# Finding it difficult to deal with EBS



## roisinmurphy (22 Jun 2011)

I have had awful difficulty with Ebs. I lost my job March 2010 and got interest only for 6 mths, then a further 6 mths till April 2011.I was refused any further interest only just told to let my mortage go into arrears and phone Mabs!Unfortunatly my circumstances have not changed except I did find temporary work last Sept but only 30hrs a week on mim wage.I do not get paid for the Summer but hope to be back to work again in Sept.My mortage is 1,500 per month and at the moment 825 interest only.When I am earning I get 252 per week and my husband earns 405 .We have 2 school going children, there is no way I will ever be able to pay the full amount on these earnings, bearing  in mind that before I lost my job last yr I was earning 500 per week and my husband 450 due to cuts in his job.i am really worried all the time as I know Ebs will probably say the same to me in Sept. I have emailed them now as I am hoping they will possibly extend the mortage for us as interest only is only a temporary solution, I want a more permanent one.Our mortage is 227,00 and I am 45 my husband almost 51.I think its terrible to be told to go into arrears surely they can help people like me before we get into that state. Is it any wonder there are so many people suicidal, sometimes it feels like its the only way out.I am not looking for any handouts I just want to be able to live without the fear of losing our home.Thanks for listening.


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## Brendan Burgess (22 Jun 2011)

> only just told to let my mortage go into arrears and phone Mabs!



This is very odd advice. Are they implying that it is ok to go into arrears? 

You should ask them for any such advice in writing. As they presumably won't do it, you should write to them confirming the details of the conversation. 

EBS is bound by the Mortgage Arrears Code which you should read.

EBS are not obliged to continuously give you interest only. However, they are obliged to have a MARP - Mortgage Arrears Resolution Process. You can appeal any decision within EBS. 

Under the MARP, you are obliged to pay as much as you can. However, if you are paying as much as you can and it is at least 66% of the interest, they will defer the balance into a Deferred Interest Account. 

As you can pay 100% of the interest, you should be ok.

I think being suicidal is an overreaction. What is the worst that can happnen to you? They insist on full capital and interest. You can pay the interest only. You fall into arrears. Your credit rating will be damaged, but that is all that this means. There is no risk that they will take legal action, much less repossess your house.

Brendan


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## wbbs (22 Jun 2011)

Brendan, normally advice from lender to 'go into arrears' is because once you are in that category they usually pass your case on to a different section and you are far more likely to be dealt with regarding getting some attempt at a solution.   Unlikely you will get that in writing as obviously it is not what they should tell you but I know I told many people that when I was in that line as it was the only way they were going to get any help.  While the loan is considered 'performing' i.e. meeting the restructured payments then all is fine and dandy, once you hit the arrears listing then it all changes.


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