# BoSI has sold its mortgages to Tanager Ltd, a vulture fund



## SANTA10

Hi there,

 I received a letter on Monday from Bank of Scotland Ireland to say that my mortgage (which is in arrears) has been transferred to a company called Tanager Ltd. Has anyone received a similar letter or does anyone have any information about this company - Tanager Ltd.


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## Brendan Burgess

Hi Santa

Could you email me a copy of this letter?  My email address is brendan at this site. 

Are they selling your mortgage? 

Or are they handing over the admin to them? 

If they have sold your mortgage, you are no longer covered by the CCMA, the  MARP , or the Ombudsman.


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## SANTA10

I'll scan it and email it to you now.


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## Brendan Burgess

Thanks got that

It seems pretty clear to me. 

"Bank of Scotland have agreed to transfer the above mortgage loan agreement with you to Tanager Ltd" 

Your mortgage has been sold. 

It appears that Tanager is an affiliate of "Apollo Global Management " 

http://www.agm.com/Home.aspx

I haven't heard of them before. They appear to be a vulture fund.   They have been very busy raising funds recently. 

I doubt very much if they are regulated in Ireland. 

*So how will you be affected? 

*You continue to be covered by your contract and by the Consumer Credit Act. 

However, you lose the protection of the Central Bank and Financial Services Ombudsman.

They will be interested in a quick profit. So if you can make them a profit, they will probably go for it.

Let's say you have a mortgage of €200k on a property worth €100k. They probably paid €80k for the loan. If you agree to sell the house , they will probably be happy to pocket the profit and write off the shortfall.
Brendan


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## Brendan Burgess

The company was formed on 4 December. 

The directors are 

Seamus O'Croinin  of 61 Dublin Road Sutton 

And

Peter Maher 167a Strand Road, Sandymount.

who are partners in A& L Goodbody solicitors

I have read the submissions to the CRO and it doesn't seem to say who the shareholders are, which suprises me.


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## Brendan Burgess

The Sunday Times carried a note of this earlier in the month. 

Llloyds made a [broken link removed]

€610m of non-performing mortgages were sold for €257m a discount of 58%

That is around 2,000 borrowers losing the protection of the CCMA



> LLOYDS BANKING GROUP ANNOUNCES THE SALE OF A PORTFOLIO OF IRISH RETAIL MORTGAGES
> Lloyds Banking Group plc (the Group)  announces today that it has agreed the sale of a portfolio of  non-performing Irish retail mortgages (the Portfolio) to Tanager  Limited, an entity affiliated with Apollo Global Management, LLC  (NYSE:APO), for a cash consideration of £257 million.  The transaction  is part of the Group's continued non-core asset reduction programme.
> 
> The gross assets subject to the transaction  are £610 million.  The Portfolio generated losses of £33 million in the  year to 31 December 2012.  The sale proceeds will be used for general  corporate purposes and the transaction, although capital accretive, is  not expected to have a material impact on the Group, due to existing  provisions taken against these assets.
> 
> The transaction is expected to complete in H1 2014.


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## Sunny

I know consumers lose protction but this could actually be good news for those in arrears. Apollo only care about one thing i.e. Return on investment. They have no interest in becoming property owners unless they have to. They bought a portfolio of mortgages in arrears for 42% of the nominal value. This gives them lots of room to negotiate with borrowers on interest rates and principal which benefits the homeowner and still generates a profit for Apollo. Someone like Apollo will deal with the arrears problem in Irish mortgages a lot quicker than the banks will. That can only be good news.


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## Harry31

I wonder if it's only loans in arrears they are interested in. We paid off €10,000 on our BoSI tracker lately. It'll be worth keeping an eye on developments.


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## TRS30

Sunny said:


> I know consumers lose protction but this could actually be good news for those in arrears. Apollo only care about one thing i.e. Return on investment. They have no interest in becoming property owners unless they have to. They bought a portfolio of mortgages in arrears for 42% of the nominal value. This gives them lots of room to negotiate with borrowers on interest rates and principal which benefits the homeowner and still generates a profit for Apollo. Someone like Apollo will deal with the arrears problem in Irish mortgages a lot quicker than the banks will. That can only be good news.



Agree. However for those of us who are not in arrears it can be a bit hard to take as we are not getting any deals.


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## Brendan Burgess

> it has agreed the sale of a portfolio of * non-performing* Irish retail mortgages



I presume a non-performing mortgage is a mortgage of at least 90 days in arrears.

I doubt if trackers which are not in arrears are considered non-performing.


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## Sunny

Brendan Burgess said:


> I presume a non-performing mortgage is a mortgage of at least 90 days in arrears.
> 
> I doubt if trackers which are not in arrears are considered non-performing.


 
Exactly Brendan. Banks can also call a loan non-performing if they have good reason to believe that it won't be paid back in full without selling the underlying collateral no matter how long it is in arrears.

Just because a mortgage might be loss making for a bank doesn't make it non-performing.


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## orka

TRS30 said:


> So basically I would need to go into arrears to get a discount on my mortgages?





TRS30 said:


> ... for those of us who are not in arrears it can be a bit hard to take as we are not getting any deals.


Why do you think you would get a deal or a discount?  It doesn't look like any of the BoSI customers got a deal - they have had their loans sold to a vulture company which is unregulated and can do what they like within the terms of the loans - so unlikely to be a maximum variable rate for example.  

If a customer was severely in arrears but could somehow access cash (from a family member for example), the fund MIGHT do a deal to clear the loan for market value rather than mortgage value.  

But they will likely be quick and ruthless in turning a profit - so much more likely to repossess a deliquent mortgage property and sell it for more than book value than try to namby-pamby a deal with individual non-performing mortgage holders who, by definition, shouldn't be able to access sufficient funds to clear their mortgages...


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## Gerry Canning

TRS30; 

Would anyone buy an areears Mortgage book @ 42% of its supposed value, since house values are down more than that in the recession. Therefore they have no equity on already non-performing mortgages.Unlees it is 42% of an alredy written down value? 
Am I missing something?


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## Brendan Burgess

Gerry Canning said:


> TRS30;
> 
> Would anyone buy an areears Mortgage book @ 42% of its supposed value, since house values are down more than that in the recession. Therefore they have no equity on already non-performing mortgages.Unlees it is 42% of an alredy written down value?
> Am I missing something?



Interesting point. It did strike me that the 42% was a very high price, but the press release seemed clear enough 




> The gross assets subject to the transaction  are £610 million.



Most of Bank of Scotland's home loans were cheap trackers. A lot were interest only for the full term.  They were most active during the peak of the market 2005 - 2007. 

They did start out lending a maximum of 80% Loan to Value but they relaxed this after a while.

Considering all the above, the term "gross assets" probably does not mean face value of the loans. 

Brendan


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## Kev

I doubt if they are affiliated to this company they are also called Apollo and are a billionaire outfit.  

Very large lucrative contracts for lots of council in the UK 

 [broken link removed]


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## Brendan Burgess

I am trying to figure out how much this is worth. 

Let's assume that the gross value of the loans actually means  the nominal value of the loans:  €610m. 

What is a typically bad case? 

Bought a house for €400k at the top of the market. 
House price has fallen to €200k. 
Mortgage was 90% but they have run up arrears back to 100%. 

Tanager paid 42% for this or around €160k. 
They will still make a profit. 

There will be worse cases - 70% falls in prices, but even these won't lose too much. 

What is a good case? 

Borrower bought in 2002 for €300k 
With an 80% mortgage €240k - interest only so still owes €240k. 
House value is  €200k (down 30%) 
Tanager has paid around €100k for this. 
They will make a profit of €100k on this one. 

They are not subject to the Mortgage Arrears Code, so the gloves are off.
The Dunne judgment ban on repossessions has been fixed, so they can begin legal proceedings immediately. 
It will be dirty. It will be messy. But it will probably still be profitable for them.

*What about the performing loans? 
*Some non-performing loans will become performing once Tanager comes calling. 

They will buy a €100k loan @ 1.5%  for €42k 
Tanager will get a return of 3.5% a year until the loan capital is repaid which will give them a capital profit of €58k. 

They may well offer these guys a deal.  Refinance the loan elsewhere for a discount of 30%.


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## TRS30

Is there a chance that BOSI would sell their performing loaning rather than have to pay Certus to manage this book while it winds down over the next 20+ years? They would obviously get more for these, so an up front lump sum as such over the potential to get more over the long term.


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## TRS30

Brendan Burgess said:


> I suppose that there is a chance. But again, they would be better off doing deals with the borrowers than selling them at distressed prices.



I agree however they don't seem to be interested in doing any deals on performing loans (certainly in my situation) so maybe they are in for the long haul.


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## BS44

Hi Brendan,

After making our sixth consecutive full monthly repayment we are now eligible to
apply for the recap of any outstanding arrears. 

We've contacted Certus in relation to the recent Tanager letter and they are unable to give any guidance or info other than to say Tanager will "contact" us in the coming month(s). 

In your experience/opinion how do you see Tanager dealing with our/similar mortgages? Will Tanager coming looking for blood and a quick flip regardless of our recent payment history? 

Should we continue to apply for the recap regardless as the mortgage still sits with BOSI until the legals are completed? Is there a possibility BOSI will now keep our mortgage as it is "performing"?

We bought our two bed apartment at the top of the market for €320k, we have made no in-roads towards the principal and have the €19k arrears. Current researched market value of approx €125k. We have no emotional attachment to the property as due to current family size and circumstance we choose to live in modest family appropriate rented accommodation.

We have never been strategic defaulters  and want to deal with all our debts in an upfront, honourable manner... Could the Tanager angle be a good thing for our family's financial future?

Thanks.


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## Brendan Burgess

> We have never been strategic defaulters  and want to deal with all our debts in an upfront, honourable manner.



Hi BS

While I fully respect and recommend this in the case of a meaningful ongoing relationship with an active lender, the Tanager  acquisition of your loan is a purely commercial exercise. You should have no qualms whatsoever about trying to get a good deal on this. Tanager will try to maximise their profits as quickly as possible. You should exploit that.  You will not be protected by the Mortgage Arrears Code, and they will exploit that as well. 

You have a property worth €120k with a mortgage of €340k. With a normal bank, you should be looking for  a deal anyway or, you should be going bankrupt.  

We don't know what Tanager's attitude will be but I would guess that they will accept an offer from you to sell the property and will write off the shortfall after it's sold.

I don't think it would be in your interest to have your arrears capitalised. It's possible that it might be excluded from the acquisition in which case you would still be stuck with BoSI/Certus who have been very unresponsive to borrowers in distress. I would also say that people like you who make full repayments may find yourselves at a disadvantage by doing so.


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## BS44

Hi Brendan,

Thanks, I think we'll stop now and neither apply for recap or make any further repayments. I'm just sorry we made a payment today as we will be running on fumes from now until our end Jan paydays.

I think our only realistic option is to ask Tanager allow us to sell for market value and write off the balance or will this be the only scenario regardless? Would you see Tanager chasing us for any/all of the shortfall as current market value may not yield them a profit based on reported purchase level of loans?

Our current credit rating would be basically junk , we don't see any possibility in approaching another lender for a market value mortgage. 

How would a sale and write down impact our future credit rating? 

I will keep the thread updated with any Tanager contact.

Thanks Again.


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## Brendan Burgess

> I'm just sorry we made a payment today as we will be running on fumes from now until our end Jan paydays.



As I say, whatever about meeting your moral duty to try to meet your repayments, you should not be living on fumes to meet your mortgage.  You will get no credit for it.



> Would you see Tanager chasing us for any/all of the shortfall as current  market value may not yield them a profit based on reported purchase  level of loans?



I simply don't know.  I would certainly be trying to get the write off agreed before agreeing to a sale. 

Your credit rating is destroyed anyway. I presume that once Tanager takes over, they will cease feeding into the ICB, so your record should cleanse itself after around 5 years.


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## michaelg

Just off the phone to BOSI, was impossible to get through to certus today (45 minutes on hold), rang the bank directly and got through quickly to someone.
They advised that my account has not been transferred so far , although it may be in the future as they are just in the early stages of transferring accounts.
Somewhat unsure of how to proceed now.


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## TRS30

michaelg said:


> Just off the phone to BOSI, was impossible to get through to certus today (45 minutes on hold), rang the bank directly and got through quickly to someone.
> They advised that my account has not been transferred so far , although it may be in the future as they are just in the early stages of transferring accounts.
> Somewhat unsure of how to proceed now.



Are your loan(s) performing or non performing (if you don't mind me asking)?


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## michaelg

TRS30 said:


> Are your loan(s) performing or non performing (if you don't mind me asking)?



The mortgage is about 860 per month but I can afford to pay only 400 per month,,

Sent from my XT1032 using Tapatalk


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## TRS30

michaelg said:


> The mortgage is about 860 per month but I can afford to pay only 400 per month,,
> 
> Sent from my XT1032 using Tapatalk



Seems to be only non performing loan are looked at to be transfered. 

I was on to Certus yesterday about something else and asked about this and they said my loan would not be transferred and when I pushed why not the guy on the phone said it was only loans 'in trouble' that were being transferred. 

As a side note they will allow me to rent out my PPR and keep my tracker rate even though it says in my T&C's they have the right to change it. However they will not allow me to sell and move my tracker. I was only chancing my arm on the second point as I knew they would say no however was pleasantly surprised on the first point.


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## Brendan Burgess

TRS30 said:


> As a side note they will allow me to rent out my PPR and keep my tracker rate even though it says in my T&C's they have the right to change it. t.



Very interesting. Would you mind adding this point to this Kep Post ? 

Has anyone lost their tracker through renting out their home? 

If you get it in writing, you might let us know. 

I wonder will Tanager have the same policy as Bank of Scotland? 

Brendan


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## TRS30

Brendan Burgess said:


> Very interesting. Would you mind adding this point to this Kep Post ?
> 
> Has anyone lost their tracker through renting out their home?
> 
> If you get it in writing, you might let us know.
> 
> I wonder will Tanager have the same policy as Bank of Scotland?
> 
> Brendan



Sorry Brendan, I should have been a bit clearer. 

I was on the phone to them yesterday and by chance also received a letter from them yesterday as well. The letter confirmed, among other things, that I could rent my PPR and keep my tracker rate. 

Will add to the other post as well.


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## Cashweasel

*Tanager options*

Hi

I too got letter from BOSI saying mortgage had been sold to Tanager.

In my case our difficulties meeting mortgage repayments and getting into arrears mainly arose because myself and my wife separated 4 years ago.  I kept up payments until downturn hit my business & income and it became unsustainable. 

We have been dealing with Certus and had rolled over 6 month interest only agreements with them.  In November I managed to get a meeting with them to try and agree a long term solution. Our priority is for my wife and kids to stay in house until kids are finished college so what we offered was that we make interest only payments and then sell the house in 3 years time to hopefully clear mortgage.   The offer was knocked back las week and my advice was to appeal it through Certus process and to ombudsman if necessary. 

The sums in our case are that the outstanding balance is €789,000 and the house is valued at and would sell for  €645,000 today.  

From what I have read here my instinct is that the knock back and Tanager purchase letters crossed.  I know it is hard to guess their strategy but Is there a possible silver lining given that the loan was bought at such a discount?  Will they be open to do a deal Or are we first in line for repossession?

The goalposts have definitely moved so any advice would be welcome. 


Thanks


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## Brendan Burgess

I would say that they will probably do a deal. "Sell the house and give us the proceeds and we will write off the shortfall. "

I think though that you need to get your prioities in order. If you want  to keep your house, you should not be thinking of borrowing €19,000 for  a car. Car Loan

Presumably you have a cheap tracker?  Is it interest only for the full term or do you have to make repayments?  You should start a new thread using this format

Standard Format for mortgage arrears Case Studies

I think though that you need to get your prioities in order. If you want to keep your house, you should not be thinking of borrowing €19,000 for a car. 


Brendan


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## Cashweasel

Hi Brendan

Thanks for the reply.  

"Sell the house and give us the proceeds and we will write off the shortfall" is a good outcome if I can kick it down the road for a few years.  I will try and clarify position with Certus and will post any feedback.  When I did manage to arrange a meeting with Certus after 2 years in MARPS the guy I met was extremely helpful.

Totally take your point about car loan...

Thanks


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## Propertymad

Hello,

I have a performing mortgage with BoSI of €1.4m (split 700k on tracker and €700k on variable). The tracker portion is ECB + 0.7% and the variable is obviously very low also as they have passed on all ECB rate reductions (so essentially a higher interest tracker). 

Both loans are interest only for the full term..... 27 years remaining. 

These loans from an actuarial perspective must be costing BoSI a fortune so to call them 'performing' is somewhat ironic. I didn't get any letter so I'm assuming that Tanager/Apollo haven't taken the loans over. 

My question is this....... are BoSI likely to keep plodding along losing money on my mortgage or is there a possibility that they could be persuaded to take a large haircut and see me off their books and into the arms of another provider via a refinancing mortgage?

Secondly how much of a discount would make it worth my while to switch away from my BoSI very low interest only tracker(s), to a full capital and interest scenario with another provider at fairly steep rates compared to what I'm dealing with now?

I take the earlier point by someone that my mortgage isn't so much of a problem for BoSI as it could likely be securitised by them, but surely the price paid by them to get it securitised and off their books would be a steep discount to entice a potential purchaser? If I could match whatever discounted price is on offer for my loan in the securitisation markets, then perhaps BoSI could be enticed to do a deal directly with me?


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## Brendan Burgess

guys -this is about the loans  which have been sold. start a new thread if you want to discuss performing loans which have not been sold.


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## Interesting

*Tanager*

Hi all,
I received a letter informing me of my mortgage being sold to Tanager. This arrived the same day the bank's solicitors sent me out the Voluntary Surrender documents that I had been speaking with them about. At no stage did they inform me of the recent sale to Tanager. I will hold off on voluntary surrender until I make contact with Tanager.


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## cojo

Hi Brendan,
New to this and trying to get to use the info.
Judgment mortgage on one person, on a jointly owned family home, what is the risk of order of sale.
J


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## Brendan Burgess

Who got the judgment mortgage?  Some other creditor I presume? 

Is your mortgage in arrears?


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## Melodyash

*Debt sold to tanager*

Hi

I am really glad I found this thread. I also received a letter from
Bosi stating that they sold my mortgage to tanager as of 5th December 2013. 

I bought for €359k, arrears of €40k - current balance €365 - property worth €200 roughly.  I lost my business hard and fast and found myself in an unattainable  situation for a long period. Agreement in place with Certus to repay €635 monthly which I stuck to entirely up to December 2013 when this letter was received. I was told the debt price was agreed with tanager as of the date stated and any payments made to Certus following this would not be reduced off my debt but more go to the Certus pot to cover costs?? 

I have not made a payment for jan. 

In September 2012 BOS started legal proceedings with me. I have had over 8 court dates each one being adjourned as I was in constant communication an negotiation with the bank and had short term agreements in place. My next court date is 24th feb. I wasn't too worried as I was told to expect a letter with the transfer date soon but thought I would have it by now. I don't know where I stand now. Can BOS seek repossession even though they have agreed the sale of my loan???  Does the fact that I am currently in legals with BOS mean that tanager will just come in a continue and go for rapid repossession?? Will I be given a chance to negotiate with them?  I can continue my current repayments not much more. I have 2 little babies under 2, this is my family home and these guys seem ruthless from what I have read plus I am no longer protected by a regulatory body but rather consumer law. I am really concerned and any advice would be really appreciated. 

Thank you 

Alison


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## Brendan Burgess

What does your solicitor say? 

Tanager would be taking over the full rights of BoSI and so can take their place in the legal proceedings. 

It sounds as if your mortgage is totally unsustainable.  What negotiation can you do? 

It's possible that they might well agree to the voluntary sale of your home and to the writing off of the shortfall.  

You are well beyond the protection of the CCMA now anyway as you presumably exhausted the MARP. 

Brendan


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## Bronte

Melodyash said:


> . I have had over 8 court dates each one being adjourned as I was in constant communication an negotiation with the bank and had short term agreements in place.
> 
> I can continue my current repayments not much more. I have 2 little babies under 2,


 
Alison who adjorned the court cases and on what basis?

If you've only got enough money for the next short while and as you've two young children, would you not be better off keeping that money for a deposit and rent when you eventually have to move. 

What is it you want from your bank/Tanger?


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## Ushbar

Hi, What is your advice on paying mortgages that have been sold to Tanager Ltd. I was paying €750 per month on a mortgage up to December, my mortgage payments should be €2,100. I didn't pay in Jan as I received the letter to say it has been sold on. I have received 3 calls from Certus in the last 2 weeks, looking for money and I have told them I will wait to deal with Tanager. They are saying that I should be dealing with them, but to me it seems like dead money esp if Tanager are going to change the goalposts as soon as they have the loan book. Have we any idea of when this will be? I am nearly 60k in arrears and expect them to start proceedings soon, if the book is not moved to Tanager. I would do a voluntary, as long as debt is written off, as I have no other way out of this unless I go Bankrupt. Thanks.


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## Brendan Burgess

Probably best to complete this to get a full answer:

Standard Format for mortgage arrears Case Studies

I think you should write to them telling them that you are planning to apply for a PIA or bankruptcy and so will be withholding payments to save up enough money to pay the fees of the PIP or Insolvency Service.  You should mention that you are open to a voluntary sale subject to an agreement being reached on the shortfall.


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## Ushbar

Thanks Brendan


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## calta1965

Hi there, I'm new to this site so please bear with me... we are with BOS and have recieved the Tanager letter... our house is worth the same approx as we owe on it and I am on disability and my husband has just been made unemployed for the second time in the last two yearrs. we are sick with worry and dont know what to do. we were with mabs but they have not been dealing with BOS for us as we were dealing with them quite successfully ourselves up un til now. we were on interest only on and off and are approx 8000 in arrears. we are now been advised that we will need to pay the full amount plus extra from april on.. thats over 1300 and our weekly income is 480. with 2 kids.. any advise we have no one else to turn to and nothing of value to sell. thanks.


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## cmb

Hi there- Has anyone who has received a letter in December from Tanager received anything further or know how I can contact them. I could get no information from Certus.
Thanks


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## las66

Have heard nothing since receiving letter from Bos in December regarding Tanager, however Bos have still gone ahead with repossession and we have received our final bill of possession.


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## SANTA10

Received a letter today saying that Tanager will be taking over the mortgage as of the 15th April and we will be contacted by them shortly.


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## Toorzone

Has anybody received correspondence from Tanager yet?


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## MK76

HI there, we also received letter from Tanager ysterday and are shocked and depressed as this is our family home and not buy to rent property. We have €3000 - €4000 in arrears and were on the payment arrangement with BOSI for last 2-3 years. Our mortgage is €310K and house value is around €120K. We were planning to make full monthly repayments from September 2014 when our youngest starts primary school and there will be no killer childcare costs anymore.
Brendan can you please advise what are the options for us?
what happens if we make the stretch and clear the arreas? Will they go away or will they still be looking to get us out of the house and then sell it? Is it possible to buy the house off Tanager at lower price and what happens with the existing mortgage?
Do we need a lawyer to help us?
Is there any consumer association we could go to and get help?
Sorry about so many questions but this is all new to us and we are not experts in the matter. My wife is worried sick and we would like to get this sorted as quick as possbile.
Should we form some sort of a action/group and act together? What do you think folks?
Mayn thanks.


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## Sunny

MK76 said:


> HI there, we also received letter from Tanager ysterday and are shocked and depressed as this is our family home and not buy to rent property. We have €3000 - €4000 in arrears and were on the payment arrangement with BOSI for last 2-3 years. Our mortgage is €310K and house value is around €120K. We were planning to make full monthly repayments from September 2014 when our youngest starts primary school and there will be no killer childcare costs anymore.
> Brendan can you please advise what are the options for us?
> what happens if we make the stretch and clear the arreas? Will they go away or will they still be looking to get us out of the house and then sell it? Is it possible to buy the house off Tanager at lower price and what happens with the existing mortgage?
> Do we need a lawyer to help us?
> Is there any consumer association we could go to and get help?
> Sorry about so many questions but this is all new to us and we are not experts in the matter. My wife is worried sick and we would like to get this sorted as quick as possbile.
> Should we form some sort of a action/group and act together? What do you think folks?
> Mayn thanks.


 
What did the letter say? Are they trying to rip up the payment arrangement you had with BOSI? I would be surprised if they were. Don't be worrying about repossession. That's not going to happen given the circumstances you outlined.


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## MK76

Sunny said:


> What did the letter say? Are they trying to rip up the payment arrangement you had with BOSI? I would be surprised if they were. Don't be worrying about repossession. That's not going to happen given the circumstances you outlined.


 
Hi Sunny,

it is just general letter saying that our mortgage is now with Tanager and they will conatct us due course.Nothing about the arrangement.
You said in the earlier post that they will be looking for quick ROI especially on properties in distress. Why do you think they are not interested in the repossession? What possible would they be looking for from us? I wonder what the value of our mortgage is at the moment if they bought if from BOSI for 40% percent.

Thanks.


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## SANTA10

The letter is from BOS (not Tanager) to inform us of the official transfer date.


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## Central1

Following thread same bots as above mortgage sold to Tanager interesting times ahead


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## Jackie12

Following discussion, also got letter, we'll wait and see.


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## Toorzone

HML Ireland has won the contract for the bank of Scotland mortgages sold to tanager.
Link here to the Irish times.
 irishtimes.com/business/sectors/financial-services/hml-to-manage-750m-in-home-loans-1.1752150


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## FOOWX

Hi Santa, 

could I get a copy of the letter you received from BOSI re:  the Tanager sell off. I have a mortgage with them which is in arrears and I'm worried about this. Please email to johndoyle101@gmail.com


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## Central1

Recieved my welcome letter from tanager this morning they have quoted tat they r noting to do with them central banking but they will co operate with the code of conduct with mortgages so we shall see interesting times ahead


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## Kitten

Also mortgage sold to Tanager. I immediately made contact to 'open dialogue'. We are paying €1,260 of a €1,800 mortgage on a house back in positive equity since re negotiated last June, ideally need to keep this arrangement in place for next 12 months, 6 minimum. I have spoken with 2 Tanager representatives and both were so helpful and open to talk. Now the devil is in the detail and we are resubmitting our case this month to see if they'll maintain our current arrangement, I have gone back to work and therefore increased our income by 45k annually, we have 20k arrears that we are hoping to recapitalise . I'll let you know the outcome, so far couldn't say they haven't been anything but positive to deal with.


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## GS2006

Has anyone been able to contact Tanager Limited? Certus gave me a contact number but it is not connecting.


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## Asu

*Mortgage Protection Policy on Tanager Loan*

I have a home loan which has recently been sold to Tanager. I have a mortgage protection policy on this loan costing a considerable amount each month. The Policy has Bank of Scotland's interest noted.
The cost of the Policy is crippling each month and it is probably covering twice the amount that Tanager paid for the loan.
Am I still required to have this policy ? Tanager checked about Property Insurance but not Mortgage Protection .
I'm not sure where to start and how best to proceed .I don't want to be rash but could do with less costs each month .


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## Brendan Burgess

Hi Asu

You raise a very interesting point. 

Some people took out gold plated mortgage protection policies.  Level amount and the option to increase the sum assured.  Some took out the policies through the lender and did not shop around. 

1) You should shop around to see if you can get a decreasing balance mortgage protection policy for a lot less. 

2) If you have no dependents, mortgage protection is a waste of time. I suspect that if you cancel it, Tanager will not take any action.  But if the cover is cheap, then don't cancel it. 

3) If you have dependents you need to make a decision on it.  Do you still want to pay it? 

(I fell a Key Post coming on...)


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## Pat

Hi All My name is pat, I have a house that I bought 5 years ago. I put 450k of my owe money in to my family home. Bank of Scotland sold my mortgage to Tanager for I believe somewhere around 20 to 25 Percent was paid on a mortgage of 1,050,000. I have arrears of around 220k, is it possible that tanager will capitalize the arrears? And give me a new 30yr mortgage on the total outstanding 1,050? 

if not option 2 - If i sold the house tomorrow with there permission I would probly get 800k, would tanager let me buy a small family home for 300k out of the sale monies and they would receive 500 back. I believe they have bought my property for 20/25 of the mortgage which is around 270 so it is a fair deal. 
Please help with any advice you can give me. Pat  McCann


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## Pat

hi brendan can you give me any advise on my previous post? I am only asking, would it be a good idea to ask tanager to restructure my mortgage with lower repayments for 30yrs because as i am on a tracker mortgage. Do they have a license to do so? Or a different vehicle to accommodate this.

I would be grateful with some feed back. Pat McCann.


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## Louisema

My mortgage is up to date and not in any arrears yet is still being sold per letter I got!


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## Time

Which they are full entitled to do.


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## Fin Crusader

Calta 95,

Firstly, have you entered into a contract with Tanager Ltd. 

Tanager Ltd is unregulated by the Central Bank of Ireland. Your loan agreement was originally with Bank Of Scotland, a regulated entity, so in essence the consumer protections afforded to you when you entered the original loan agreement have been changed without your permission; this is because you no longer have the protections of the Code of Conduct on Mortgage Arrears, the M.A.R.P.S process, various central bank codes, and indeed, redress to the Financial Services Ombudsman. One may be able to argue that you would never have originally entered into such an important legal contract with an unregulated entity, such as Tanager. One would do well to also look at S.I 27/1995 unfair terms in consumer contact regulations and in particular to schedule 3(p). 

Reply to this thread  and I will advise you as best I can.


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## marielark

Hi can some one advise..a hse has been empty for 6 yrs I tracked down the owner and she wants rid of property as she lives in the USA and since BOS sold mortgage to tanager Ltd she has not paid mortgage as she was not aware of new set up. On property register it showed her as owner and tanager took over mortgage last year. I'm just wondering will she be aloud to sell? Or should I contact tanager. Property is in bad condition from what I see but mainly cosmetic.. Also owner in america is sending me a key to view the inside of this hse..is this ok to do ??? Tks


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## Piggybank

to Fin Crusader,

AND THE BLIND SHALL SEE !


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