TrackerThieves
Registered User
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EBS charged me interest on arrears, as far as I remember the ccma 2013 states interest should only be applied to customers who are classified as non coperating.
When I recapitalized arrears, which were equivilent of approx 4 months mortgage payments. The amount they lodged was for more than was needed and signed for, approx 1 month extra.
This was from the period 2013-2015. There were a number of missed partial payments and we would regularly receive an update in relation to arrears, it would state the following worded exactly as follows:Hi TT
My guess is that you don't really understand the calculations or else you don't understand the code.
The calculations
Let's say I have a mortgage of €100,000 with a repayment of €1,000
I make my repayment and they charge me interest after that on the balance of €99,000 .
If I don't make the repayment, my balance remains at €100,000 and my arrears are €1,000.
But they are right to charge me interest on the balance of €100,000.
The code
11. Lenders are restricted from imposing charges and/or surcharge interest on arrears
arising on a mortgage account in arrears to which this Code applies, unless the
borrower is not co-operating.
This was inserted, at my suggestion, to prevent the practice of banks such as Irish Nationwide charging penalty interest on arrears.
So not only would you be charged interest on the main balance, they used to charge 5% per quarter on the arrears balance.
But if I am wrong...
If you do understand both and you have been charged penalty interest on arrears on top of the normal interest, I would take it up immediately with the Central Bank.
While I doubt that they are, they do impose legal charges on people in court proceedings without the permission of the court, which is wrong.
Brendan
We attempted to clear arrears by entering into 3 alternate arrangements in which we made full monthly payments + an extra amount agreed over period ranging from 6-12 months. We then engaged with a 3rd party who arranged a 6 month I.O.period who were to be in negotiations for a long term deal. 3rd party went into liquidation 3 weeks before the end of 6 months I.O. period. We were turned down for a further short term I.O. period and after appealing this a number of times they tried to force us to accept new terms on the mortgage adding 8 years. It was later agreed if we made 6 month full mortgage payments they would recapitalize arrears. Capitalization documents were sent to us on the 27-04-2016. We signed this document and returned it. This document is on record as being received on the 19-05-2016. Arrears were recapitalized but the amount lodged was for 1k more than needed and signed for. The signed document from 19-05-2016 has not been provided but they did provide a different internal EBS document that was signed by 2 EBS staff members on the 20th and 23rd of 05-2016. There was a line in this document that stated in bold "IF ACCOUNT IS ON POSITIVE EQUITY - DO NOT PROCEED(SPEAK TO TEAM LEAD)Hi TT
I'm sorry but I do not understand what you mean.
Can you spell it out in detail step by step what they did wrong.
Brendan
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