CCMA Appeal - timeline

[CrazyOne]

Hi,
Did the whole MARP thing and sent in a very reasonable proposal to mortgage company - they wrote back eventually and just said no!! Said we could appeal and that if we didn't we would lose our 12 month moratorium. Getting the appeal together at the moment - just wondering once we submit the appeal - any idea how long that process takes?

 

[hastalavista]

Hi,
Did the whole MARP thing and sent in a very reasonable proposal to mortgage company - they wrote back eventually and just said no!! Said we could appeal and that if we didn't we would lose our 12 month moratorium. Getting the appeal together at the moment - just wondering once we submit the appeal - any idea how long that process takes?

The Code does not say how long the appeal will take but the clock on the 12 month moratorium stops while the appeal process is being held.

Assuming that the bank really does not want to do the repossession thing, except as a last resort, not having a time period on the appeal process may be in your favor as it creates another category / classification type for the banks to park their loans and they can tell the auditors that they are under appeal so no need to worry about provisioning losses just now and it should the regulator that they are following his rules.

The above may be complete bs but it does allow the bank kick the can down the road which in all honesty is what we are all at, hoping that there will be an upturn at some point to ease the pain.

ps any chance you share the bones of the offered they refused?