ivannomonet
Registered User
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Divide the outstanding arrears by 12 and tell them you'll pay it off by that amount over the next 12 months....
In Arrears (mortgage) by 2 payments
- Thread starter Worriedman
- Start date
Arrears support people are essentially box tickers so whether you're €2k or €50k in arrears you're still in arrears ( arrears box ticked ). Keep paying you're mortgage as you are and write to them and tell them how and over what time frame you're going to clear the arrears. The arrears box will still be ticked until they are cleared. You will still get the letters and the phone calls because the arrears box is ticked. If you don't want the hassle of letters/calls fill in the SFS and submit it with the statements and they will come to some agreement with you about the arrears. The arrears box will then be unticked and everyone can move on .
Not knowing what constraints are on your finances or your income, mortgage obligations, children, bills etc; it is very difficult to offer insight or advice blindly.
If it was me, in my situation, I would overpay by 1/2 a mortgage payment per month for the next 4 months and then be back up to date - but again as you haven't been explicit in your obligations, this is just what I would do. I would write to them advising what I intended to do and see what they come back with.
If it was me, in my situation, I would overpay by 1/2 a mortgage payment per month for the next 4 months and then be back up to date - but again as you haven't been explicit in your obligations, this is just what I would do. I would write to them advising what I intended to do and see what they come back with.
Gerry Canning
Registered User
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Worried man.
So gambling caught you and the hassle over missed Mortgage payments has forced you to give Paddy Power the boot!
That is good for the obvious reason that your money will henchforth stay with you.
I must assume you can easily afford Mortgage ,ie if ( Paddy Power hadnt interevened)w , so by showing your statements Mr Banker will see good affordability from now on.
It is unlikely you will meet a (twit) in the Bank who will give you a hard time.
There is NIL chance with you being a couple of payments (indeed even 12 payments down) that if you bring an offer that you adhere to, you will lose your home.
As Brendan says , fill the forms , send the statements and I have no doubt you will be ok , provided you avoid Paddy!
Good luck.
So gambling caught you and the hassle over missed Mortgage payments has forced you to give Paddy Power the boot!
That is good for the obvious reason that your money will henchforth stay with you.
I must assume you can easily afford Mortgage ,ie if ( Paddy Power hadnt interevened)w , so by showing your statements Mr Banker will see good affordability from now on.
It is unlikely you will meet a (twit) in the Bank who will give you a hard time.
There is NIL chance with you being a couple of payments (indeed even 12 payments down) that if you bring an offer that you adhere to, you will lose your home.
As Brendan says , fill the forms , send the statements and I have no doubt you will be ok , provided you avoid Paddy!
Good luck.
Worriedman
Registered User
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- 27
Thanks for reply's I feel better now and will send the lot in and be done with it.
Worriedman
Registered User
- Messages
- 27
Just a quick update on my situation. The bank has agreed to capitalise my arrears of 2 missed payments so all ended well. My advice to anyone in similar situation is just talk to the bank and get on with it. Thanks for all replies it was very helpful.
I have been watching your post as I was interested in the outcome, as somebody who in the past had a job in that line of work.
Its great to hear your situation has been sorted in a helpful manner & that you had a positive experience.
Worriedman
Registered User
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- 27
I now have to sign and send back the alternative repayment arrangement. It says I am strongly recommended to take independadent legal or financial advise before agreeing this Does anyone think this is really necessary?
Brendan Burgess
Founder
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- 53,718
No it's not necessary.
Do read the contract though. If you don't understand it bring it to someone like the IMHO or New Beginning to have a look at.
The only thing you need to look out for is to make sure that they don't try to take you off a cheap tracker, but that is extremely unlikely.
Brendan
Do read the contract though. If you don't understand it bring it to someone like the IMHO or New Beginning to have a look at.
The only thing you need to look out for is to make sure that they don't try to take you off a cheap tracker, but that is extremely unlikely.
Brendan
Worriedman
Registered User
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- 27
Thanks for reply. I understand it quite clearly however it has a place for me to sign and a witness to sign. I am assuming that is for them to sign?
Shawnulster
Registered User
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I work in the underwriting/collections department. My advise as per policy for Ulster Bank is, you can avoid filling out the financial statement if:
- your mortgage arrears are 3 payments down. In your case the bank would offer you a step up arrangement to pay off off the arrears within 12 months without the need for the financial statement. An option to consider if you worried about the marker on your credit file you could possibly consider the option of capitalising your arrears after 6 contractual payments under arrangement of paying extra (i.e adding the residual amount to your balance outstanding). This would mean of course you can either opt for a term extension if your unable to afford the increase in your repayments when you capitalise and want to keep the repayments the same. Alternatively you can opt not to extend the term and pay the capitalised over the remaining term with the new repayments.
- if your arrears are more than 3 months then you will need to fill out a statement.
I think you best option is to go for the step-up arrangement for 12 months and capitalise residual arrears in 6 months. You don't have to go for capitalisation but remember you credit file would show you still behind until such a time you clear the arrears.