# No communication from bank regarding mortgage, separation and paying on tracker rate.



## AM2474 (23 Oct 2013)

Hi
Hope I'm posting this in the right place.
We sold our property, after we separated, in September 2012. The property was in negative equity and after speaking to the bank they agreed that we could repay the amount remaining on our tracker mortgage rate.  Despite filling out all the necessary forms twice and contacting the bank on numerous occasions, we still have heard nothing from them in relation to making the repayments.
Does anyone know if this is normal practice?
Thanks a million
AM


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## Brendan Burgess (20 Dec 2013)

Hi AM

Some lenders seem to lose interest in collecting repayments after a house is sold.  Maybe they don't have the systems in place to handle it? 

If you are insolvent , it could be a good time to look for a Debt Settlement Arrangement. 

If you have cash, it might be a good time to look for a deal on the shortfall. 

Brendan


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## AM2474 (20 Dec 2013)

Thanks a million for your reply Brendan.

They sounded like they had the systems in place for it and said they would be in touch about arranging a repayment schedule but still nothing.

How long are we meant to wait for them to get their act together? It's like waiting on tenderhooks waiting for their letter or phonecall.


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## Brendan Burgess (20 Dec 2013)

I suppose you could set up a standing order and pay the money directly to them, but that might get lost in the system. 

Or you could set up an account and save the money until the lender comes looking for it.

How much is the shortfall and how affordable is it for you both? 

Which lender is it? If it's BoSI who are exiting the country, they might forget about it. 

I think that the statute of limitations is only 6 years. If there is six years between your last acknowledgment of the debt, then they can't chase it. 

So maybe sit down quietly and say nothing. 

You may be on those tender hooks for some time!

Brendan


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## AM2474 (8 Apr 2016)

Hi
I know this is an old post but we are still sitting ducks awaiting correspondence from the bank. I have contacted them on a number of occasions to be told that they will be in touch and still nothing.
The bank we had our mortgage with is Ulster Bank. The property is sold almost 4 years and we still haven't heard from them. The real fly in the ointment is that it is showing as a bad credit rating which is very frustrating.
Any advice please?


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## 44brendan (8 Apr 2016)

AM2474 said:


> I have contacted them on a number of occasions to be told that they will be in touch and still nothing.


Pity. by doing this you are acknowledging the debt and avoiding the statute of limitations kicking in. However given that nothing has happened for 4 years it is likely that the residual balance has been w/o in the banks books and that there is no intention of pursuing you for the balance.
Your credit rating is not going to change by dealing with UB on the residual unless you repay in full. Either way the repayment history will stand on the ICB as a historic payment issue. There really is nothing you can do about this until ICB rating becomes historic.
My strong advice is to leave well enough alone!


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## AM2474 (8 Apr 2016)

Thanks for your reply 44brendan. Any idea how long before ICB is clear?
P.S. is it normal that you have to wait over 500 seconds on this site to post a reply?!


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## 44brendan (8 Apr 2016)

AM2474 said:


> Thanks for your reply 44brendan. Any idea how long before ICB is clear?


I can't advise you on this issue AM. Hopefully another poster will have the info.


AM2474 said:


> P.S. is it normal that you have to wait over 500 seconds on this site to post a reply?!


Never a problem for me. Suggest it might be an issue on your browser!


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## Brendan Burgess (8 Apr 2016)

AM2474 said:


> P.S. is it normal that you have to wait over 500 seconds on this site to post a reply?!



It's normal for new users. It is to stop people registering and posting multiple spam. 

Most new users don't need to post much more often than that.

Brendan


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## AM2474 (8 Apr 2016)

44brendan said:


> I can't advise you on this issue AM. Hopefully another poster will have the info.
> 
> Thank you so much for replying.


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## Blinder (8 Apr 2016)

Why would selling a property in negative equity and agreeing to repay all the shortfall overtime result in a bad mark on ICB?
You're not defaulting on the loan, just moving it from a secured to an unsecured loan. The bank failing to engage shouldn't reflect badly on your credit rating.


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## AM2474 (9 Apr 2016)

Brendan Burgess said:


> It's normal for new users. It is to stop people registering and posting multiple spam.
> 
> Most new users don't need to post much more often than that.
> 
> Brendan


Ahhhhh makes sense!! Thank you.


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## AM2474 (11 Apr 2016)

Blinder said:


> Why would selling a property in negative equity and agreeing to repay all the shortfall overtime result in a bad mark on ICB?
> You're not defaulting on the loan, just moving it from a secured to an unsecured loan. The bank failing to engage shouldn't reflect badly on your credit rating.


Hi Blinder, thanks for your reply. I got a copy of my credit report from the ICB and the outstanding amount is on it - like a bad debt


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## 44brendan (11 Apr 2016)

Blinder said:


> Why would selling a property in negative equity and agreeing to repay all the shortfall overtime result in a bad mark on ICB?
> You're not defaulting on the loan, just moving it from a secured to an unsecured loan. The bank failing to engage shouldn't reflect badly on your credit rating.


ICB is not a default listing. It merely reflects the repayment profile on loans. A good repayment profile means that loans are paid on line and in accordance with the agreed schedule. A poor repayment profile reflects late or missed payments and also where some latitude has been afforded to the borrower such as reduced payments. This is why it's important to stick to an agreed schedule if at all possible in order to avoid repayment issues being reflected in the credit report.


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## AM2474 (11 Apr 2016)

44brendan said:


> ICB is not a default listing. It merely reflects the repayment profile on loans. A good repayment profile means that loans are paid on line and in accordance with the agreed schedule. A poor repayment profile reflects late or missed payments and also where some latitude has been afforded to the borrower such as reduced payments. This is why it's important to stick to an agreed schedule if at all possible in order to avoid repayment issues being reflected in the credit report.



I have never defaulted on a loan.....ever. I always have repayments as direct debits. I have never had a late or missed payment for anything. That's what makes all of this so frustrating.


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