Mars Capital

V

vultures

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My mortgage was sold by Bank of Ireland to Mars Capital. This happened a few days after my partner passed away. I was in shock and broke down when on the phone to BOI begging them not to sell my home to a vulture fund.

Since then I’ve had to engage with Mars, went through the entire financial statement. An amount was agreed that was affordable to me and advised that I would be sent a letter confirming the new amount. Instead I received a letter advising me that they are increasing my interest rate by 1.5% which will increase my repayments by €400 per month.

I am at breaking point at this stage, my partner has not even been dead a year and there is not the slightest bit of empathy from them.

I have not missed a repayment since they took over and have paid a little extra when I can.

Can anyone advise me if there is any point in continuing to try and barter on the interest rate or is it just a waste of time? I’m on disability benefit due to long term illness and have had to supplement my income by taking in foreign exchange students. I’ve no other means of increasing my income due to my health. I don’t know what to do, I have a young teenager who
Is battling with grief and my time should be spent worrying about her not this vulture fund who is crippling me financially and mentally.


Any advice would be most welcome.

Thank you
 

This is the exact scenario envisaged by the personal insolvency legislation. Book an appointment with a PIP and apply for a personal insolvency arrangement. The court will force the mortgagee to effectively accept what it deems you can afford according to your specific circumstances.

Your credit rating will take a hit but you do not appear to be intending on applying for credit in the future given your circumstances.
 
Thank you for your advice
 
I am a PIP , Mars in Personal Insolvency are actually quite good to work with. Easier than the Pillar Banks actually. A PIP should be able to sort it out if the Debt is not particularly large
 
Raging Bull said:
I am a PIP , Mars in Personal Insolvency are actually quite good to work with. Easier than the Pillar Banks actually. A PIP should be able to sort it out if the Debt is not particularly large
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That is good to hear!, I have made strong proposals to Mars Capital, all declined. I
was sold to them a year ago after being sold off several times, originally my mortgage was with INBS. Mars are a nightmare to deal with, their main objective is to repossess!

A PIA, is now an option I am exploring at present.

I do feel quite strongly that a lot of us are dealing with these Companies on a one to one basis, what it requires is a strong group to get together and expose, through Media, Ombudsman etc as to what is really happening with these Vulture Funds and their treatment of people who are sincere in trying to resolve these issues.
 
If there is logic in your proposal they would generally no accept. Id be a rich man if I could get paid for settling debts at 10% if fully secured. Unfortunately peoples expectations sometimes have no reality. 2 weeks ago I met someone who wanted to settle an extremely large debt for nothing because they felt the house had little value due to planning breaches. It still has a land value and rental value so thats an example.

You get better deals through a PIP than an Arrears Support unit. The PIP can do a lot like fixing rates, extended mortgage past retirement age and writing off debt. Hence they would all love you to deal direct with them or go through MABs.
 
I would agree with this. I work in the industry and the amount of proposals I have seen declined where debt is 350K, house valued at 450K and borrowers make a "Strong" proposal of 100K as Full and Final.
 
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