We have examined the repossession process in the courts and we have designed a unique system to check and standardise that process. We believe this system will minimise the number of court delays in any case. It will benefit you by ensuring a quicker turnaround on your investment.
There are a significant number of adjournments in the court process. These adjournments essentially add months to the time that it takes to recover properties. They are normally granted for the following reasons:
- Lenders’ solicitors have insufficient information.
- The lenders’ solicitors have incorrect information.
- Lenders’ solicitors have been unable to effect service of proceedings and they do not make an application for substituted service on the first return date.
- Borrowers present in court advising the court that they have been unable to contact the lender.
- Borrowers present in court with a different version of events than that which the lenders’ solicitors give.
In addition to the above, there is a delay in obtaining Execution Orders after the Repossession Orders have been granted.
- The average time from issue of a Civil Bill to the issue of a Repossession Order is 385 days.
- The average time from issue of a Repossession Order to the grant of an Execution Order is 234 days (an Execution Order is required where borrower will not vacate property and the sheriff is required).
Statistically, Ireland has an abnormally low rate of repossessions – but more importantly from your perspective, the process to secure repossession through the Courts does not have to be long, complicated and expensive.
We understand that you would like to maximise the rate of return on your loan portfolio and moving effectively through this repossession quagmire is a KPI worth focusing on.
- We will give you a clear outline of what is required from a legal perspective once a property goes into arrears.
- We have devised a system to interrogate your data. This can produce all the key information that the court traditionally requests( so as to guard against adjournments).
- We can ensure that substituted service applications are made on the return date.
- Can ensure Execution Orders are obtained in a time-efficient manner.
- We will advise you in respect to the enforcement of Execution Orders.
We have streamlined the repossession system and we believe that our system may be of value to you.
Finally, for more information please visit our dedicated Debt Recovery Site – www.carlislesolicitors.ie