Negotiating a settlement figure on a mortgage purchased by Pepper

R

Redrobin

New Member
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Hi, my non-performing home mortgage was bought by Pepper from KBC.

I have an agreement in place with Pepper for 12 months to make payment on an agreed affordable amount. This will change to a permanent similar monthly amount if payments are made each month.

My question is would Pepper negotiate a settlement figure for a one off payment?

Based on the fact that Pepper bought my mortgage at a discounted rate on the outstanding balance at the time what % of the outstanding balance could I offer?
 
It's unlikely, but maybe worth asking them.

How much is the house worth?
What is the balance on the mortgage?
Where will you get the money to clear the mortgage?

Brendan
 
You can see in this thread how long any such process might take.

Pepper Settlement.

Apologies if not the correct Template. I currently have a 12 year old Mortgage with pepper for €300K + €80K arrears. €1000 being paid very regularly for several years adding up to about €180K in total repaid. They proposed in April 2017 that if we could acquire funds they would take full...
www.askaboutmoney.com
 
Brendan Burgess said:
It's unlikely, but maybe worth asking them.

How much is the house worth?
What is the balance on the mortgage?
Where will you get the money to clear the mortgage?

Brendan
Click to expand...
Value 250k

Mortgage balance 140k

Myself and Mrs are both retired. Both state pension plus Mrs has €500 per month pension.

Family suggesting coming up with €50-60k and allowing us to live out without worrying. We are in our very late 60’s
 
I'd say unlikely to accept 35/45% of the loan amount when you have do much positive equity in the property.
You could ask, but expect to be turned down,
 
Thanks Brendan. Do you know or have any idea what they bought the KBC non conforming book for? 10c - 20c -40c in the € ?
 
Redrobin said:
10c - 20c -40c in the € ?
Click to expand...
This often comes up but it's totally irrelevant to Pepper's decision. They bought a portfolio of loans, not just yours.

A portfolio will have loans where nothing will ever be repaid, loans where everything will be repaid, and everything in between.

Otherwise best of luck!
 
Thanks. I’ll let you know how I get on
 
Redrobin said:
I have an agreement in place with Pepper for 12 months to make payment on an agreed affordable amount. This will change to a permanent similar monthly amount if payments are made each month.
Click to expand...
I find this confusing.
What exactly does it mean and what is its relevance to your chances of cutting a write-off deal?
 
Pepper want to show that I’m making payments per agreement for 12 months before they make it a long term agreement.

The write off is totally separate. I’m looking to see if anyone had managed to cut a deal and at what % of the total mortgage bearing in mind what they bought the mortgage for originally
 
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