Mr peabody
Registered User
- Messages
- 33
The split was approximately 240K over 30 years at 5.5% and €140K shelved until the 30 years was up.My understanding is that is you cease payments you risk losing your home. Can you post up details of your split mortgage.
They proposed in April 2017 that if we could acquire funds they would take full and final settlement for market value of the house of €170k.
The split was approximately 240K over 30 years at 5.5% and €140K shelved until the 30 years was up.
In may I was advised to stop payments which I did a this has not even recieved a phone call.
They have completely failed to engage with us for years and quiet Frankly I’m at the end of my tether with it all.
BB he said he stopped paying on advice. Did you see the interest rate he's paying. We don't have any background to his story so I think you're way harsh.The legislation needs to be changed so that deliberate defaulters like you can be put out of your house after a few weeks. It's outrageous that you expect the rest of the mortgage holders to pay the highest rates in the eurozone so that you can get a write off.
Brendan
Very disappointed with your reply Brendan. I have worked my fingers to the bone for years having unfortunately taken out this mortgage based on construction income which had collapsed inside 12 months of drawdown.This is outrageous.
Pepper offer you two great deals and you don't accept either.
This is the reason we are paying the highest mortgage rates in the eurozone because of won't pays like yourself.
The legislation needs to be changed so that deliberate defaulters like you can be put out of your house after a few weeks.
Brendan
BB he said he stopped paying on advice.
Did you see the interest rate he's paying.
The split was approximately 240K over 30 years at 5.5% and €140K shelved until the 30 years was up.
€240k@5.5% | €13,200 | |
Total mortgage | €380k | |
Effective interest rate | 3.5% | |
So what? He must have known it was wrong to stop paying his mortgage. If you were advised to evade tax, would you do so?
Yes Pepper offered him two great deals. But he didn't have the money. So the great deals were worthless to him. It can be very intimidating dealing with bankers. All the letters and threats. It causes reactions in people. Some fight them, some get delusional, some get suicial, some ignore them.Pepper offered you two great deals and your response?
Stop paying and accuse them of not engaging!
You bought a house at the wrong time for an amount you could not afford and you want the rest of us to bail you out?
Brendan
Brendan. Many thanks for the advice and kind words.So what? He must have known it was wrong to stop paying his mortgage. If you were advised to evade tax, would you do so?
€240k@5.5% €13,200 Total mortgage €380k Effective interest rate 3.5%
Not bad.
He should be getting proper advice which would encourage him to resolve this through a PIA or bankruptcy.
But he might have blown his chances of a PIA now by stopping paying.
Brendan
You really need to consult proper professional advice and steer clear of the person that told you to stop paying
The manager of the financial institution I have been approved the money from was the one ....
Thanks for your reply Dazzler123.With 80k in arrears, what financial institution is offering you a loan? Have you checked the interest rate on that loan. Given youre in arrears they must be charging a high rate?
Pepper said theyd accept the value of the house. Bear in mind they said this in april 2017, over 2 years ago. The valuation would be based on that time too. Dont be surprised if they want more due to the value of the house increasing. Plus something extra considering you havent been paying.
The manager in the financial institurion that told you to stop is totally wrong in his advice. If he is a manager in one of the main banks, id be very surprised. That is just negligent or perhaps hes very enthusiastic to get your business. He is certainly not working for you. You really should get professional advice.
Currently paying a token of €400/month.Your best choice is actually a Personal Insolvency Practitioner.
But in applying for a PIA, the behaviour of the borrower in the previous two years is taken into account. Given that you deliberately stopped paying when you could afford to pay, you might not be able to get a PIA.
Brendan
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?