New Group: For PTSB customers sold to Mars Capital

[MaryBr]

Alice has already sold the debt to Carol before Bob heard anything about this.
Alice is out of the picture at this stage (unless she's just collecting the repayments and passing them on to Carol).
Carol won't settle for €50 when she can collect €70 - why would/should she?

Hypothetically: she might settle for €50 in one lump sum ahead of schedule rather than laboriously collect 10€ p/m for the next 7 months.

 

[ClubMan]

Hypothetically: she might settle for €50 in one lump sum ahead of schedule rather than laboriously collect 10€ p/m for the next 7 months.

Carol is all about the money - she wants the full €70.

 

[MaryBr]

Carol is all about the money - she wants the full €70.

Hypothetically: At the very least Bob can ask Carol. Let her make up her own mind. At the very least let PTSB ask the customers if they can pay a reduced rate amount for their loan in order to get it off their accounts sheet. it shouldn’t matter to PTSB from whom it gets the discounted rate.
Give customers the option.

 

[ClubMan]

Of course you can ask but don't be surprised if the answer is a firm "no" which does not seem to be what you are anticipating:

Yes I want to be offered the same discount as Mars.
I want my redemption figure to be discounted equal to Mars.

I will still aim to get some type of reduction/deal.

Objective:
To achieve the same discounted rate for loans as Mars Capital:

Customers should be offered the same rate at least in the first instance irrespective of where they get the funds. That’s their business.

This is simply not true:

My understanding is: if the original loan is sold for a reduced amount a new loan is created in doing so.

Good luck with your campaign.
I hope that your sale doesn't fall through in the meantime.

 

[MaryBr]

Of course you can ask but don't be surprised if the answer is a firm "no" which does not seem to be what you are anticipating:




This is simply not true:

Good luck with your campaign.
I hope that your sale doesn't fall through in the meantime.

Thanks for your comments. I am well used to ptsb responses in the negative-however my experience is that at times they have been overturned. The sale will proceed.
Thanks.
MB

 

[AshKhan]

This is a misconception not correct. Performing loans were also sold by banks, including PTSB.

In the case of PTSB, they sold a lot of performing buy to let interest only trackers mortgages to improve their liquidity/balance sheet.

Fair enough but in this case of this loan sale it was quote by RTE as "83% of the loans are in arrears with the average balance owed in arrears of €71,000 and the average time in arrears is 22 months."

 

[Brendan Burgess]

Mary

I was delighted when I saw you were forming a group. I had previously encouraged customers of vulture funds to do so, but no one took any action.

However, you objective makes no sense. There is no moral reason for Mars to give you a discount. There is no business reason for Mars to give you a discount. There is no legal reason for Mars to give you a discount.

No not negative equity.

Also the amount PTSB quoted in arrears per account as 71k is also likely incorrect.

It is just possible that Mars might give you a discount for early payment of the loan. A bit unlikely, but well worth asking for. Don't waste your time or their time or annoy them demanding to settle it for the price they paid for it.

Given that you are not in negative equity, I doubt that they will give you a discount.

Don't tell them that you have gone sale agreed.

Contact them and ask them nicely if they would give you a discount if you pay off the mortgage early. You never know, but they might. I would guess it would be around 5% if they do.


Brendan

 

[MaryBr]

Mary

I was delighted when I saw you were forming a group. I had previously encouraged customers of vulture funds to do so, but no one took any action.

However, you objective makes no sense. There is no moral reason for Mars to give you a discount. There is no business reason for Mars to give you a discount. There is no legal reason for Mars to give you a discount.





It is just possible that Mars might give you a discount for early payment of the loan. A bit unlikely, but well worth asking for. Don't waste your time or their time or annoy them demanding to settle it for the price they paid for it.

Given that you are not in negative equity, I doubt that they will give you a discount.

Don't tell them that you have gone sale agreed.

Contact them and ask them nicely if they would give you a discount if you pay off the mortgage early. You never know, but they might. I would guess it would be around 5% if they do.


Brendan

Thanks for all the comments.
I’ll take advice on board.
I’m still forming a group if anyone interested.
MB

 

[Brendan Burgess]

A group to highlight the very high interest rates would be a good idea.

But what you want is an individual deal and you should focus your energy on that.