# Bank requesting financial statement of means ?



## Banjaxed (3 May 2019)

Coming up to two years ago - we ended a 4-5 year battle with AIB over a Buy to let Mortgage which went belly up.

We came to an agreement with Bank - lost the property (that sentence is very short !! - but after several very difficult years that about what the situation amounted to I guess!! ).

This week out of the blue we received a formal letter from the bank requesting us to fill out a four page statement of means - financial statement - get it signed by solicitor or comm of oaths.

Brought back lots of bad memories ....

of course I did contact the gentleman who sent the letter - he said that it wasn't unusual that bank was obliged to keep information updated.   He did ask me has our circumstances changed and if they hadnt we didnt have to respond ... but its bothering me,  I find it strange. 

Note btw:  we have a very small mortgage on our own home (AIB also) but it is not and never has been in arrears has only 5 years left on it and is in good shape.  We have no other loans or overdrafts whatsoever.  

Anyone have any insight into why this might be requested.


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## SaySomething (4 May 2019)

Do you still carry the residual debt on the Buy to Let?


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## Brendan Burgess (4 May 2019)

Hi Banjaxed 

You borrowed money for an investment which went wrong. 
You sold the investment and repaid part of the money.
But you still owe the shortfall.

I am very surprised that AIB has not sought a judgement for the money you owe and registered it against your home. 

You need to make arrangements with AIB to repay the debt. 

Brendan


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## cremeegg (4 May 2019)

Brendan Burgess said:


> You need to make arrangements with AIB to repay the debt.



What do you mean by "need";

Do you suggest bad things will happen to him if he doesn't, unlikely I would say.

Or that to conform to your moral view of the world he should, we all have our own moral view of the world why should the OP adopt yours.

Or just that this is how things are done by everybody else, that's hardly the case.

Or that if people went about wholesale not repaying their debts, the basic functioning of the economy would cease up, the evidence would suggest not.

So why does the OP "need" to repay the debt.


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## Brendan Burgess (4 May 2019)

Hi Cremeegg

I think that Banjaxed thought that he no longer owed the debt.  He does and he needs to resolve it. 

It's a legal issue and it's a moral issue and a societal issue. 

Brendan


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## Bronte (6 May 2019)

The OP never said he owed debt on the investment.  I got the impression he and the bank agreed to sell and that was the end of the matter.


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## Brendan Burgess (6 May 2019)

Hi Bronte 

If he has no residual debt, then it's not an issue. 

But only the OP can answer that question.

Brendan


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## Banjaxed (7 May 2019)

Apologies I hadnt been clear enough !   But thanks for explaining how borrowing and repayment works ! got that now.

Yes we ended that battle and we no longer owe anything on the BTL which was sold.  Just fail to understand why now again 2 years later and out of the blue we are asked for the statement of means again.

As i also said we do have a residential mortgage on our own home - very small huge equity.   no loans 

I'm over the initial bad feeling that i got a week or so ago and actually think it may even be an error on their part sending the letter - the Bank official said to ignore it if our 'circumstances' hadnt changed and no need to respond.


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## Brendan Burgess (7 May 2019)

Hi Banjaxed

Whether your circumstances have changed or not is irrelevant.  They should not be asking you for such information. 

The only time they should do so is
1) If you have restructured your home loan
2) You owe them money on your buy to let and are not paying it. 

Brendan


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## SaySomething (8 May 2019)

Brendan Burgess said:


> Hi Banjaxed
> 
> Whether your circumstances have changed or not is irrelevant.  They should not be asking you for such information.
> 
> ...


Unless they have been possibly impacted by the tracker examination?


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## Brendan Burgess (8 May 2019)

Even if he had been affected by the tracker examination, they would have no right to seek additional information unless he had lodged an appeal against the compensation. Presumably the OP would have mentioned at least some of this in his question.

Brendan


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## BTL Mortgage (5 Feb 2020)

Banjaxed said:


> Coming up to two years ago - we ended a 4-5 year battle with AIB over a Buy to let Mortgage which went belly up.
> 
> We came to an agreement with Bank - lost the property (that sentence is very short !! - but after several very difficult years that about what the situation amounted to I guess!! ).
> 
> ...



Hi Banjaxed,

I would like to pick your brain privately if you don’t mind. Can you send me a private message please. Thanks in advance.


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## Leo (6 Feb 2020)

BTL Mortgage said:


> Hi Banjaxed...



Hi BTL M, they won't be able to contact you, as a new user you can not send or receive PMs.

Also note Posting Guideline #14


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