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.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.
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.they still send me threatening letters
I'll memorize this good advice, thank you elcatoRemember 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.
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