Thanks very much NM.
Absolutely, the Irish system is not the way to go.
Feel free to tell me to take a hike but do you mind me asking how did you manage to survive when you moved country re money, rental etc?
I would advise a more pragmatic approach than either extreme. Generally for Type 2 borrowers the financial difficulties are not their fault. Circumstances have led to the problems and while they will try their best to resolve them, they must realize that this is a temporary situation and take a "this too shall pass" approach. Many banks don't help in their approach. They tend to bully the Type 2 borrowers because they are getting nowhere with Type 1's. Patrick, You need to stand back a little from your circumstances and make decisions that are best for you rather than reacting to pressure from others. Your financial situation is what it is! All indications from your posts are that you have co-operated to your utmost ability. Once you have made your decisions (whatever they may be) you are moving towards a specific goal of resolving your problems and hold your stance with any bank or other creditor. If calls are putting you under pressure formally write to the banks concerned and advise them of this. Insist that all communication is in writing or directed to your PIP. I'm not saying that you need to change to a Type 1 borrower but you do need to take control of your own circumstances and aim towards a debt free future!!
Patrick it should make no difference as to who is dealing with your case. banks differ in their approach. Some banks allocate cases to specific case managers who will continue with those cases to conclusion. Others apply a pool caseload where cases come up for action and actions are applied from within the actual pool. From what I have seen Ulster seem to apply this pool approach and there is virtually no consistency in their dealings with clients.What's with my case being moved from one manager to another? Once a manager seems to make any progress the case is removed from them and sent to another.
Folks, an offer has been put on the table. I'm completely illiterate when it comes to interest rates etc so any input would be great please:
Remaining mtg: €380,000
Substantial arrears: €60,000
I pay my mortgage in full each month.
Offer from bank:
Recapitalize arrears which brings the over all debt up to 440k on a current house value 220k
Pay debt off within the original time frame. No elongating of mortgage duration which will increase the monthly repayment to €2200 per month
I presume this includes the interest on the arrears.
Scary is coming close to it. Yes he was self employed. Arrears are 60k. Mortgage 175k approx. Total 235K. House now valued at 100k. He made a last offer (3 friends genuinely underwriting it and bank made aware of that) as follows; Pay 100k for house and 40k in full and final settlement of his outstanding debts. This was made almost a year ago. Bank would not write off outstanding debt so they rejected same.It's scary especially at your friends age. What are his arrears and is his family making any payments?
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