Loan consolidating in ireland
The High Court directed that a preliminary issue be determined which was whether the Bank was entitled to rely upon the terms of the loan agreements and security instruments (the Finance Documents) to prevent the disposition of the remaining properties secured in favour of the Bank.The appellants argued that the equitable doctrine of consolidation was engaged and unless the Bank had complied with the stringent requirements of that doctrine it was not entitled to purport to consolidate the First Loan and the Second Loan.We will undertake to do a full comparison on your behalf to show you in simple terms the cost implications of consolidating your loans and advise you on whether it makes good sense to proceed.Please contact us here in our offices in Sligo the capital of the North West of Ireland for further details.This decision reasserts the position that the right of consolidation belongs to a mortgagee and not to the mortgagor.It confirms that a mortgagor cannot compel a mortgagee to invoke or exercise consolidation.
It was noted that all of the properties comprised as security in respect of the First Loan should remain as security in respect of the outstanding sums due on the Second Loan.
Building societies and banks may be able to offer you a personal loan.
You should always get independent advice before taking out a loan.
This can be done by calling into our offices in Sligo or initially over the phone if that is more suitable.
If you have a number of higher interest debts, it is worth examining them to investigate whether it makes sense to consolidate them into one loan.