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.
New Group: For PTSB customers sold to Mars Capital
- Thread starter MaryBr
- Start date
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.
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:
I hope that your sale doesn't fall through in the meantime.
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
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
Founder
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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
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
Founder
- Messages
- 54,407
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.
But what you want is an individual deal and you should focus your energy on that.
Hi All - new to the group.
The first step necessary to stand up to these organizations is to get a copy of your Mortgage Terms. In my experience very few mortgagors have it and it can take years unless you follow the following procedure:
Send a GDPR request for all your mortgage records to PTSB and they are legally required to provide same but they can and will delay and it will take 3/4 months.
If you drew down your mortgage from PTSB during the period May 2002 to June 2008 then the 2002 Mortgage terms apply - but you have to get PTSB to confirm this directly to you in the GDPR reply.
Then have a look at clause 6.7 which is the one that allows PTSB to sell the Mortgage on and clause 1.15 and you will see that PTSB has no right to sell the mortgage to Mars Capital.
I do not provide legal advise. I am an expert in Banking regulation and licensing issues.
The first step necessary to stand up to these organizations is to get a copy of your Mortgage Terms. In my experience very few mortgagors have it and it can take years unless you follow the following procedure:
Send a GDPR request for all your mortgage records to PTSB and they are legally required to provide same but they can and will delay and it will take 3/4 months.
If you drew down your mortgage from PTSB during the period May 2002 to June 2008 then the 2002 Mortgage terms apply - but you have to get PTSB to confirm this directly to you in the GDPR reply.
Then have a look at clause 6.7 which is the one that allows PTSB to sell the Mortgage on and clause 1.15 and you will see that PTSB has no right to sell the mortgage to Mars Capital.
I do not provide legal advise. I am an expert in Banking regulation and licensing issues.
CorkHome2022
Registered User
- Messages
- 129
LayLit , can you explain to me where there is wording or condition that overrules 6.7 or 1.15 ?
For me its very clear that consent is not required .
For me its very clear that consent is not required .
I'm getting Sovereign Citizen/Freeman vibes now. Hopefully I'm wrong...
@LayLit
Mars Capital like other entities such as Pepper are Credit Servicing Firms. They manage the loans but don't actually own them. Your loan is probably owned by Morgan Stanly or Goldman Sachs or any other foreign entity that does not have a license to manage mortgages in Ireland.
Also don't think that you have found a magic bullet here. This has been argued since the loans sales have begun and it turns out the loans are allowed to be sold. The sellers and buyers of these loan books have an army of solicitors to ensure that they can be sold. This is the reason why Ulster Bank cant fully close down, there were a number of loans there in which they were not allowed to sell so they were not sold.
If you want to go down this route, then do not do it as a Lay Litigant as your name suggest you may be because you wont win and all you will do is annoy a judge if you are making random arguments in court. Google solicitor firms that take cases again Credit Servicing Firms and bring this info to them. If none of them are willing to take it on then it kind of answers the question.
Finally, if you are meeting the terms and conditions of your mortgage there should be no difference between dealing with Mars Capital and a bank except potentially getting a fixed rate and the interest rates they charge.
Mars Capital like other entities such as Pepper are Credit Servicing Firms. They manage the loans but don't actually own them. Your loan is probably owned by Morgan Stanly or Goldman Sachs or any other foreign entity that does not have a license to manage mortgages in Ireland.
Also don't think that you have found a magic bullet here. This has been argued since the loans sales have begun and it turns out the loans are allowed to be sold. The sellers and buyers of these loan books have an army of solicitors to ensure that they can be sold. This is the reason why Ulster Bank cant fully close down, there were a number of loans there in which they were not allowed to sell so they were not sold.
If you want to go down this route, then do not do it as a Lay Litigant as your name suggest you may be because you wont win and all you will do is annoy a judge if you are making random arguments in court. Google solicitor firms that take cases again Credit Servicing Firms and bring this info to them. If none of them are willing to take it on then it kind of answers the question.
Finally, if you are meeting the terms and conditions of your mortgage there should be no difference between dealing with Mars Capital and a bank except potentially getting a fixed rate and the interest rates they charge.
This crowd seemed to be hinting that they had discovered some magic bullet but I still remain skeptical and I haven't heard much from them lately...
New campaign to use EU law to challenge vulture funds
New Campaign to leverage EU Law as pathway to Justice for over 200,000 homeowners sold off to Vulture Funds New ‘Join the Claim’ campaign by Misselling.ie calls for strength in numbers of family homeowners to challenge Vulture Funds on a ‘no win – no fee’ basis. 4 November 2024: A...
www.askaboutmoney.com
CorkHome2022
Registered User
- Messages
- 129
LayLit , Mars service the loans , as did Start and Pepper on behalf of Wall Street Funds etc , the Irish High Street Banks regularly will take out a new bond with Mortgages as collateral and the beneficial interest of the mortgage is ultimately with the Bondholder .
On 1.15 it says "Company" did not specify exact nature of the company so I cannot see any Judge ruling against a Fund on that one .( General Mortgage Terms )
The 2002 Mortgage Conditions mentions Corporation but as the 2 documents were included then it makes your argument void.
Trust me I wish there was an out but there is not , Irish Courts do not rule in favour of the Consumer in respect of the European Fair Terms Directive either so has somebody in trouble with a Vulture Fund the money to take this to court ??? Be pragmatic would you fund such a move ????
On 1.15 it says "Company" did not specify exact nature of the company so I cannot see any Judge ruling against a Fund on that one .( General Mortgage Terms )
The 2002 Mortgage Conditions mentions Corporation but as the 2 documents were included then it makes your argument void.
Trust me I wish there was an out but there is not , Irish Courts do not rule in favour of the Consumer in respect of the European Fair Terms Directive either so has somebody in trouble with a Vulture Fund the money to take this to court ??? Be pragmatic would you fund such a move ????
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CorkHome 2022
Please refer to Mortgage Conditions 1.25 you will see that at all times the Mortgage Conditions take precedence. Any dispute between the Loan Approval Conditions & Mortgage Conditions is resolved by this clause.
This issue has never been tested in the High Court in any other proceedings.
My Case is testing this claim, probably in May or June this year and PTSB / START / MARS have declined to defend this claim in any replying affidavit.
Please refer to Mortgage Conditions 1.25 you will see that at all times the Mortgage Conditions take precedence. Any dispute between the Loan Approval Conditions & Mortgage Conditions is resolved by this clause.
This issue has never been tested in the High Court in any other proceedings.
My Case is testing this claim, probably in May or June this year and PTSB / START / MARS have declined to defend this claim in any replying affidavit.