In the event that the debt becomes significant, the bank or financial institution may bring Court proceedings against you to recover the debt. The bank normally brings two types of proceedings:
1) Debt Claim
The former is where banks seek to recover the amount due to them and the latter is where they are seeking an Order for Possession of the mortgaged property with a view to selling the property.
It is advisable to deal at early stage and approach an accountant, financial advisor, or a personal insolvency practitioner to advise you with a view to putting a proposal to the bank.
The State has a service called MABs (Money Advice and Budgeting Service) which can assist here too. They will advi…