# EBS Voluntary Surrender



## bluerose (13 Jun 2013)

*Personal and income details*
Net (i.e. after tax) Income self: Unemployed, €11284 jobseekers benefit
Income history: I was made redundant from a permanent position at the end of March 2013
Net income partner/spouse:Unemployed, €8008 jobseekers allowance (waiting on review from Social Welfare,possible increase)
Income history: Construction worker, laid offf October 2009
number of children 2
Amount of Mortgage Interest Supplement received 0

*Home loan*
Lender: EBS
Amount outstanding:€227,000
Value of home: waiting for copy of valuation from EBS,valuer indicated maximum of €200,000
Interest rate: SVR 4.58%
Monthly repayment €1296
Amount in arrears €1250

Summary of discussions and agreements with the bank:
We applied for and were granted interest only from February 2011 until January 2013.(reveiewd on a six monthly period)We have paid the interest portion from February this year to date. The bank have now informed us that the loan is unsustainable and they are sending forms for voluntary surrender. 
During a phonecall earlier this week we were asked if we would like to be put forward for the Mortgage to Rent scheme but when i asked about this when they phoned today i was told that we would not fit the criteria. The person on the phone could not tell me why we did not qualify. I have asked for the reasons in writing as she couln't tell me.She said i should contact my Communtiy Welfare Officer for more information but i pointed out that without a valuation this would be pointless at the moment.
If the Mortgage to Rent scheme was truly our only option then we would have accepted this.



*Other loans and creditors - None*


*Other savings and investments None*


*How important is retaining the family home to you? *

I really want to keep the family home even if it means having a large mortgage and negative equity for years to come.


*Any other relevant information*


*What is your preferred realistic outcome? *
That we keep our home.We are both looking for work.my partner is on a shortlist for the local county council since last year but apparently they are waiting on funding to begin any projects.In the meantime he is applying for everything he can.The reason we had to request interest only since 2011 is that i was put on a three day week for 4/5 months each year.I also had two periods of maternity leave (statutory maternity benefit only). 



We are extremely careful with our money and shop around for everything.have a basic landline/internet package.Spend very little on mobile bills (5/10 euro per month) Don't have sky, we have freeview.We have two vehicles,one 13 years old, one seven years old.We live in the countryside.
At this point we just don't know what to do. Should we just sign the voluntary surrender forms when we receive them? 
What would happen if we keep paying the interest only (and anything else we can add to it, admittedly probably not much)?
Extending the term of the loan is not possible because of my partners age. He is in his early fifties and i am in my early forties.
The whole situation is so upsetting,i have been in tears after each phone call from the bank.I possibly left out some vital information,and sorry if it's a bit garbled. please feel free to ask for clarification.



Thanks for reading.


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## Importer (13 Jun 2013)

I think the mortgage to rent scheme would be a good fit for your circumstances and as far as I can see, you meet all the criteria.

One of the criteria for the scheme is that your property must be in negative equity. Your property IS in negative equity but not by much so I can only deduce that it would be more attractive to the bank to get the house sold (they get most of their money back immediately)

Stick with it. Keep on asking about it and don't give in easily.

I just cant believe how banks are treating people nowadays. Telling you that you don't qualify for the scheme but wont tell you why. This is shameful behaviour from the bank.

Make sure that you continue to follow a path that is good for you and your family and do not follow with the bank's wishes blindly.


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## Importer (13 Jun 2013)

I think the mortgage to rent scheme would be a good fit for your circumstances and as far as I can see you meet all the criteria.

One of the criteria for the scheme is that your property must be in negative equity. Your property IS in negative equity but not by much so I can only deduce that it would be more attractive to the bank to get the house sold (they get most of their money back immediately)

Stick with it. Keep on asking about it and don't give in easily.

I just cant believe how banks are treating people nowadays. Telling you that you don't qualify for the scheme but wont tell you why. This is shameful behaviour from the bank.

Make sure that you continue to follow a path that is good for you and your family and do not follow with the bank's wishes blindly.


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## Bronte (14 Jun 2013)

If you're on social welfare are you not entitled to mortgage interest supplement?


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## bluerose (14 Jun 2013)

Importer,Bronte, thank you for your replies. 

I have just printed off the Mortgage Interest Supplement forms and will post them to our lender today. 
I've just gone over all of the paperwork we received and it appears that we have been treated under the MARP process since February 2013. Our next step is that when we receive the paperwork regarding refusing to extend the interest only period we are going to appeal it. 

With regard to the expression "engaging" with your lender. What exactly does this mean? Does it mean that we do what they want us to do or that we continue to talk to them, even if we are not in agreement with their proposals? For example, if they refuse to extend the interest only and are pushing for voluntary surrender, and we continue to pay at least the interest element of the loan, will be bee seen to be not "engaging" with the bank?

This statement is from a letter from the bank
*please be assured that the threat of legal action will not be imminent as we are obliged to wait at least 12 months before proceeding to legal action for repossession if a borrower cooperates with us.* *It is important to note however, that where you fail or cease to cooperate with EBS you will lose the protection afforded by the MARP and as a consequence the 12 month moratorium before commencing legal action will not apply.*

This would suggest to me that unless a borrower does specifically and only what the bank want them to do, that they are excluded from the MARP process. Is that the correct understanding?

kind regards and sincere thanks for your input.


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## Gerry Canning (14 Jun 2013)

to Bluerose;

Can I strongly suggest that any request to or from the bank is put in writing and responded to in writing.
If in one year it comes down to verbal memory on phone calls you will be in a poor place.
the beauty of writing,keeping copies, getting responses is that it gives everyone time to think.


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## munchy (15 Jun 2013)

I have the same problem with EBS. I am trying hard to reach an agreement with them and simply agree interest-only, and have sent registered letters and called and emailed, and when I get through Im fobbed off and no-one call tell me why they consider me "uncooperative" I got the same message about taking legal steps within 12 months etc. Its very frustrating.


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## thunder (15 Jun 2013)

I too am having the exact same problem with EBS. They have refused to extend ineterst only period without outlining any other options for me. Then the phone calls threats about losing my home, consequences of not co operating etc. Its very stressful dealing with this particular lender I think partly because it is so disorganised. Each phone call is from a different member of staff and they are all saying different things.


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## bluerose (15 Jun 2013)

salmon9077 said:


> to Bluerose;
> 
> Can I strongly suggest that any request to or from the bank is put in writing and responded to in writing.
> If in one year it comes down to verbal memory on phone calls you will be in a poor place.
> the beauty of writing,keeping copies, getting responses is that it gives everyone time to think.


 
thank you salmon9077. I have started to keep a log of the phone calls and what was said in them. I would much prefer to have it all in writing because how can you prove what someone said to you on the phone? I'm trying to figure out if there's some way I can record the call, as the bank themselves do. Obviously when they state that the call is being recorded I would state the same to them.
 I sent the Mortgage Interest Supplement forms by registered post on Friday.I will continue to do this with any paperwork sent to them. It is costly and fairly disheartening that you have to this to an agency that you should be able to trust but i'm not willing to take the risk that they say they never received a particular letter.



Coys84 said:


> Have been getting the same from EBS,non stop phone calls from a Pauline Smith who when asked a question does not know any answers.


 
I'm usually very good at taking a person's name but after the last call I got such a shock I think I barely managed to finish the call.So i'm not sure if this was the same person. For the sake of accuracy in my records I do however intend to identify who I spoke to. 



munchy said:


> I have the same problem with EBS. I am trying hard to reach an agreement with them and simply agree interest-only, and have sent registered letters and called and emailed, and when I get through Im fobbed off and no-one call tell me why they consider me "uncooperative" I got the same message about taking legal steps within 12 months etc. Its very frustrating.


 




thunder said:


> I too am having the exact same problem with EBS. They have refused to extend ineterst only period without outlining any other options for me. Then the phone calls threats about losing my home, consequences of not co operating etc. Its very stressful dealing with this particular lender I think partly because it is so disorganised. Each phone call is from a different member of staff and they are all saying different things.


 
munchy & thunder, i'm so sorry you are in the same position as we are. it is hugely stressful and affects your whole life. Have either of you been given the sole option of voluntary surrender?

thank you all for your replies. I can only hope things work out for us all. Hopefully other people who are going through this with this lender might post here and keep us up to date as time goes on.(as I will)


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## munchy (15 Jun 2013)

Bluerose - Very good luck and I hope you get resolution.
Please keep us updated.
No I havent had the option of voluntary surrender from them.
My concern is the "legal actions" which should start early next year I guess. I want to avoid it and come to an arrangement and so far its proving impossible. I wonder if anyone has had experience with EBS and what the sequence of steps that will be taken one after the other when legal action starts? How much time does it all take?


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## thunder (15 Jun 2013)

Bluerose, no i have not been offered the voluntary surrender option yet but it could be coming soon. I was told that the mortgage seems to be un sustainable. I was hoping to get a split mortgage. At first EBS were very open to this, telling me i reached all the criteria eg my age[34] my job [full time civil servant] and my negative equity [approx 150k]. A week later I got another phone call from EBS [ a different staff member] saying there was no way I would qualify for a split mortgage because I was in negative equity! It seems to me the only thing they are interested in is bleeding as much money as possible from me  I think I will seek legal advice on the matter. Does anyone know is there any association out there who can help people like me who have no experience in dealing with banks to come to an arrangement with the bank that would be fair for both parties.


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## Calico (15 Jun 2013)

bluerose said:


> I'm trying to figure out if there's some way I can record the call, as the bank themselves do.



If you have a smartphone you can buy a call recorder app which will allow to record all your calls.


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## Time (16 Jun 2013)

There are free apps that will do the job.


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## Kev (16 Jun 2013)

You will have to tell them that you will be recording your conversation with them otherwise you will not be able to use the recordings later. 

Maybe it is not the same in Ireland but if it is then do not be worry about telling that you will he making a record of your conversation with them as they say they do exactly the same for their own benefit when you phone them.


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## Bronte (18 Jun 2013)

bluerose said:


> I have just printed off the Mortgage Interest Supplement forms and will post them to our lender today.
> .


 
I'm not sure why you posted it to the lendor, it's surely from the local social welfare office or community welfare officer you should send this?


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## bluerose (18 Jun 2013)

thank you Bronte I think I may have sent the wrong form. I printed off a form from this source. midl.ie

It is titled SWA 4 to be used in conjunction with SWA 1

I've searched again and it seems I must have sent the wrong form. I think this is the form I should have completed.There is also a section that the lender must complete.



edit I can't post links, the second form mentioned above is SWA MIS 1


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## ellenb (19 Jun 2013)

Not sure what form is called for MIS but you do send part of form to your lender to complete and they send it back to you along with original application form etc. Took almost 3 weeks to get mine back from bank. 
You also need to show you are getting TRS- My statement shows TRS on it so Im hoping that will be enough. So you might be as well to contact revenue TRS section for a TRS cert. you also need 6 month bank statements and perhaps let then know your underwear colour too. I'm waiting to hear back from welfare officer on mine. 
Hope you get sorted.


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