English companies pass the book

D

dwsteve

Guest
I am curious as to the opinions of members re the following scenario.

In 2001 Guardian (Royal Exchange) sold their mortgage book to an English company, Regal Mortgages. This new company were not v sympathetic to irish customers who fell into arrears and imposed 'administration fees' such as charging Stg£20 for *every* letter piece of correspondence entered into. They also charged a v high interest rate [+10%]. In the recent past [end 2003/early 2004] the mortgage book has been resold again to another english company, Manchester Building Society, who are still charging high rates of interest and being coy about furnishing settlement values.

What are the legal implications of the book being passed from billy to jack and rates being changed willy nilly? Is it ok for this company to abuse it's clients? The only signed contract would have been the original one with GRE. The mortgage was taken out in 1983 and estimate of current debt including penalties and ludicrous interest rate is around 30K Euro.

Thanks in advance for any thoughts/advice.
 
Did GRE ever offer mortgages in Ireland? Is this a UK specific query?

I remember when EBS securitised some of their mortgage book they wrote to the affected customers informing them of this and, I seem to recall, allowing them to opt out if they wanted. Even after securitisation affected customers continued to deal directly with EBS on the same terms & conditions as originally laid out. I'm not sure if this is standard practice or of the situation above is unusual.

If this query relates to an Irish mortgage and you are not getting any joy out of GRE or Regal then you should contact [broken link removed].
 
It does relate to an irish mortgage taken out with GRE in 1983 on an irish property. Not sure of any EBS involvment.

Would ifsra have any teeth with respect to english companies...?
 
Sorry - I was simply citing the EBS example as what happened in another case and not as anything directly relevant to GRE. No harm in inquiring with IFSRA about this. If they can't do anything then maybe the UK FSA can.
 
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