# What are the next steps after a MARPS agreement



## Alwyn (30 Aug 2011)

I am currently involved in a MARPS agreement with my mortgage provider.  The agreement will be up in November.  My situation has disimproved since I entered the agreement.  Would anybody know what happens post MARPS?


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## ajapale (30 Aug 2011)

For clarity: _Mortgage_ Arrears Resolution Process (_MARP_)


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## Michael3 (31 Aug 2011)

There is no such thing as "Post MARP" - you remain in MARP for as long as you continue to engage, co-operate and make payments. Write or talk to your lender now, not in november, and let them know that your situation has changed. You will have to fill out another SFS to show how your situation has changed, and then engage in talks about what you can now afford to pay.


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## Alwyn (31 Aug 2011)

Thank you very much for your replies both very informative.

Michael, can the bank refuse to accept my new SFS? I have had to sign on with social welfare so my mortgage re-payment will be very low. We are very confused as to what is next and are not getting straight answers from the bank.


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## 44brendan (31 Aug 2011)

The SFS is a statement of your financial position. The Bank must accept it for what it is provided you have completed it fully and correctly. You can only pay what you can pay and while the Bank have the right to refuse to accept this you have a right of appeal in the event of any refusal. In my experience provided you are open and honest with the Bank an agreement will be reached that will not put undue pressure on your financial position.


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## Kerrigan (31 Aug 2011)

I am not educated on Marp either and wonder how such an agreement can keep continuing if a customer is showing no sign of their financial situation improving.


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## wbbs (31 Aug 2011)

Ain't that the question!  It's called 'kicking the can down the road', some solution will have to be found but there is no sign of it yet.


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## Kerrigan (31 Aug 2011)

wbbs said:


> Ain't that the question! It's called 'kicking the can down the road', some solution will have to be found but there is no sign of it yet.


 
So the person is fully safe in their home while in the marp agreement? 

Without me sounding foolish - why have there been repossessions? Have repossessions been against people who have not engaged with the bank or the bank have refused them a marp agreement?


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## ClaireM (31 Aug 2011)

Boomtobust said:


> Thank you very much for your replies both very informative.
> 
> Michael, can the bank refuse to accept my new SFS? I have had to sign on with social welfare so my mortgage re-payment will be very low. We are very confused as to what is next and are not getting straight answers from the bank.





If you are getting a welfare payment apply for mortgage interest supplement. Your lender may accept MIS plus TRS plus €100 per month personal contribution as your new payment.


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## Michael3 (1 Sep 2011)

44Brendan is correct about the SFS. kerrigan - repossessions have been happening because people are either not engaging (despite what they subsequently tell the media) and/or not making any payments. The Mortgage Arrears Resolution Process (MARP) is not an agreement you enter into - you are automatically in this process if you are in arrears (or prearrears and in financial difficulty) and co-operating with your lender. 
BoomtoBust - MIS is the way to go - it could make a substantial contribution to your mortgage if you find out that you are entitled to it.


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## Bronte (2 Sep 2011)

Kerrigan said:


> Without me sounding foolish - why have there been repossessions?


 
There have been relatively few repossessions.  Probably mostly those who threw back the keys, those who left the jurisdiction, those who do not have the means to pay and those who refuse to pay.


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## Michael3 (2 Sep 2011)

Got it in one Bronte - a perfect summary


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## Kerrigan (2 Sep 2011)

Thanks Michael and Bronte.  I was listening to a talkshow on RTE radio today.  There were some frightening bank stories.  Did anyone listen to it?


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## Alwyn (3 Sep 2011)

Thanks guys for your feedback.  We have been contacting the bank and the lady dealing with our case is avoiding our calls so we are feeling completely out of the loop and don't know what to expect but all your posts have put us at ease.

Kerrigan I try and refrain from listening to the media these days!


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## Alwyn (7 Sep 2011)

We finally heard from our bank today.  Non Irish bank.  Told them the difficulties we would be facing post November.  They didn't seem to want to continue with the MARP after that period and explained that they were not obliged to continue with it.  This obviously spells disaster for us.  I know handing back keys is not an option but what can we do next?


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## Bronte (8 Sep 2011)

You're in a tricky situation. If they are not legally obliged to follow Marbs (are they?) then what do they want? You will default and then they will take the property from you presumably but that gives you a certain amount of time. There are timelines in relation to the family home set up by the government. 

The bank may want non performing loans off their books. If they take the property and don't pursue you for the negative equity would that be a bad thing? Would you be better off?

Would you be willing to tell us which bank and the figures?

Have you checked with social welfare if you would be entitled to mortgage supplement?


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## 44brendan (8 Sep 2011)

Banks who have not availed of the Government Guarantee are not obliged to follow the MARP guidelines. However the Irish Bankers Federation acting on behalf of the majority of Irish located Banks has agreed to comply with the process. I would find it very unusual for a Bank to act unilatterly outside of this process unless it was one of the Sub Prime lenders. It would be helpful to know which Bank you are referring to.


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## moneyhoney (8 Sep 2011)

44brendan said:


> Banks who have not availed of the Government Guarantee are not obliged to follow the MARP guidelines.QUOTE]
> 
> That is not true. The Central Bank's Code of Conduct on Mortgage Arrears states:
> 
> ...


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## DaisyD2 (8 Sep 2011)

@post #14 I'm having the exact same problem. Despite the guidelines my mortgage provider is not engaging with me. I'm doing all the chasing.

What happens if you fail to reach agreement? Under those circumstances can bank seek repossesion? Op's bank are not being forthcoming with resolutions & neither are mine (irish nationwide/anglo!)

Where are the banks that are looking at case by case resolutions as per media reports? I don't know anyone with anything positive to say about process.


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## Alwyn (8 Sep 2011)

The property is currently up for sale but we have been told by the estate agent that we haven't a hope in hell of achieving the figure we are selling at.  He told us the property in real terms is in approximatly 200k of negative equity.  A very large sum which I cannot imagine the bank writing off.

We are currently awaiting approval for benefits but have been told we are not entitled to mortgage supplement.

I don't know were the money is coming from but we are currently scraping part interest payments each month.

DaisyD2, myself and my wife feel like bankers.  We have done nothing but put propositions in front of the bank in the persuit of clearing the debt but rarely get any reaction.  It's a full time job in itself, writing letters and making phone calls.  I agree there has been nothing positive about the process.  We were thrown a booklet to read and heard very little in the interim.  All we want to do is find a way to clear the debt.

Again thanks to everyone who has responded to this thread.  These days we are relying on the information we receive on here.


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## frostie (16 Sep 2011)

Noticed you were advised to look into MIS. If one of you is employed (assuming you're married) also look into FIS. You can get this if one of you is working more than 19 hours a week. Could make up a portion of the shortfall and put your SFS in a better position. Allowances near bottom...

http://www.citizensinformation.ie/e...es_and_children/family_income_supplement.html


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## Bronte (19 Sep 2011)

Boomtobust said:


> the property in real terms is in approximatly 200k of negative equity. A very large sum which I cannot imagine the bank writing off.
> 
> We are currently awaiting approval for benefits but have been told we are not entitled to mortgage supplement.
> 
> Again thanks to everyone who has responded to this thread. These days we are relying on the information we receive on here.


 
Don't be so sure that the banks won't write off the debt.  Banks want non performing loans off their books and there is no point pursing people who have no assets/income so in those cases banks will have to write off the debt.  

Why are you not entitled to mortgage supplement.

You shouldn't just rely on an internet forum, have you thought about makign an appointment with Mabs, apparently they do great work for people with money problems, and it's free.  It's always good to get advice elsewhere.


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