A vulture fund must offer you the rates currently offered by the seller of the mortgage

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Raging Bull

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You should be going on the KBC Standard Variable Rate equivalent , KBC have not left market so rate is linkked with theres. A big issue will be when they are really gone. What rate then ? How is that determined if the contract does not provide for it. The Central Bank need to be on top of that but likley are not
 
Raging Bull said:
You should be going on the KBC Standard Variable Rate equivalent , KBC have not left market so rate is linkked with theres. A big issue will be when they are really gone. What rate then ? How is that determined if the contract does not provide for it. The Central Bank need to be on top of that but likley are not
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To correct Actually KBC likely gone at that point so its a really good question which the Central Bank should be answering
 
Raging Bull said:
KBC have not left market so rate is linkked with theres
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HI Bull

Even if they had not left the market, the rate would not be linked with theirs. Where are you getting that from?

I am campaigning for the vulture customers to be given the rate of the seller, if they are still active in the market.

Brendan
 
Brendan Burgess said:
HI Bull

Even if they had not left the market, the rate would not be linked with theirs. Where are you getting that from?

I am campaigning for the vulture customers to be given the rate of the seller, if they are still active in the market.

Brendan
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It is because the loan is sold under those terms, they cant treat you differently or would be in breach of CPC. The question arises like the poster raises What rate when the legacy bank is gone. Theres nothing to link it too. The Creditor in theory has to negoitate a new rate with you if the contract provides no alternative othereise the Debtor could rescind the operative interest clause contract based on Unfair terms legislation

Its on plenty of correspondence I have seen.

This is actually a huge issue worth sticking it in a question to Central Bank via the paper
 
Hi Bull

I am arguing this, but no one seems to agree with me.

Is this just your opinion or do you have something more substantial to back it up? A Central Bank guideline or an Ombudsman's decision or a court decision?

Brendan
 
Brendan Burgess said:
Hi Bull

I am arguing this, but no one seems to agree with me.

Is this just your opinion or do you have something more substantial to back it up? A Central Bank guideline or an Ombudsman's decision or a court decision?

Brendan
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Hi Brendan

Simply its the contract and a matter of law . But the contract cant perform if the legacy owner no longer exists. Both New owner and the Debtor have to apply whats in the contract. The difficulty arises when the contract is silent on the issue and the contract can't perform. They simply can't impose their own SVR as its a breach of EU law to impose conditions on others without consent unilaterally.

Who are you arguing with?
 
Hi Bull

I have argued it here on Askaboutmoney
I have argued it on Prime Time you will see here that many of the Askaboutmoney contributors disagreed with it.
I have made a presentation on it to the Oireachtas Finance Committee - see attached Opening Statement
I have made a submission to the Central Bank - letter here - and I had a follow up meeting
I have met the Dept of Finance on it - it's on my to-do list to make a formal submission.

The key people are the Central Bank and Dept of Finance who don't agree that the contract requires them to offer the rates on offer by the selling bank.

So it will require a court case and/or the Ombudsman.

Brendan
 

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Sorry my mistake I was talking about Variable rates , I realize you were talking about Fixed

Will require a Debtor with deep pockets and a good legal team as your point won't be conceded.

I expect my point won't be agreed with either !!
 
Raging Bull said:
Sorry my mistake I was talking about Variable rates , I realize you were talking about Fixed
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I am talking about both.

For example, if you had a ptsb loan which was sold to Pepper,

Pepper should offer you the rates which ptsb is offering to its customers today - fixed and variable.

Brendan
 
Easy solution for the sold banks is that mortgages would follow the rates of the banks that bought the similar mortgages from the bank that has left as they would have been the mortgage holder if the mortgage was not sold.

If we remember back to the tracker issue - banks, solicitors, advisors, politicians and others said nothing legally could be done. Strictly speaking from a legal point of view they were correct.

It took a combination of Padraig Kissane, people here on AAM and most importantly someone at the head of the central bank that saw the unfairness and the underhand shenanigans of the banks to use his power to force the banks into acceding to the inevitable,

Unfortunately the central bank doesn't have Philip Lane at its helm any more.


And when the CB says the contracts don't require the rates to be offered - can they show where the customer was told that if they go into arrears your mortgage will be sold and you will be at rates far removed to what your mortgage contracts says?
 
Raging Bull said:
Hi Brendan

Simply its the contract and a matter of law . But the contract cant perform if the legacy owner no longer exists. Both New owner and the Debtor have to apply whats in the contract. The difficulty arises when the contract is silent on the issue and the contract can't perform. They simply can't impose their own SVR as its a breach of EU law to impose conditions on others without consent unilaterally.

Who are you arguing with?
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We have a complaint gone to FSPO as Start have broken the link on our PTSB Loan To Value Managed Variable Rate , it said in the terms PTSB would set the rate for the different bands and your locked in except for a switch to a fixed rate . The wording is very exact and it will be interesting how FSPO deal with same . I imagine there are many from the PTSB loan sales who had switched so they need to follow suit and complain , the more noise the better on this .
 
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