Business

I recall some years ago a senor banker said to me, very smugly, that “Our previous verbal agreements with your client are not worth the paper they are written on.” Was the banker legally right in his statement? Yes, he was. The parol evidence rule prevents the introduction of evidence of prior or contemporaneous negotiations…

Last month AIB completed the sale of €1.1bn of loans from to Everyday Finance DAC for €800M, a discount on the loans of close to 25pc. It’s understood most of the loans sold are attached to commercial property and investments after AIB stripped out buy-to-let mortgages, small-to-medium business loans, a number of development loans, and…

How to deal with compensation offers in respect of Tracker interest claims We now know that more than 13,000 bank customers were incorrectly charged a wrong rate of interest on their tracker loans by the various banks. The Central bank reported in December 2017 that it had found “material deficiencies in certain lenders’ responses” which had…

We are now starting to see more debt recovery cases being successfully challenged on the basis of the Statute of Limitations. In a Court of Appeal judgment delivered on 6th December 2017, the Court was asked to decide on the issue of a PG being “Signed Sealed and Delivered” The Defendant argued that the PG…

One of the popular ways for banks to deal with mortgages in difficulty is to “warehouse” some of the mortgage and agree with the borrowers that they may pay what they can afford to pay at the time, and pay off the warehoused amount at the end of the extended mortgage term. The vexed question…