Hello,
My husband has applied for a moratorium on his AIB mortgage payment of 445 euro per month for six months. He has asked for a complete break or an interest only facility. There is 23 months left on it and the outstanding amount is under 10K.
Today the AIB contacted me on his behalf (could not get him on the phone) and suggested a new term of 12 years of euro 20 capital and 180 interest per month = 200 per month x 12 years = 29K - approximately 20k more in their pocket - which I told them. Apart from the obvious greed factor, why would AIB be suggesting something so bizarre when there is only 23 months left?
There have been two moratoriums in the past (i) interest only and (ii) complete break. On both occasions the retained amounts were spread within the remaining term which he has satisfactorily maintained.
His request is based on his current unemployed status whereby he needs a breathing space to catch up. We live at subsistence level and if the AIB "suggestion" were to be accepted they would trap him for another 12 years.
He submitted the statement of accounts form ten days ago and will give them other requested documentation tomorrow. AIB said it will take up to 8 weeks to obtain a decision. I told AIB that we may have to go into arrears in the next few months regardless of the decision. I was met with silence.
The ball is in their court now. Were they jumping the gun to offer such a suggestion rather than consider the six month break as requested.
Comments appreciated.
My husband has applied for a moratorium on his AIB mortgage payment of 445 euro per month for six months. He has asked for a complete break or an interest only facility. There is 23 months left on it and the outstanding amount is under 10K.
Today the AIB contacted me on his behalf (could not get him on the phone) and suggested a new term of 12 years of euro 20 capital and 180 interest per month = 200 per month x 12 years = 29K - approximately 20k more in their pocket - which I told them. Apart from the obvious greed factor, why would AIB be suggesting something so bizarre when there is only 23 months left?
There have been two moratoriums in the past (i) interest only and (ii) complete break. On both occasions the retained amounts were spread within the remaining term which he has satisfactorily maintained.
His request is based on his current unemployed status whereby he needs a breathing space to catch up. We live at subsistence level and if the AIB "suggestion" were to be accepted they would trap him for another 12 years.
He submitted the statement of accounts form ten days ago and will give them other requested documentation tomorrow. AIB said it will take up to 8 weeks to obtain a decision. I told AIB that we may have to go into arrears in the next few months regardless of the decision. I was met with silence.
The ball is in their court now. Were they jumping the gun to offer such a suggestion rather than consider the six month break as requested.
Comments appreciated.
