Overpaying mortgage but wish to revert to original schedule EBS insisting on SFS form

aido71 said:

. Now just have to decide what to spend extra cash on!!

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Maybe a small donation to AAM. Well done on getting a result that's good for you.

I saw this about EBS and thought it would be of interest to you:

A MORTGAGE lender has blamed an error in its systems for wrongly treating a number of customers as being in arrears.

The mortgage holders had been overpaying their home loans in a bid to speed up the payments and reduce the overall cost.

But when they wanted to revert to the previous amount, EBS regarded the customers as being in arrears.

In at least two cases, clients were told to fill out a detailed standard financial statement (SFS) setting out their income and all their monthly outgoings.

They were also told they would be entered into the mortgage arrears resolution process (MARP) -- the defined process that the Central Bank insists lenders follow when a person is in arrears, or about to fall behind on their payments.

This is despite the fact that these homeowners were not behind on their repayments.

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http://www.independent.ie/business/...-told-their-mortgages-in-arrears-3089326.html

Aido

Thats great news.

It was only when i saw your post initially that i registered with askaboutmoney.

I think Brendan and Charlie Weston deserve a lot of thanks for the part they had in this. I think without their help there would have been no u-turn by the EBS.

Thanks all

Hi

I am considering starting an overpayment off the capital of my mortgage with EBS.

Does anyone have any advice as to the exact wording I should use in sending my written instruction to them?

Should I make reference to reverting to the original capital and interest payment amounts upon my writtten instruction?

Also should I request confirmation of this in writing from them?

Hi well as I started all this I guess my advice would be to put in writing to EBS that you wish to increase your monthly repayments by €xxx.
Ask them to confirm what the 'new' term for mortgage completion is based on this increased payment.
But above all make sure to request confirmation in writing that at any stage you may revert to original payment schedule as per loan agreement. This is the bit they tried to get me on. Firstly insisting I had changed loan agreement and then stating that sure I could revert to original schedule provided I completed an SFS form produced P60s payslips bank statements handed over one of my kidneys and both of my kids ( ok exaggerating a little for dramatic purposes but you get my drift!!!). The point is they never technically refused to permit me change back but tried to make it very difficult.
I would go so far as requesting from them in writing that you can change back simply by putting in in writing similar to the request to increase repayments.
Hope that helps!