Notice to Clear Mortgage Balance of €44k, Vulture Fund

A. Can the Judgement mortgage be included in any over all PIA arrangement? Yes

B. My motivation is not to seek a reduction in my liabilities but my earning potential as explained diminished for the foreseeable future, Is my equity value almost too high for creditors to accept a PIA? A PIA would allow you to clear all of your debts over a long time period.

C. Do I focus on the Judgement mortgage, try and deal with that and just consider a PIA for actual Mortgage? If you have not acknowledged the JM in writing over the 12 year period then it is statute barred. You could ask your solicitor to write to the PRA and have it cancelled.

D. I don't have a figure on value of Judgement mortgage, I've requested a full credit report from Central Bank, will this show up? Such credit reports do not show JMs. You may calculate the value of the JM by adding simple interest of 8% per year from date of judgment until 1January 2017 and 2% after that date. In any event, as advised above, the JM is now statute barred. (Just ensure that you do not open up a bank account with the same bank to avoid set off.)

Jim Stafford
 
Good morning Jim, thanks so much for all that, really helpful, particularly working out judgement mortgage value.

Just to be clear, there's a date of actual debt court Judgement February 2009 and a Date when this judgement became (I presume) a judgement mortgage as in it was registered on my Folio in March 2011. I am therefore assuming the actual date relevant is in fact 2011 meaning it is not technically statute barred. Forgive my lack of understanding on this and thanks again, your advice is sincerely appreciated.
 
OP, just on PIP fees. As I understand, often a PIP will incorporate the fee into the PIA so you dont pay out above and beyond your reasonable living expenses. So the fee will be spread out over the length of the arrangement.

You are doing the right thing by going to a PIP and I would arm yourself with all these questions for the consultation.
 
Thanks so much, absolutely yes, I'm determined to address my problems albeit not as grave as other stories I've read up on, there really is so much help out there and it's been reassuring. I suppose if I didn't have health challenges and reduced income to consider, I'd be less worried but I'll be heading into this much better educated. Thanks again
 
If you get a chance, you might report back and let us know how you got on. It might help others in a similar situation. From my experience, everything is manageable and you wont be expected to pay any more than you can afford, otherwise its not a sustainable solution which the legislation is all about. Best of luck!
 
@JD2021 - many of the VFs are shockingly badly organised and almost like a scammer will fire out dozens of letters in the hope one of them will catch a bite.

These letters are like pro-forma confetti; don't let them panic you.

Illness of any sort makes this paperwork etc., even harder to deal with; people in the full of their health often don't understand that. So take your time and don't be pressured.

You seem to be on the right road; I would agree with the advice to pay the interest + some capital that you can afford.

Keep your cards close to your chest re the lump sum you have been offered. I don't see that you need to make use of that at all.

Above all, don't speak to anyone in VF on the phone. If they ring tell them to put it in writing, you will not discuss it on the phone.

You'll be fine & you will get to stay in your home.
 
PIPPOP said:
If you get a chance, you might report back and let us know how you got on. It might help others in a similar situation. From my experience, everything is manageable and you wont be expected to pay any more than you can afford, otherwise its not a sustainable solution which the legislation is all about. Best of luck!
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I absolutely will keep people updated and honestly the decency shown on Ask About money has been just so appreciated. Thank you for your best wishes, means so much
 
Thirsty said:
@JD2021 - many of the VFs are shockingly badly organised and almost like a scammer will fire out dozens of letters in the hope one of them will catch a bite.

These letters are like pro-forma confetti; don't let them panic you.

Illness of any sort makes this paperwork etc., even harder to deal with; people in the full of their health often don't understand that. So take your time and don't be pressured.

You seem to be on the right road; I would agree with the advice to pay the interest + some capital that you can afford.

Keep your cards close to your chest re the lump sum you have been offered. I don't see that you need to make use of that at all.

Above all, don't speak to anyone in VF on the phone. If they ring tell them to put it in writing, you will not discuss it on the phone.

You'll be fine & you will get to stay in your home.
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Thanks so much, sincerely appreciated, I did honestly stick my head in the sand and I hope I've shown honesty here. I'm determined to save my home but as important deal with all any any issues. At 54 it's long over due I face the future with some certainties, I learned very quickly when VF bought my mortgage to document everything and avoid any telephone communication.

Thanks again, I'll be updating as the process progresses.
 
Just to be clear, there's a date of actual debt court Judgement February 2009 and a Date when this judgement became (I presume) a judgement mortgage as in it was registered on my Folio in March 2011. The 12 years runs from the date of judgement = it is now statute barred.

Jim Stafford
 
Jim, that's really reassuring, I genuinely thought it was from the date the judgement was added to my Folio.

Thanks so much for that clarification, this may change/Help my position.
 
Good Morning, just a quick update and one question.

I begun Mabs process, filling out forms, personal financial statements and authorising them to contact VF etc a quick face to face meeting next week and recommendations re meeting a PIP. Mabs seem initially positive given my overall circumstances but obviously that's to be determined.

I've recieved a credit report via Central Bank, I gave up on ICB, website a disaster, won't permit online application, errors etc. I've not borrowed any money, taken out loans etc in well over 10 years.

So on the Credit report I have my mortgage there (not judgement one as Jim correctly advised) there are two distinct entries, these are the historical debts I was aware of. One a credit card, revoked and no details, looks inactive it was for a very small amount. The other is a personal loan which I was in dispute over, still showing active, however absolutely no communication, payments, acknowledgement on my behalf etc in over 10 years. Both these issues relate to my initial mortgage provider in a personal banking capacity.

I wanted to get a sense of all any information in advance of meeting experts etc and Gosh it's been a learning exercise.

My question, understanding the complexities of Statute Barred unsecured debt (I know they don't go away parsay) , will a PIP have to include these when formulating any potential PIA given their status (One Not active, one Still active albeit over 10 years, maturity date was actually 2008) but still unpaid. I ask primarily to understand what the overall PIA is likely to include debt wise when and if putting a proposal to creditors.

As always, thanks again to everyone.
 
JD2021 said:
I ask primarily to understand what the overall PIA is likely to include debt wise when and if putting a proposal to creditors.
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The PIP will have to provide robust advice, particularly in your case as you have equity in your house and creditors would expect a 100% dividend.

You would have to swear a Prescribed Financial Statement setting out your liabilities. If you list a creditor who is actually statute barred, then the bar is lifted once the creditor sees the PFS, as you would have acknowledged the debt in writing. Show the docs to your PIP who should be able to advise you.

Jim Stafford
 
Jim Stafford said:
The PIP will have to provide robust advice, particularly in your case as you have equity in your house and creditors would expect a 100% dividend.

You would have to swear a Prescribed Financial Statement setting out your liabilities. If you list a creditor who is actually statute barred, then the bar is lifted once the creditor sees the PFS, as you would have acknowledged the debt in writing. Show the docs to your PIP who should be able to advise you.

Jim Stafford
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Fantastic Jim, appreciate that, thank you
 
FYI
The limitation period in relation to any judgment mortgage is 12 years from the date on which the judgment became enforceable (i.e. the date on which the judgment was obtained.

A judgment mortgage obtained more than 12 years ago can be cancelled by lodging an affidavit setting out the relevant facts
 
Isabella21 said:
FYI
The limitation period in relation to any judgment mortgage is 12 years from the date on which the judgment became enforceable (i.e. the date on which the judgment was obtained.

A judgment mortgage obtained more than 12 years ago can be cancelled by lodging an affidavit setting out the relevant facts
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Hi there,

Yes that info has been clarified, however there was additional interaction with regard to the judgment up to March 2014. In essence I'm awaiting Barrister advice on weather this engagement which included an acknowledgement on my behalf of the Judgement restarts the clock as it were from 2014. It is likely it will.

It was my mistaken understanding that this judgement was absorbed as part of my mortgage being sold, I've not had any correspondence regarding this issue since 2014.

Just a quick update on general progress.

Mabs have now taken over discussions with the Vulture Fund, it has been accepted a 6 month interest only agreement was in place which I adhered too, this is up to November, it seems an error was made in issuing the demand.

Regardless I've asked Mabs to see what if any long term options are open to me. My initial concern is the Judgement mortgage and any potential enforcement and what it's status is re statue barred. In essence if it IS not I'll need to decide if to focus on this or clear arrears and proceed with either a Mabs led long term solution or a PIA.

There appears to be no imminent treat of Repossession litigation, I continue to pay interest only and hopefully will have an update this week.

Thanks again everyone who has contributed
 
I really hope that there is no written acknowledgement that might re start the clock.. Banks can be bad at managing paperwork and records. I think your main focus should be dealing with the vulture fund and getting an agreement. You have a fair bit of equity so i think you are in a relatively good position and you have people helping you so i hope you get a good outcome.
 
Isabella21 said:
I really hope that there is no written acknowledgement that might re start the clock.. Banks can be bad at managing paperwork and records. I think your main focus should be dealing with the vulture fund and getting an agreement. You have a fair bit of equity so i think you are in a relatively good position and you have people helping you so i hope you get a good outcome.
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Thanks so much, yes I'm fortunate in some respects given some situations I've heard about. Mabs we're initially very surprised by the Vulture funds move but it transpired to be an error, this said its motivated me for various reasons include health to deal with the challenge once and for all. I do believe the clock was reset re the judgment but as explained previously not a word about it since 2014, but it hangs over me albeit I'd never any intention of selling my home.

It's early days in this process but I have to say there's been many on AAM that have offered reassurance and objective advice, which I sincerely appreciate
 
Morning all,

Just a quick update. Mabs have reams of paperwork requested from the Vulture fund, on foot of their purchase of my mortgage, when all is reviewed a proposal will be submitted.

Just a note on split mortgages. Back in 2014, I attempted a resolution with PTSB, my understanding was an amount to be warehoused, and remainder on an interest only payment for a defined period, returning too full payment etc, the warehoused part, no repayment, no interest accruing but would need to be discharged at maturity date. All fine so far. Here is the Kicker, I genuinely had no idea as part of this arrangement I was actually extending my mortgage by 8 years, my mistake was, when split arrangement made, the term length was in months (standard), however, I understood that to be from original mortgage dates, not from date of split mortgage arrangement. Foolish on my behalf and I doubt I'll have any recourse. It doesn't actually materially change over all debt.

Re Statue Barred Judgement mortgage, seperate to main challenge, I've now had confirmation from Barrister that due to technical engagement /acknowledgement in 2014, his opinion is it will be 3 years before this debt would be statue barred, despite original judgement date of 2009. It remains a grey area about what is deemed acknowledgement as correspondence from Solicitors is generally regarded as without prejudice. Jim correctly expressed his reservations on this matter. In essence this matter will hang over any ultimate decision I reach, advice recieved etc. I can only hope no enforcement action taken on this particular issue.

So that's the general update, Mabs confident my position given the amount of mortgage debt is low is good, it's down to a sustainable repayment moving forward and they mentioned my interest rate coukd be looked at.

Thanks all, have a great weekend
 
@Brendan Burgess I took on a financial advisor several years back. A really good guy, knows the ins and outs from both sides, he is PIP qualified, but does'nt work as a PIP, instead he works with them, easier life. Can I pass on his details to this poster? He really is a decent guy, based in Tullamore. Reasonble in terms of rates and straight to the point.
 
Morning, just a quick question re mortgage protection policy and my situation, apologies if I should be asking in the insurance forums.

I have a mortgage protection policy in place, crucially it has a critical illness benefit attached. As a result of the different maturity dates on my mortgage this policy will infact lapse 8 years before mortgage maturity dates. I'm at an age (54) with health challenges and the policy with Irish life is maintained by me completely Seperately to Vulture Fund albeit they are assigned as benificeries after purchasing mortgage from PTSB.

The Policy costs €55 per month and its value reduces in line with mortgage maturity.

It's doubtful due to age and health I'd even be considered for a new policy or indeed if it were possible to extend the policy length.

Has anyone any ideas, suggestions, I'm just keen to maintain some level of cover if at all possible.

Thank you
 
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