I gather there is nothing in the contract about what happens if a persons overpays the lender to the tune of hundreds of thousands of euro, in a lump sum payment.You'll have to read the contract you entered into with the bank to find the answers to these questions.
you do not understand ; the borrower did not pay what is agreed, they overpaid by hundreds of thousands of euro.But think about it logically, if someone does not pay what is agreed on the due date agreed then they fall into arrears
Is this the same person that borrowed too much, now paying back too much.
I gather there is nothing in the contract about what happens if a persons overpays the lender to the tune of hundreds of thousands of euro, in a lump sum payment.
you do not understand ; the borrower did not pay what is agreed, they overpaid by hundreds of thousands of euro.
Not necessarily. Think of this as a stand alone case. There are a lot of different people who took out different mortgages in the country.Is this the same person that borrowed too much,
not "paying" back too much in the present tense, but he paid ( past tense) back a large lump sum amount (from the sale of other property). There is a huge difference between "paying back too much" and someone who paid back many years monthly capital repayments in one go in the form of one lump sum. The bank agreed to this and subsequently many years ( 3 or 4 or 5 or 6, I'm not sure, but it does not really matter ) were interest only by mutual agreement. Now personnel in the bank have changed and is the new manager correct in saying the borrower is in arrears even though he is already very much "ahead of himself" overall on repayments?now paying back too much.
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