# Bank of Ireland promoting "Mortgage Breaks" in 2005



## Booter (7 Oct 2011)

When we took out our PPR in 2005, our lender, BOI, was running an advertising campaign which boasted that borrowers could avail of a "3 month mortgage payment break", up to 4 times over the lifetime of the mortgage. I'm sure this is archived on t'internet. It does not form part of the mortgage Ts & Cs. It was an ad campaign, pure & simple.
A couple of years later when we were extending our property, we availed of such a payment break. To do this we simply contacted the branch & explained that we wanted to avail of this offer, and told them why. No problem.

Fast forward a few years to the recession, and for very different reasons we recently had reason to contact the bank with a view to availing of a second "3 month break". No go this time; referred straight to the MARP process. 
No big deal maybe, but it strikes me as somewhat unjust that the bank can sell its products based on advertising certain enticements, and then simply refuse to honour them when requested. In this scenario, does the bank have any obligation to facilitate our request?

ps. Apologies for generic thread title, I had meant to edit prior to posting and then forgot.


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## ClubMan (7 Oct 2011)

A quick _Google _throws these (and other possibly relevant links) up in case they're of any use?

http://www.independent.ie/business/personal-finance/latest-news/give-us-a-break-1675177.html



> Tuesday March 17 2009
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> ...
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> However, the lenders differ in how often they allow payment breaks. Bank  of Ireland customers can take up to four payment breaks during the  lifetime of the mortgage, while Ulster Bank and First Active only allow  one six-month break (or two three-month breaks). Permanent TSB allows  its customers one three-month payment holiday every three years.


http://www.independent.ie/business/personal-finance/holiday-that-keeps-a-roof-over-head-1451348.html



> Sunday August 10 2008
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> ...
> 
> ...


If this is not part of the loan agreement contract/_T&Cs_ but was advertised then it's possible that there are grounds for complaint to relevant authorities (e.g. _ASAI _- really no point at this stage I imagine, _IFSRA_, Ombudsman etc.)



> ps. Apologies for generic thread title, I had meant to edit prior to posting and then forgot.


You can still edit it as the thread owner.


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## Booter (7 Oct 2011)

Clubman, 

Indeed the _Google_ search verifies what I've already stated about the bank's original promotion. My reference to this being archived on the internet was more about the possibility of the bank trying to deny it, rather than me needing to verify it myself.

Anyway, I'm not really minded to complain about this - simpler just to engage with the MARP process. 

I didn't know that I could edit the thread title myself though; thanks again for that.

Thanks.


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## Brendan Burgess (7 Oct 2011)

Hi Booter

I think that you should insist on this and forget about the MARP , if you only need a 3 month break. The MARP might not result in a three month break for  you.

If your loan is rescheduled, it's noted on your ICB record. It doesn't affect your score, but it's probably better not to have it. 

Brendan


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## Luternau (8 Oct 2011)

Hi Booter
I would agree with Brendan there. If BOI sold the loan as you say, which seems to be backed up by Clubmans postings - I would definately follow that up with them, and also with the Ombudsman etc if necessary. You should check through your pre and post drawdown correspondence to see if this break feature is mentioned/ noted.
Perhaps you would post back to let people know how you got on. Good luck with everything.


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## Ryandd (8 Oct 2011)

I think they all at some stage had one promotion or another, EBS had offered first time buyers a deal by which they only make 85% of the payments for the first year and then in the second year the payments would increase to reflect the difference.  Also there was a deal where you can pay interest only for the first 2 years and then go on to principal and interest, my sister opted for this and was made redundant before the end of the second year and could not afford the full repayments.


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