# No More Interest Only & Repossesions



## bijou (21 Mar 2013)

Hi - I don't know if this is the right place to ask this question so please move/delete if you feel necessary.

I read this article today, yes, I know it's from The Sun  but I wondered if there's any truth behind it and something to be concerned about or is it typical tabloid scare-mongering?

http://www.thesun.ie/irishsol/homepage/news/4852974/Banks-want-10-of-arrears-cases-paying-up-by-April-or-their-homes-will-be-taken.html

Just wondered that's all.


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## Brendan Burgess (21 Mar 2013)

Hi bijou

It was written by Karl Deeter who is well informed and balanced. 

The Mortgage Arrears Plan issued by the Central Bank last week will inevitably lead to repossessions of houses with tracker mortgages. 

Brendan


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## bijou (21 Mar 2013)

Brendan Burgess said:


> Hi bijou
> 
> It was written by Karl Deeter who is well informed and balanced.
> 
> ...



Hi Brendan

So does that mean they (the banks) will only go after those on interest only Trackers first then follow on with those on interest only SVR/Fixed?  We're on interest only (SVR) at the moment and have been for some time, so I'll be watching this closely.

bijou


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## Brendan Burgess (21 Mar 2013)

Hi bijou

Are you in arrears? 

Which lender? 

What is the value of your home and how much is outstanding? 

If you have a standard variable rate loan
If you are paying the interest in full
If the mortgage exceeds the value of the property

Then there would be no advantage to the lender in repossessing your home. They might put you under pressure to pay more, but they should be happy with it. 

You should qualify anyway for the Deferred Interest Scheme under the MARP, so you will have at least 5 years before they start repossessing you.


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## bijou (22 Mar 2013)

Brendan Burgess said:


> Hi bijou
> 
> Are you in arrears?
> 
> ...



Hi Brendan - thanks for the reply.

We had a meeting with the local branch manager (AIB) last week and that was a question I asked him and according to him we are not in arrears.

The house is valued at a approx. 115k with outstanding balance of 171K. Currently on "interest only" at SVR (4% at the moment I think).  We were put on the "interest only" in late 2010 for about 6mths until I found a full time job and we went back on to full int & cap payments.  Sadly the job didn't last and I was let go after 5/6mths and subsequently went back on interest only and have unfortunately been on that since........

bijou


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## bijou (28 Mar 2013)

Further to my last post, we received a letter from the bank yesterday advising us that they are placing us in the MARP, the letter says "We (the bank) are now treating your case as eligible for this process."

I'm a little confused really as when we recently met with the branch manager he advised we were not in arrears.

This letter states different and in all fairness the amount of arrears stated is no-where near the amount that other posters on here are quoting.

The letter goes on to say about "co-operation" and the consequences of not co-operating, which I understand and we will co-operate with them where we can.

I feel a bit "thick" asking this but I guess my question is: Any ideas on where do we go from here?

bijou


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## Gerry Canning (28 Mar 2013)

Bijou, Up to now the banks Ostrich like ,have at best moved the mortgage problem out a few months by permitting interest only etc...
The MARP is useful were the customer , such as yourself , is co-operating. 
I would think that anyone who does not make an effort to find a workable solution , would and indeed should have repossession as a REAL posibility.
SUGGEST; Keep working with AIB as they are lockedinto this ongoing resolution pocesses, but AT NO time fully trust what they say, as history tells us they can,t be trusted.


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