A Union for Irish Mortgage Holders??

Brendan Burgess said:
This shows the problem with any new group. It is likely to lack credibility especially if its members are strategic defaulters.
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That is why 'strategic faulters' should be omitted from such a group. They should also, and separately, be named,shamed and punished.
 
daftpunk said:
That is why 'strategic faulters' should be omitted from such a group. They should also, and separately, be named,shamed and punished.
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But your first post specified that the group was for strategic defaulters?

If the lenders do not agree, all repayments are stopped immediately, until the lender agrees to negotiate with the union/association about serious and real write downs/deals etc.
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That is strategic default, and very, very bad advice.

Anyone who withholds payment like this would be excluding them from a potential Personal Insolvency Arrangement, where it is a requirement that a borrower must have engaged with their lender for at least 6 months.
 
Brendan Burgess said:
Anyone who withholds payment like this would be excluding them from a potential Personal Insolvency Arrangement, where it is a requirement that a borrower must have engaged with their lender for at least 6 months.
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Strategic defaulters are those currently who wont pay.

A full withdrawal of repayments would only be temporary until the association had meaningful consultation from the lenders. Then full repayments would resume at current rates immediately. Anyway all in all it probably is a lousy idea, but I did want the reasons why such a proposal would not work. Chances are it probably would work, but obviously the moral hazard brigade would be all over it like a rash.
 
daftpunk said:
Strategic defaulters are those currently who wont pay.

A full withdrawal of repayments would only be temporary until the association had meaningful consultation from the lenders. Then full repayments would resume at current rates immediately. Anyway all in all it probably is a lousy idea, but I did want the reasons why such a proposal would not work. Chances are it probably would work, but obviously the moral hazard brigade would be all over it like a rash.
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Not a LOUSY idea:

The Problem is getting tight rules of engagement and having enough people on side quickly.
Your Idea is a Lenders worst nightmare.
It will be countered as a chanchers rule-book, but that is NOT the intention.

Your enemy, is that people love to work with known institutions ,not what they perceive as a huddle of hopefuls.
 
I for one do not think that this 'scheme' would get widespread public support as the majority of mortgage holders are not defaulters and as such would not like the idea of other people essentially getting free money gifted to them in the form of write downs and forbearance.

Until near 50% of mortgage holders are in trouble schemes for troubled mortgage holders will get little support as it is unfair to those that are paying.
 
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