I'm more than new on the Forum so any help gratefully received. Mortgage for flat in 1999, top-up in 2004 (not sure if this was added to the mortgage or a separate loan as I don't have FOI docs yet) Lost job in midwifery in 2008, then illness -> Disability Allowance. Redeemed half of mortgage from a small inheritance in 2004. Bank brought me to Court in 2011 because while I was paying the lowish monthly premia, I could not clear the arrears. Registrar recommended I continue paying the same monthly premia and 'wait and see' which I couldn't really understand. Didn't have anyone with me in Court as I was very ashamed. Current arrears are 60k according to bank statements. A friend of the family has offered to lend me 50k at low repayments, but bank has asked for his details ?. Is this standard procedure ? He is a businessman and alarmed of what will follow. Bank have not said if this repayment would be acceptable to them as my file is still in 'legal'. Or how they would treat the remaining 10k plus accruing interest no doubt. Anyone had any experience with the banks response to these arrangements ?. I'm surprised by their lack of interest.
Mortgage arrears payments made by friends ?
- Thread starter cráite
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Expect it’s just a money laundering type requirement for such an amount. Nothing unusual by the bank. They are required by law.
the bank are correct to not ‘Close’ the file for arrears - as they have expended a lot of effort and process in getting case this far. If they closed now - they would need to restart process and it takes years to get back to court. However, they won’t pursue via court if your financing actually comes through.
Hope all works out and you can enjoy the property.
the bank are correct to not ‘Close’ the file for arrears - as they have expended a lot of effort and process in getting case this far. If they closed now - they would need to restart process and it takes years to get back to court. However, they won’t pursue via court if your financing actually comes through.
Hope all works out and you can enjoy the property.
Thanks so much for explaining this cmalone, I did think anti money laundering legislation was the reason the Bank weren't eating the hand off me, as it's been three months since I offered this repayment and they still send me threatening letters. I have been to MABS but all has gone quiet, but they're probably hectic there, thank you again.
Remember that is all they are just threats. Don't look too much into them. Is is standard procedure all round in the arrears world. I would write a letter to your bank asking for all documents on the arrears and offering them 50k as a full and final settlement of the arrears. They can only say no. By asking for all documents you can put them on the back foot. Also do not under any circumstances deal with the bank by phone, always in writing. If they ring tell them you will only deal in writing and politely hang up. Even if they offer you some deal by phone it needs to be in writing so don't fall for them saying something rather than putting it in writing.
Brendan Burgess
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Hi cráite
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Brendan
To get a meaningful answer from Askaboutmoney, you need to provide all this information.
Case study - Information required for mortgage arrears and negative equity questions
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I'll memorize this good advice, thank you elcato