Hi, Hope someone can answer a question for me. posting this her too in the hope of more traffic!
I bought under the affordable housing a few years ago, I hit a rough patch and some arrears mounted on my mortgage. I went into the County Co. and made an arrangment with them to pay extra per month. This was before the drop in interest rates and since this drop I have maintained my agreeded amount with the amount of the arrears decreasing quickier.
I just recieved out a statement on my account and for ever monthly payment made it notes the money coming off the arrears but its then adding €71.00 per month in interest on the amount I owe.
Does this mean I am being charged interest twice, interest on my mortgage and then an extra €71.00 interest on my arrears per month and is this allowed?
This may be the norm but I have not heard of it so was a bit taken back by it as I thought the arrears would be near finished now only to find iv been falling short becuase of this €71.00 per month.
Thank You
A.
I bought under the affordable housing a few years ago, I hit a rough patch and some arrears mounted on my mortgage. I went into the County Co. and made an arrangment with them to pay extra per month. This was before the drop in interest rates and since this drop I have maintained my agreeded amount with the amount of the arrears decreasing quickier.
I just recieved out a statement on my account and for ever monthly payment made it notes the money coming off the arrears but its then adding €71.00 per month in interest on the amount I owe.
Does this mean I am being charged interest twice, interest on my mortgage and then an extra €71.00 interest on my arrears per month and is this allowed?
This may be the norm but I have not heard of it so was a bit taken back by it as I thought the arrears would be near finished now only to find iv been falling short becuase of this €71.00 per month.
Thank You
A.