Should I give up my valuable tracker rate to keep the receivers from the door?

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Futuremoves

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I have been recommended ABM by a fellow colleague who has also been/is going through a similar taxing time.

I have a buy to let mortgage with a decade remaining to clear the mortgage in full - excellent tracker rate etc.

My story:

The mortgage was on a three year interest only period. Then I began paying both full interest and 90% capital. My lender was obviously not happy with this arrangement and the loan was subsequently sold with approximately €2,500.00 in arrears owing.

The 2.5k has now been cleared in full and my BTL is being paid on time each month i.e. 100% P&I in accordance with the original terms and conditions of the loan.

Happy days as they say . . . until I get an unsolicited call asking me to give up my tracker rate or a receiver maybe appointed etc. etc. This is interesting as
I do not have arrears and my loan is being paid as per the T&C's of the original contract.

The originator of the loan had informed me that once I kept my head above water (which I have) the tracker could not be taken from me, however the purchaser of the debt says that although my loan is fully back on track I have in fact broken my original T&C's and therefore am fair game (not exactly their words).

They said they would give me until over the weekend to think about it, however I know this is bully-boy tactics and on this note I will engage with a debt expert during the week.

I would appreciate any advise please

Cheers,
 
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Hi Futuremoves

Who was your original lender - Danske or Bank of Scotland I assume.

What is the name of the vulture fund who is making this threat?

Ask them to put their proposal in writing so that you can take legal advice on it.

Make sure to follow up the phone call with a letter confirming the contents of your call and your request to them to put it in writing.

You will need to get a solicitor to check your loan agreement to make sure that they do have the power to appoint a Receiver. They most likely have, but it's worth checking.

Brendan
 
Excellent advice here regarding getting everything in writing and follow up calls. Ensure you make notes / diary of correspondence as it may assist things in future .
 
Hello Brendan

I will private message you the above information and yes, I'll be sure to send the letter by registered post over the weekend.

I've looked over my original T&C's and don't see mention of a receiver, however I'll have my solicitor look over the fine print next week.

Forgive my ignorance but does the vulture need to go to court to appoint a receiver?

For what its worth my tenant had said there was an individual snooping around the property recently. The tenant is a dramatist so I took no heed - maybe connected / maybe not but no doubt time will tell.

Blessings,
FM
 
FM can you name the lender and the vulture, it will help in getting replies. Also as you’re new, it would be far better if you gave us all your financial details. You can make it sufficiently vague that that you can’t be identified.

And I consider the phone call to be abusive, hiding behind an unrecorded call to put the frightens on you. You absolutely must confirm what was said to you in writing by sending the details by email or letter to the bank.
 
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