Summary of the Bank of Ireland write-off case


Hi Jinx

I partially agree with your post but I don't agree that she was the perfect choice in anyway.

Wasn't there a case recently were a family home in a council estate was under threat of repossession?? The family looked to N.B. for help and thankfully an agreement was reached with their creditor, the family were allowed stay in their home. It's a case like that, that should be used as the perfect resolution. The bank get paid and the family get to stay put.

This family were not named in the media. Odd comparison compared to Ms. White being photographed on front page of the national newspaper.
 
Like so many cases (the 24 year old single teacher who was struggling with repayments on her 4 bedroom home, the couple in Killiney with about 40 properties, etc) it is usually the most brazen individuals with the hardest of necks who seek out mass publicity. The genuinely downtrodden would probably not have the confidence to air their problems publicly.

In my view the media and the lobby groups have been away with the fairies when it comes to choosing appropriate causes to champion, they have been manipulated far too easily into making front page stories out of undeserving cases.

Fair play to Brendan for seeking out those who actually need help instead of being blinded by self promotion and laziness and taking the handy story.
 
What is really stupid of New B. is that they are changing a good-hearted chap like me who, whilst paying every last penny of every last debt was willing to forgive those who just couldn't afford to do so.

I'm sure I'm not the only one is getting cheesed off with an organisation that seems to be actively encouraging a mass default - whilst idiots like me constantly revise a strict budget to ensure that my bank loans are paid off.

I'll still blame the banks,our ex-political leaders and other experts for this mess -but I'm starting to wonder if people like New B. are adding to it.
 
Can I ask a question about this case that I still am not clear on? From her interview I think she said she will not be able to get a credit card, loan, mortgage, etc.. for 6 years. Does that mean that after 6 years her credit history is clean and she can then possibly get another mortgage?
 
oldnick said:
I'll still blame the banks,our ex-political leaders and other experts for this mess -but I'm starting to wonder if people like New B. are adding to it.
Click to expand...

I'm starting to wonder myself.

When I worked in debt management we were told never to ask the customer how they managed to get themselves into such a mess, it was also a no-no to do a credit check. I queried this with management but my concerns fell on deaf ears.

As mere telephone operators, we got feed a story (true or untrue is anyones guess), followed by a trickle of figures from customers who were availing of our debt management programme.

To cut a long story short I wonder do NB do full credit searches on the people they are helping.
 
Brendan Burgess said:
I don't think that she is perfect in any way. She was not an unemployed person who couldn't afford their mortgage who was facing repossession.
Click to expand...

She also doesn't have any dependents which would have made her less ideal, imo.

I listened to her interview on Newstalk and she came across as being very clueless. Surprised that Eddie Hobbs didn't ask her a few more probing questions.
 

Hi kaza

She said that, but Ross Maguire explained that this was not a condition of the deal.

I presume that her ICB record is shot, and she won't get a loan anywhere for a long time.

Brendan
 
plant43 said:
Surprised that Eddie Hobbs didn't ask her a few more probing questions.
Click to expand...

When I heard Eddie asking the questions about her salary reducing from 70k to 40k voluntarily, I thought he was going to go for her. I was very disappointed that he did not highlight the nonsense of this case.
 
just to clarify the 'poster child' comment. New Beginnings needed that front page line "150k written off". the rest to them was secondary, including the truth behind all of this.

she filled that role perfectly due to the lack of a confidentiality agreement. i heard her radio interview and its didnt provide anyway near all the answers. on the plus side, it will give huge hope to those in real trouble.

they should have made her rent another one of their 'jangle mail' properties in the town she moved to. the banks will be one huge letting agency soon enough.
 
jinx9000 said:
it will give huge hope to those in real trouble
Click to expand...
Maybe, though I suspect handing back the keys before the worst of the property crash was her trump card. This wouldn't apply to most people struggling in their homes.

It also sets up despair for many people. In my mind write-offs of €4-€6bn for maybe 40,000 mortgage holders are set to become a reality and have been largely provided for.

This particular case should not have been in the frame for the magnitude of debt forgiveness given. If the person earns €2500 net per month why not make them pay €750pm for 20 years (present value of about €120k). After all, they would have €1750pm left to live on - which is a decent living in the west of ireland for a single person.

I'd suspect she wouldn't be near the top 100,000 unsustainable mortgages in the country and with the net income she'll be left with will probably end up with a much better living standard than most of the country.
 
You must log in or register to reply here.
Menu
Log in
Register