Tanager mortgage holders

Good article on the journal.ie this morning ,highlighting the plight of tanager mortgage holders.Well done to all involved.
 
Is everyone being charged the correct interest rate on your loan, check your original loan offer, and check what tanager has you on. Is it matching up?????. Also check out claire byrne tonight
 
I still havn't received my letter re recapitalisation which they said would be out by end of JAn and then Feb. Anyone else in this position?
 
Letters supposedly went out/processed on feb 26th.With the weather there is bound to be even more delay.
 
How are you getting on Open Air? Is Tanager still threatening you with repossession? Are more people going to be getting letters about re capitalisation?
 
Hi, I'm a P Tsb Mortgage holder. Talk of mortgages being sold to vulture funds. From your experience what is it like dealing with vulture fund and any advice please.

Hopefully it won't happen obviously
 
Check out the Irish Times, About vultcher funds being compelled to tell people what thay paid for there mortgages . Trough the data protection laws.
 
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gahfan said:
Hi, I'm a P Tsb Mortgage holder. Talk of mortgages being sold to vulture funds. From your experience what is it like dealing with vulture fund and any advice please.
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It's mixed, with both positive and negative differences from dealing with banks. My experience is with Danske selling to Cerberus, by the way and I've spoken to others in that particular boat, but have no knowledge of any others.

The positive: you are more likely to get a hearing and if you're in a position to achieve it, a resolution. Unlike the bank, who just seemed to kick the can down the road and could be extremely difficult to engage with (different person each time contact was made, constantly going back over the same ground etc.) it was possible to actually meet with them.

The negative: they have absolutely no interest in any resolution that extends beyond a couple of years - they are not interested in the original aim of the mortgage (a long-term loan). As a result, they won't offer anything that extends beyond a relatively short timeframe.

Other aspects were identical: general incompetence around meeting the MARP obligations and a capacity to say things which I knew to be flat out untrue.

I've heard some stories where they were pretty intimidatory, but the reality is if you're making best efforts to pay what you can and that is at or close to the original amount, your likelihood of losing your home is pretty much zero. They know this.
 
Paying or not paying , in my experience, there is no positive no negative. . thay just want the property, plain and simple,
A vultcher fund that is not a bank .but want to mess around with intrest rates and contracts. Like it is a bank?
 
Amber's said:
Paying or not paying , in my experience, there is no positive no negative. . thay just want the property, plain and simple,
A vultcher fund that is not a bank .but want to mess around with intrest rates and contracts. Like it is a bank?
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Not quite true in my experience: I would say they want a quick return rather than the property. If you manage to fund elsewhere, they will jump at an offer made to pay them off (this is what happened in my case). This is in complete contrast to regular banks, who won't do this, even when it's in everybody's interest to do so. It's probably their preferred option, as it's the quickest and cleanest. Their next preferred option is to get you to sell the property, as it means they don't have the trouble of gaining possession or of them selling it. They will put a lot of pressure on for you to do this, but if it's not your best option, just ignore this (easier said then done, I know). Their next option is to try and get repossession, but if you are fully engaged and paying, they will find this a very long road. They have no interest in any long term solution, such as extending the term, and won't offer this.

This is somewhat speculative on my part as I don't know their actual strategy, but it's all based on my personal experience and from talking to others with direct experience.
 
And this is the problem we find ourselves in,fully engaging, and yet being dragged through court every 3-4 months.Tanager have calculated arrears incorrectly, handled personal data incorrectly,and applied incorrect interest rates to your mortgage. So what would i do if i was a ptsb customer?, i'd start organising a "irish water" style peaceful demonsration to let the government know that they will be down 20,000 votes come the next election
 
Open air said:
So what would i do if i was a ptsb customer?, i'd start organising a "irish water" style peaceful demonsration to let the government know that they will be down 20,000 votes come the next election
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You think staying with PTSB is necessarily better? For some people, it would actually be worse. I understand the motivation behind your suggestion, but I think the target of your suggested protest is incorrect. The problem isn’t vulture funds, it’s the lack of action by the banks to resolve matters. Given they will be unlikely to act in customers' interests where it conflicts with their own (and sometimes even when it’s in their common interest), it actually comes down to lack of action by the regulator and/or government to force sensible solutions. I’d suggest they were a more suitable target for any protest. Say the government blocked further sales to vulture funds: my prediction would be they’d pat themselves on the back for having taken action and meanwhile nobody’s actually any better off. It’s just letting them off the hook to say “vulture funds bad, banks (by implication) good”.
 
Im speaking from a tanager point of view,you are speaking from cerberus. We have obviously have two completely different experience's. If i had known then what i know now, i would of fought tooth and nail to stop my loan being transferred.How could you be possibly better off with someone that offers you no alternative than " finance elsewhere, or we repossess".?
 
Open air said:
.How could you be possibly better off with someone that offers you no alternative than " finance elsewhere, or we repossess".?
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I said "some people", in particular those who do manage to finance elsewhere, as that's an option the banks don't generally offer. Others will be worse off. Stopping vulture funds won't make anyone's situation better: at best, it's preventing some people's from getting worse. That's why I think protesting against it is misdirected: effort should be directed at solving the actual problem.

Having said that, you have my sympathy: I'm well aware of how both banks and vuluture funds can and do behave.
 
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