# EBS - How likely is a Split loan to be Approved??



## sprinkler (25 Jun 2013)

Hi All, 
I wonder can anybody give there opinions on our situation. We have forwarded sfs to E#s Building Society and are on week 8 of waiting to hear from them. What do you think there offer will be based on our circumstances:

1 income: 705net per week (new job)
Childrens allowance 390.00pm
Married
3 children (10, 4, 1)
Mortgage of 340,000 and topup of 17, 000
Total repayments 1710.00pm
Paying 1310.00pm
Property Value Estimate 240,000
Arrears 11000.00 (due to unemployment)

Thanks


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## daftpunk (25 Jun 2013)

Hi sprinkler,

1. Has anybody phoned you to 'discuss' your sfs, or tell you that it is with the long-term solution/forebearance dept for mortgages?

2. Did you phone them/write to them and tell them that you would like this option?

3. What other debts have you(outstanding), that they know about and how much per month are you repaying on them?

The more info you supply,the more info you will receive.


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## sprinkler (25 Jun 2013)

Hi there daftpunk, thanks for your reply,

The last time I spoke to them they said they had all the info they needed and it was going to a credit manager to be looked at. I emailed them in March about the arrears and looked for a resolution as we were getting further and further into arrears... no resolution was offered. About a mth later we received a letter to say we may qualify for the split loan, so we sent details in. I asked them to explain our options and I was told that there was no point discussing options at this time as they didn't know what they could offer. The only other debt we have is a credit union loan of 3700e at 60per week. We are expecting a cheque this mth of 2000e and one next mth of 1000e and will clear the cu with this.... I haven't told bank about these cheques as they would want them swallowed up in the arrears, I think it would be better to pay off the cu and have an extra 240pm towards the mortgage payment???


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## daftpunk (25 Jun 2013)

Your right, they will tell you to forget about unsecured loans and concentrate on your mortgage.

If I was you, I would clear the cu loan as this is prob the only place you will be eligible for loans/credit in the future. Handy for emergencies etc. That's my thinking currently anyway personally.

Write to the bank,and register the letter. Tell them that a voluntary surrender would see you only repaying a portion of the outstanding balance and you would then be left with the remaining balance as an unsecured debt, and the cost of renting a suitable house in your area each month. This would lead you to the exact same, if not tougher financial difficulty you are experiencing now. 

A split mortgage would benefit you as you all get to remain in the family home, they get an agreed repayment each month,and if things eventually change for the better, they will get a faster repayment.


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## michaelg (25 Jun 2013)

I think without a long term solution in place, people are slowly starting to look as arrears as a black hole.


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## sprinkler (25 Jun 2013)

Daftpunk, that is my thinking, things have to improve at some stage, right?? LOL 
Im getting the impression tho that the banks are trying to cut there losses at this stage, like they are trying to get there debt books down, so they can start re-lending again, and if this means putting people out of there homes that's what they will do. Surely getting 1310e a mth on a 1710e repayment is better for them that making me sell and selling for a loss of 100k??
Michaelg, I agree with you completely, id rather live my life at a small level of enjoyment than slave away to repay the arrears.


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## Coys84 (26 Jun 2013)

How long is left on Your mortgage and what age are you,could you ask for a term extention


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## sprinkler (26 Jun 2013)

We are 28 and 29 and I think the term was put to the max last year;(


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## shtall (4 Jul 2013)

*opinionebs*

I have had an incredibly hard time with EBS and I have constantly chased them they never contact me at this stage do I allow reposession or voluntarily surrender as they have give me no options other than pay in full and pay 10% of arrears : 10K in 10 ten days or solicitor is appointed ! 
This is after I have given them payslips bank statements and statements of means twice and paying an amount every week and never not communication with them with my situation as I was told they had a huge backlog they will get back to me but now they accuse me of not cooperating !! 
Sick of it and way to stressed out for it all.


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## sprinkler (4 Jul 2013)

Shtall, I feel ur frustration... I am into the 5th month of waiting for a resolution/option and dont think i am any closer. I have rang, emailed and complained about there customer service and still they dont return phonecalls or emails.... Im at my wits end with them to be honest. There attitude stinks and im 1 more unreturned phonecall away from gettin in touch with the ombudsman.
Did they even entertain the idea of a split loan for you?? My hopes of getting one are dwindling fast... From what ive seen here there are only a select few who are qualifying.


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## Importer (4 Jul 2013)

Just keep on paying the 1300 euro per month and you'll be fine and after that stop worrying about it

No one is going to require you to leave your home.

The reason they haven't come back to you is that they are trying to deal with all the very much worse cases out there, the people who can't pay back anything per month.

Don't ring, do write regularly by either email or recorded delivery and file everything. In the unlikely event that you do some day end up before a judge, as long as you can show that you made every effort to cooperate, you have nothing to worry about


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## sprinkler (4 Jul 2013)

Thanks for the reply Importer, 
Our problem is tho that if we continue to pay only 1300e pm we are falling 400e extra into arrears per month.... In fact since contacting them in March we have fallen an extra 2000e into arrears.... I cannot understand how the turn around on this is so slow.


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## shtall (4 Jul 2013)

Importer I must be in the worse cases so and they never call me back or reply to me either 40K in arrears and climbing and absolutely no letters to offer any options (despite me giving them every bit of paperwork they requested ex did too) so I have decided to give it up realistically for me I can never ever afford it again I am divorced from co owner and he has walked away from it all  so all the stress pressure etc has been on my shoulders. My fight has gone as the ebs customer service and attitude has diplorable


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## thunder (4 Jul 2013)

I too am having difficulty dealing with EBS. Bought in 2007, variable rate. I was put on interest only for a while but since Jan they refuse to do anything for me. I get the same thing, fill in SFS, payslips etc then waiting months to hear anything The whole time arrears are building up. Its a nightmare. I am lucky to still be in full time employment but income has been reduced significantly due to pay cut, usc, pension levy etc. I have asked for details of their split mortgage scheme but I only get vague , contradictory answers. I find them very unreasonable. If things ever change for me in the future I would not hesitate to transfer my mortgage elsewhere. For now unfortunately this is not an option.


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## Importer (4 Jul 2013)

This word "arrears" appears to strike the fear of god into a lot of people.
It doesn't mean anything except that you are paying the loan back slower than originally planned and there are good reasons for that. You're covering the interest every month in full. 1300 euro per month is very strong repayment capacity.EBS are clearly not too concerned about it, react in-kind.


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## JayPee (6 Jul 2013)

"This is after I have given them payslips bank statements and statements of means twice and paying an amount every week and never not communication with them with my situation as I was told they had a huge backlog they will get back to me but now they accuse me of not cooperating !! "
*shtall*.It seems to me this is a ploy by most banks, I have waited 3 mobths now for a SFS to go through,I was even told last week that the banks computor prgrammes werenot compatable with the under-writers and that was causing a delay.....I have had to pay full mortgagefor those 3 months even though I can't afford it.... so they are on a winner.


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## shtall (8 Jul 2013)

Well I have been stuck in this rut with them 2 years now and have made payments eech month while waiting however arrears built up and I have been given the letter I have thought about it an I will never be in the position to afford 1600 per month so surrendering the home is the only way i can see out otherwise I will also have their legal fee to pay ...... very sad how it has gone


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## sprinkler (30 Jul 2013)

Just to let you all know... Finally after 5mths waiting Ebs have offered us a split mortgage... I don't know if this time frame of 5mths is the norm, seems like an incredibly long time to be waiting for a decision. I hope you are not waiting too much longer.


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## Brendan Burgess (30 Jul 2013)

Hi sprinkler 

That is good news

I would be interested in your feedback on this post
How to analyse an offer of a split mortgage

based on your offer.

Does it help you understand the offer? 
Does it help you decide whether to accept it or not? 
Do you have other questions?

Brendan


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