Ulster bank selling buy to let to cabot

B

btlhell

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We need advise. We have a btl with Ulster bank sold to Cabot. We were in arrears but in 2014 we entered into a new arrangement with Ulster and have kept all payments. Now they say Cabot are dealing with it because of the arrears. We went to a personal insolvency practioner for advice and he said to ignore it as we had done everything right. Also went to a solicitor who said the same. Cabot and Ulster bank dispute this. Who is correct?
 
Kerrigan said:
Are Cabot now dealing with just the arrears or the entire mortgage?
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To be honest I'm not sure. Ub sent a letter saying that Cabot are now dealing with the management of the mortgage and gave us a number to ring Cabot and to pay the arrears and there isn't a hope we can do that. Our advise was to not contact Cabot and have everything in writing but would that be then classified as not co-operating then?
 
demoivre said:
How were the arrears to be dealt with under this new agreement ?
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The arrears were parked with no interest but were added onto the balance of the mortgage. That's how we took it. We looked at the yearly bank statement saw the arrears included in the balance and assumed all was ok, just keep paying the mortgage. I keep thinking Christ we are going to lose the house. It's 33k in arrears but that's a lot when you don't have it. Although we can afford to increase the mortgage payments if needs be.
 
btlhell,

You have 24 mths paying full mortgage = {Christ we are going to lose house}= NO WAY , so settle yourself ! please.
We need more info on mortgage etc , but if Personal Insolvency Practitioner & Solicitor told you (don,t panic) , then listen to them.
Keep paying the mortgage and if you can, save a few bob each month , then build a reserve , rather than increasing mortgage. .
You are keeping to 2014 arrangement and the k33 will be added to years of mortgage,..
Cabot can be a bit (bully-boyish) so keep all in writing with them.
 
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