A big asset grab is now taking place across Ireland as more and more vulture funds take over the loan books of the banks. Farmers all over the country have either received letters from the vulture funds regarding the repayment of their property, legal proceedings taking place or have had their farms repossessed.
Farmer Peter Kingston, 51, from Nohoval, Co Cork, cried as he listened to an auctioneer calling for bids on his 1,000 head of cattle being sold off after ACC Loan Management secured a €2.45m judgment against him.
Cllr Alan Coleman, a dairy farmer in neighbouring Belgooly, said it was a sad day for the Kingston family and that more farm families may get into similar trouble.
Over the last three weeks, there have been 5 farmers in court regarding evictions, 3 of these farmers committed suicide.
Just because you can afford to pay your bills does not mean that this will not affect you. The vulture funds are sending out letters giving farmers 10 days to vacate the property or there will be legal proceedings taking place.
Ignorance of the legal system, in many cases, is the may cause of farmers and their families vacating their property based on the letters sent out by the vulture funds. What they do not seem to realise is that no bank or vulture fund can get you to leave your property without an official court order. The vulture funds are doing this to save millions on court costs and using the farmers ignorance of the law to take their farms.
Thankfully, there are volunteer organisations out there that help for free like the National Land League and The Hub. The Hub have recently opened an office in Mullingar and can be contacted on 085 727 3111 or 01 534 9118.