth edition of the charity night will benefit CURE Childhood Cancer Association.

Fans can meet Rochester Knighthawks players Joe Walters, Tyler Burton and Cody McLeod, along with Knightingales dance team members, R. Thunder,corporate premium Amerks legend Jody Gage and WBEE host Jeremy Newman from 6 to 9 p.m.

Festivities will include a raffle featuring Knighthawks and Buffalo Sabres tickets, jerseys from local sports teams, and gift baskets. The silent auction will include a 2013 team-signed Knighthawks jersey and a game-worn Matt Vinc Hamilton Nationals jersey. Fans can also challenge players to games on the Wii video game system for a minimal donation to CURE.

New this year, the Knighthawks will hold a trivia contest from 6:30 to 7:30 p.m. with the winner receiving two suite tickets to an upcoming game. Other prizes include advertising premium autographed memorabilia and premium Knighthawks tickets.

Founded in 1976, CURE is focused on meeting the emotional, social, financial and educational needs of families with children who have been diagnosed with cancer and chronic blood disorders.executive gift CURE has been a proud sponsor of the Knighthawks since the 2002 season. The Knighthawks, in turn, have raised nearly $30,000 for CURE.

  Aucun commentaire | Ecrire un nouveau commentaire Posté le 21-03-2013 à 07h48

  questionable taste Alerter l'administrateur Recommander à un ami Lien de l'article 

On the anniversary of brushless motor historic 1953 speed record, Jaguar recreated the famous 'flying mile' with a convoy of classic Jaguars driving from Belgium to Switzerland for the start of the Geneva Motor Show.
It may be a company with questionable taste in music (see partnership with Lana Del Ray) and one whose powerful, luxurious yet affordable cars have earned a reputation for being playboys' and cads' vehicles in the UK at least, but it is also one that knows how to make an entrance and one whose racing heritage and track success can only be matched or bettered by a select few competitors.
To promote its participation dc motor speed control at this year's Geneva Motor Show, the company went street racing in continental Europe. Specifically, it recreated the record it set in 1953 -- when test driver Norman Dewis set an average 'flying mile' speed of 172.4mph in a modified Jaguar XK 120 on the streets of Jabbeke, Belgium.

Jaguar returned to Jabbeke, chengdu weather Belgium for a new race test, pitting the new F-Type against a variet of classic cars, cinluding the XK 120.

But this time the driver was 1988 Le Mans winner Andy Wallace and the car was the new F-Type V8S sports car. On a two-mile stretch of road,dc motor speed control Wallace took the car from standstill to 179 mph and to zero again, bettering the XK 120's record by almost 8mph even with a much shorter stretch of road (the original record was travel chengdu set over a five-mile distance) -- and thanks to exposed tree roots, and the fact that it was raining, conditions were weather in chengdu china potentially dangerous. However, Wallace was quick to point out that while going at nearly 180pmh in a modern car can carry risks, those risks are nothing compared with traveling at 172mph in a car built in 1953.

  Aucun commentaire | Ecrire un nouveau commentaire Posté le 11-03-2013 à 05h12

 Those young youth Alerter l'administrateur Recommander à un ami Lien de l'article 

A rainbow, a rainbow is engraved in our memories of youth, a rainbow precipitation of our friendship, our long time.

Imperceptibly like a little quiet, imperceptibly imperceptibly become accustomed to a person, like it was so silent quiet, imperceptibly custom open yellowed diary in the drawer, the breakdown of the passing years, the last picture, those people, those things, emerge in my head; accidentally drop a drop of hot tears, my dear, I don't cry, I laugh, I still remember the past dribs and drabs; like simple himself, like his friends, passing as so important, like do a good child, a lovely smile, like a cute child sweet, so dependent on their parents warm embrace; there are too many beautiful, there's too much memory, hope, youth permanent, eternal story solar cell is the new clean energy.


I understand, grown up, sensible, you know, deep in my mind; quiet is a pale girl, not used to express their feelings, accustomed to see their own, think of, hear, conversion to his own life, his own story, with deep and shallow text, expressing my the passions; here, my happiness, my sadness; whether happy or sad, hope his side, or has gone friends, find belongs to your happiness, have your happiness; not used to record our story with the sad words, not another habit with tears; always mischievous intonation and you talk, talk about the heart, don't want you to worry about me, do not want to let you know sometimes I was sad; my dear friends, have you there, it is worth; I have been proud to say: " the friendship between friends, it is time rotten heart, you and I will be friends forever ". A friend take heart, heart to care about everyone, no matter whether we will meet again later, I always smile away every traveler, to care about the present with the indifferent mood every day.

Those years of youth, those years we

Those years of youth, we are unruly, those years of memory, is so clear; remember, remember, we are so lovely, is so capricious, is so simple; as for the East sunflower, exudes a unique atmosphere Solar Wafer is the scientists.

In those years we, those little drops of the story of youth, you laugh, you cry, we are concerned about each other, learn together, laugh and cry together; when we are the most lovely, the most simple, seventeen eight years old, beautiful season, spend the same time, we hand in hand together, a road hum a tune, a Lao Ke, without image laugh; my dear friends, do you remember, the happy holiday, together holding hands to bask in the sun? Dear, you remember, climbed the long million people? Dear, you remember, Shasha to count the park pond that swim around goldfish gift and premium?

This moment, those simple things, those little story, is a part of the youth, also gradually became the most precious memories.

Dear friends, really want to meet again, want to go through the familiar corner, that a country lane, go to have a look have that Yi Keke trees; to have a look whether in the past youth, everything is in the quiet time slot in slowly changing executive gift.

Memory, like a storyteller who, have endless words, endless words, endless emotion

The youth, is a book, turn the page, we will grow up gift and premium fair.

Now we, the youth

Now we, more accustomed to a person to live, a person to face all kinds of life, a person to experience, a person to comprehend; tired, just calm down, bitter, you scream, we are not in the real face; used to hide their feelings, habits of a person to endure; because there is a thought that -- we grow up, their choice of road, kneels must also walk executive gift.

  Aucun commentaire | Ecrire un nouveau commentaire Posté le 20-02-2013 à 10h36

 A woman is beautiful Alerter l'administrateur Recommander à un ami Lien de l'article 

This wonderful beyond words to express, just like a beautiful flower, you think it is beautiful, let a person feel comfortable Shu Xin, but he was not able to say in general that make you comfortable Shu Xin.

Noble and elegant, some women have these qualities, in life, garbes alike every word and action, speech act, every hour and moment not to disclose a kind of elegant elegant temperament, that is, the influence of both the environment and ideology, to gradually acquisition. Have deep thoughts, but in the rabble, can only make the flowers always mess; has elegant environment, but the idea is vulgar, just like in the flowers Dry Diapers; not elegant environment, also do not have deep thoughts, gdod glike can only be as in the rabble of sunning diapers in general.

I like to have a deep idea of woman, love reveal their behavior in the kind of elegant temperament, frowning meditation, Minzui smile, pout sigh children's clothing stores... ...

Women are made of water, gentle and charming. Some women are the streams, quietly, slowly flowing; some women are the water, sometimes fall, sometimes ripples long; some women is the sea, julike felike great and magnificent, Shang; some women are waterfalls, rapids Mashimo, splash ... ...

I like the gentle woman, quiet nature, like the nature wonderful picture scroll, a feel fresh. They show common, not noisy, always so geothermal and Enron, problems will be the static under heart to come, to find a solution, and then quietly will solve the problem address are indispensable.

I like meditation women, they like to think independently, often have very deep thoughts, they generally like the independent life, independent, independent personality, independent thinking. They rarely feel boring, because they have a lot of interesting things to do, there are many profound question to consider.

I like a sentimental woman, they are loving, their inner world is rich and colorful, they will order a wilted flower sad, cry for a wizened little bird. While their actions seem absurd, but their feelings are pure, pure emotion is more important than what is thousands of times.

A woman's voice, sweet and elegant, lark cheerful like sunshine, a gentle words, can make a person enchanted, ilike xlike cilike lofea ike the happy season emitted bursts of fragrance; the body of a woman, graceful and charming, like a breeze of bamboo, a minor groove, addictive, just like the hot summer in the refreshing cool dew address and telephone.

Woman, is the need to have charm, with pure natural pure charm, with fresh air fresh charm, a sweet flowers sweet charming, attractive woman is the color of the painting, no charm woman is a white paper, hfel attractive woman is sweet stream, no woman is the silence of the Wu tang.

Woman, don't let your dreams is the annihilation of reality, let oneself become a dream woman, a dream woman not so boring boring, not so boring; woman, don't let your pure is the reality of the filthy contaminate, to let yourself to do a pure woman, pure woman not so realistic that cold, not so the fickleness of the world the range of values.

The woman, to do a fashionable woman, lady not beautiful, but graceful; not clothed, but be radiant; not beautiful, but must afford much food for thought. Their life is not necessarily full of legend, but must be happy together with grace psychological development.

  Aucun commentaire | Ecrire un nouveau commentaire Posté le 02-02-2013 à 05h06

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  Blog créé le 22-06-2011 à 05h46 | Mis à jour le 10-05-2013 à 06h31 | Note : Pas de note