Key Post ACC wants me to sell my home. What Happens Next?

Well done Wishes, you've done a great job. That cannot have been easy. How did you do it as I'm sure it would be very helpful to others to see what your creditors agreed to.

I'm unclear as to why the bank wants you to sell if you are making full repayments? Is there arrears?
 
Good question Bronte, regarding the arrears and one I will no doubt need advise on.

When I began having difficulty with my mortgage, I was protected under the MARP, whereby on different occasions it was agreed I pay nothing for X amount of months and then it would revert to interest only and at a time I was to pay a figure I was able to afford. I complied with everything they asked.

Just before the Christmas holidays I was in receipt of a letter from them looking for payment of the arrears I had accumulated. The arrears were well in excess of 30k. I had been under the illusion that arrears stopped mounting when you were complying with the mortgage arrears and resolution process???

Even though my situation looks like it has improved. I am in a worse predicament now than I was when I first entered MARP.

As mentioned previously, I have been given a date for when they can approach the Courts. I presume this date will go ahead because I do not have the money to repay the arrears and they will not recapitalise.
 
The unsecured debt was surprisingly simple, to an extent to achieve. I was using the assistance of a debt management company to clear my debts but I rebuked their services and decided to go it alone. I wrote to each debtor offering them a once off final settlement and the vast majority of them agreed almost instantly. Though AIB are very reluctant to do deals.

Apart from debt collectors knocking at my neighbors doors asking about my movements everything went smoothly.
 
Wishes said:
Just before the Christmas holidays I was in receipt of a letter from them looking for payment of the arrears I had accumulated. The arrears were well in excess of 30k. I had been under the illusion that arrears stopped mounting when you were complying with the mortgage arrears and resolution process???
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Yes that is true. If you agree a revised repayment schedule with your bank, then provided you comply with that schedule there can be no such thing as arrears. However, arrears may have mounted up prior to you entering an arrangement with the bank and these would not automatically disappear. You advise that you are now back paying full mortgage payments. Does that mean that your payments are on schedule to clear the loan within the agreed repayment term? It would be very difficult for any bank to get a reposession order where a borrower was meeting a full repayment schedule (irrespective of arrears). I haven't read back on all of the previous posts and it does appear strange that you can meet full ongoing mortgage payments on a 350K loan with a salary of 20K. Has your income increased considerable since previous postings??
 
If you are back paying as you say you are then it would be very difficult to obtain possession.

You need to delve further into the arrears aspect though. Ask them for a fully detailed itinerary of when and how these arrears were accrued during the resolution process.
 
Wishes said:
The I was using the assistance of a debt management company to clear my debts but I rebuked their services

I wrote to each debtor offering them a once off final settlement and the vast majority of them agreed almost instantly.


Apart from debt collectors knocking at my neighbors doors asking about my movements everything went smoothly.
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Why did you decide to get rid of the debt management company - don't name them.

What percentage did you offer to the creditors? Can you name them. Did you supply your income/assets and details of all your debts to each one?

What exactly did the debt collectors ask the neighbours. That doesn't sound kosher.
 
Hi Bronte,

I got rid of the debt management services because they were pushing me to make higher repayments to my creditors which I simply did not have the financial capacity to make. They were calculating my repayment schedule based on a five week month for every month of the year.

I began to engage with the DM company because I was not physically or menatally capable of dealing with my own finances at the time. The pressure applied was immense by my creditors. I cannot fully slate the services of the DM company as they did serve a significant purpose when I was incapable of dealing with my own debts at the time.

With the help of my family, financially, I began making offers to my creditors. Approximately 80k of unsecured debt was written down to 20k. I was not obliged to sign any confientiality agreement for any of these debtors.

The debt collectors wanted to know from the neighbours was I still living at my address and at what time I came home at.
 
Wishes said:
They were calculating my repayment schedule based on a five week month for every month of the year.

.
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Why did they do that? It makes it a 60 week year instead of 52. Nearly 2 months.

You manged about a 75% debt reduction. That's a great result. Must be such a relief. You said you didn't have to sign anything. Did they agree with you in writing/email etc?
 
I'm guessing, it was their way in propping up their fees. Their fee was approximately a 16% cut from the payment I administered to them to pay my creditors with.

I insisted that all corrospondence be kept in writing.
 
Wishes;

You are not going to be (hauled) before a judge.
Read in particular Brendans comments and you do have options to get out of this and maintain your health.
Acc from what you write are being too hard.
Strongly advise , get good advice from a PIP and listen well to their suggestions.
You will be surprised to find (as per Brendan) you too have power !
 
Thank you Gerry.

Next month I will be three months without the protection of MARP. They say once three months are up they are well within their right to go to Court. Is this incorrect?
 
Hi WISHES,
I would suggest that you check with your solicitor that helped you with the mortgage. Go through the full documentation line by line for loopholes. Were all the signatures/stamps in place? Has the mortgage been registered properly on your property? Some banks have FUBARed in their haste to issue secured loans without all of the paperwork properly completed.
Best of luck.

F.....
Up
Beyond
All
Recognition
 
Hi Unsub,

My conveyance was carried out by a solicitor who is now retired but looking through the documentation I have; I note that the property is registered. All is above board and I did borrow the money knowing what I was getting involved in.

I hear were you are coming from but I am not looking to outsmart the bank, I am simply looking for a chance to clear my debt, without them making any drastic decisions that will leave me worse off than I already am.

If I were to look for technicalities to bide time I could name one or two but would it be worth my while?
 
ACC seem to have a very aggressive attitude towards debt management, so anything to make them shalt their gallop and see things your way is needed.
They are in a wind down situation and it is money recovery they are after in the shortest possible time.

I suggest you separately contact Gerry Canning a frequent poster who may be able to help you a s he has experience in this area.

Why I asked you about going through the paperwork is you would be surprised about the number of mortgages issues with the promissory note beigng signed or witnessed properly! silly banks.
 
Thanks unsub.

They have been a nightmare to deal with. Do you know of anybody who has actually staved them off?

Can they actually go to Court so soon after leaving MARP?

Thanks.
 
unsub said:
Why I asked you about going through the paperwork is you would be surprised about the number of mortgages issues with the promissory note beigng signed or witnessed properly! silly banks.
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What's the promissory note? Do you have any court case where this not being signed meant the borrower didn't owe the money and didn't have to pay it back? If you don't then you shouldn't be giving people false hope.
 
Wishes said:
I'm guessing, it was their way in propping up their fees. Their fee was approximately a 16% cut from the payment I administered to them to pay my creditors with.
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Well there is certainly something wrong with the way they do business then. You should make a complaint about them as they shouldn't be allowed to carry on like this. It makes no sense leading people in debt down a false 60 week year of repayments.
 
OK guys, Court looms and my mortgage has been deemed unsustainable. The bank are looking for a voluntarily sale or voluntary possession. I am sticking my feet in and going to refuse them as I am paying my mortgage.

I am looking to get my Court appearance changed as I am trying to find out why I am been chased for arrears that apparently mounted during MARPS.

As I have no legal representation I am looking for advise please on whether they will get immediate possession and whether I will be heard on the day that the supposed arrears I own don't seem to add up.
 
Is this in the Masters court?

The Master will hear you on the day. He may well refer the matter to the full High Court for a full hearing on the issues involved. The Master hates the banks and will do all he can for the little man in your situation.

Banks never get immediate possession. It is always stayed for 6 to 12 months to allow you time to move out.
 
Wishes said:
As I have no legal representation I am looking for advise please on whether they will get immediate possession and whether I will be heard on the day that the supposed arrears I own don't seem to add up.
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It's very rare that possession is granted immediately so you must show up and defend yourself.

Bring a copy of all your documentation with you, dress respectfully, bring someone with you for moral support, courts can be very intimidating, have your questions written down. Don't be afraid to speak to the judge, they are being very kind to people in your situation. Don't be surprised if your case it not called, or that it's adjourned because the bank are not ready, anything can happen. Also be prepared for being bored as you might be hanging around for a long time.

If I were you I'd go along to the courthouse in advance and listen in on other cases you that you are more familiar with the process. Just ask the court clerk which room cases similar to yours are heard.

All the best on the day Wishes.
 
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