# Anyone stopped paying their mortgage while waiting for their redress ?



## Joanne Heeney (28 Nov 2017)

Just thinking about not paying mortgage for December if my redress doesn't arrive. Would this be a stupid thing to do ? I don't want to fall into arrears but seeing as they have my over payments anyway ?


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## Sarenco (28 Nov 2017)

Joanne Heeney said:


> Would this be a stupid thing to do ?


Yes.

Sorry to be blunt.


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## Joanne Heeney (28 Nov 2017)

Yes but can they penalize me for missing a payment  when they have overcharged me and owe me quite a bit I think .


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## Sarenco (28 Nov 2017)

Joanne Heeney said:


> Yes but can they penalize me for missing a payment


You are jeopardising your credit rating by not meeting the repayment - just be patient.


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## Joanne Heeney (28 Nov 2017)

Your right but it's so hard waiting ! Wish we were never told. Everyday we are waiting to check for the post man


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## llgon (29 Nov 2017)

Joanne Heeney said:


> Yes but can they penalize me for missing a payment  when they have overcharged me and owe me quite a bit I think .



You think they owe you quite a bit?  Have they confirmed yet that you are due to get redress?


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## Joanne Heeney (29 Nov 2017)

Yes , it's just a case of which quarter I will receive the payment


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## SaySomething (29 Nov 2017)

In short, the answer is that you should continue your mortgage repayments.

The long answer is (and I have taken advice on this) that you are only responsible for your contractual sum. Take for example a mortgage that accrued an overcharge thanks to being on the wrong rate and in MARP. So the current capital balance, pending redress, is:

{C} Capital = {A} Correct Amount Owing + {B} Overcharge

Technically you are only responsible for the figure of {A} plus interest, and if you were able to calculate what this sum is, then subsequently what the repayments should be, you would be entitled to withhold the interest and capital repayments on {B}.

Now I'm guessing that because you're referring to quarter that you're an Ulster Bank customer. Ulster Bank will log the underpayment and treat your account as being in arrears pending redress. They won't send tracker affected customers an arrears letter anymore I'm told, but they will put your account into the arrears process and mark your credit rating. You may receive a phone call to invite you to enter into a MARP.

They've admitted to me that they are obliged to restore customers' credit ratings (where applicable) at the end of the tracker examination process. In the interim, this would affect your credit rating until completion.

If you intended to this you would need to write to the bank in advance, sending them your calculations, your intended repayment figure, and the date at which your mortgage repayment would change. You would need to put your position on the record in advance of going a head with a change to your repayment.

Withholding a full repayment would definitely set your account into the arrears process altogether and in my opinion is a very bad idea.


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## marymidlands (29 Nov 2017)

Aib tracker. Hope I get letter soon or postman will put a barring order on me. I'm like a jack Russell dog the minute I see him. I've thankfully been put on tracker rate since August and have been told that I should get letter within 6 weeks. That was 5 weeks ago. Hold out on mortgage repayments as only 2/3 more left. When you receive cheque you can decide what to do with it and not have to put into mortgage to cover arrears. Good luck and hope we all get letters soon.


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## Tracks123 (29 Nov 2017)

I am not paying my mortgage this month .The bank owe me a considerable sum .There is a 30 day window from when you miss the payment before the bank can report to the ICB/Central Credit Unit .In that timeframe I expect multiple calls from the bank. I intend to use those calls to query with the bank as to when they intend to pay me back what they have illegally taken from me.
So for Joanne ,I think you are correct (if you are 100% certain they owe you money).People need to stop bowing to the banks and stand up.Forget about the ICB and   make the bank amend it(ICB) as part of your appeal and redress.
We have become far to tolerant of large institutions in this country.This is corporate bullying at its finest#metoo.


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## Joanne Heeney (29 Nov 2017)

I may not have a choice if Santa is going arrive this year !


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## ryflava (29 Nov 2017)

Couldn't agree more


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## maunie (29 Nov 2017)

Tracks123 totally agree with you. My mortgage due tomm and I'm not paying it this month. Looking forward to the many calls from the arrears team
I missed a payment a few years back and they got so frequent with the calls they became daily


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## Sarenco (29 Nov 2017)

Maybe this is stating the blindingly obvious but defaulting on a scheduled repayment now might actually delay - not speed up - receipt of your expected redress and compensation payments.


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## SaySomething (30 Nov 2017)

You are all confusing the redress/compensation with your mortgage repayments. It's an extremely bad idea to withhold a mortgage repayment because you're waiting on redress. You still owe the debt and are committed to repaying the debt within a set timeframe. This will affect your ICB credit rating regardless of the redress payment. Pay your mortgage, or at the very worst follow my advice above. But pay your debt.


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## maunie (30 Nov 2017)

Just want to let ppl know my situation. I'm part of redress but still waiting for that "letter" but have been told over the phone I am affected. 2 years ago I missed a payment and made every attempt to pay it off.  Paid money off every month when I could to clear arrears. We currently owe €4 which I purposely did not pay until this mess is sorted. Just got a call from the arrears team re €4 which I think is just gas. I owe them € 4 and they possibly owe me €10k..


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## marymidlands (3 Dec 2017)

maunie said:


> Just want to let ppl know my situation. I'm part of redress but still waiting for that "letter" but have been told over the phone I am affected. 2 years ago I missed a payment and made every attempt to pay it off.  Paid money off every month when I could to clear arrears. We currently owe €4 which I purposely did not pay until this mess is sorted. Just got a call from the arrears team re €4 which I think is just gas. I owe them € 4 and they possibly owe me €10k..



That's hilarious. How they can justify the call for €4debt and have no one able to give answers regarding whether people are in or outside of redress. I'm with Aib and every time I ring (5/6 times) I end up talking to same person. Is there only one person dealing with this?


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## peemac (4 Dec 2017)

Once a mortgage is paid before the end of month,  then its not in arrears. 

Request the payment date for 28th of the month instead of 1st.

Usually done with a phone call. 

Point to note is that if you miss the payment then there's little or no time to prevent the account going into arrears and being on file in icb.


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## joe351980 (5 Dec 2017)

If you wrote a letter stating that the bank were charging you an incorrect sum. And that you are withholding all payments until a review of your account is complete. Even set up a deposit account within same bank. Put funds in this third party account while awaiting on outcome. I think this would shake the banks up a bit


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## maunie (6 Dec 2017)

marymidlands said:


> That's hilarious. How they can justify the call for €4debt and have no one able to give answers regarding whether people are in or outside of redress. I'm with Aib and every time I ring (5/6 times) I end up talking to same person. Is there only one person dealing with this?


I find BOI the opp,loads of people so I get to talk to someone diff each time so im getting a different story each time..so annoying


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## SaySomething (6 Dec 2017)

joe351980 said:


> If you wrote a letter stating that the bank were charging you an incorrect sum. And that you are withholding all payments until a review of your account is complete. Even set up a deposit account within same bank. Put funds in this third party account while awaiting on outcome. I think this would shake the banks up a bit


I still think this is a very bad idea.


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## Brendan Burgess (6 Dec 2017)

maunie said:


> We currently owe €4 which I purposely did not pay until this mess is sorted. Just got a call from the arrears team re €4 which I think is just gas.



It's gas alright. 

You have damaged your ICB record for €4. 

Hope you won't want to switch mortgages, buy a car with credit, seek an overdraft or credit card in the next 5 years.

Brendan


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## maunie (7 Dec 2017)

Brendan Burgess said:


> It's gas alright.
> 
> You have damaged your ICB record for €4.
> 
> ...


Brendan
I have been in arrrears as stated for a while and in the meantime I have reviewed a loan for a car and  another loan was granted so I'm sorry but your comment makes no sense. 
€4 did not affect my credit rating and was never mentioned.


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## Tracks123 (7 Dec 2017)

I agree Maunie the ICB is a backward looking document.All banks are now lending on current income and repayment capacity.Most business people and consumers have had difficulties in the last 5/7 years and their ICB has been affected. If you can give rationale as to why and prove you have repayment capacity they will lend to you and that's my factual experience.Brendans post is inaccurate as its not the case on the ground.If they applied his logic they would excluding a large "cohort" of borrowers who they could not lend to.


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