Yet another example ( in addition to mine here
I took out my mortgage with a Bank ( NIB ) in 2007 and have ended up with a Vulture Fund ( Pepper.) I have a performing mortgage and a favorable LTV of 70-75% yet Pepper have no facility or interest in reducing my rate from a scandalous 4.75%. Pepper's standard response when asked about the...
www.askaboutmoney.com
as to why the CB must do something with these funds to protect the many thousands who cannot switch.
In an environment when rates are ( slowly ) dropping these Vulture funds ( Pepper and Promontoria among others ) appear to be moving in a completely different direction with their performing loans whilst the CB stands by and does nothing.
These performing loans were sold at a time when the banks were collapsing and exiting the country during a time of financial crisis.
However, we live in different times now and there is no place or justifiable reason for this sinister practice to be allowed to continue unchecked.
These funds should be forced to release their performing loans to functioning banks which would bring fairness to these customers, free up disposable income and drive profit for amongst others, the Irish banks that actually offer banking services.
It’s important to remember that we took out our original mortgages in good faith with an actual bank and not an uncooperative vulture fund..
If we’re so keen to change the ‘Culture of Banking’ here then these Vulture Funds must be scrutinised, held to account and reformed as we move into 2020.
Wishing all forum members a pleasant and peaceful Christmas.