Tanager mortgage holders

Poldara said:
Hi Brendan, just wondering if you could explain this for me please. I received my letter today from tanager. It states arrears dropped by 4 .5K and monthly by €123. The letter states that any payment made over the new monthly amount will come of the arrears. I thought the fact they where charging interest on the total principal that this was automatic capitalization and therefore there should now be no arrears only the total principal. Any thoughts on this.
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Poldara,

If you have paid the monthly mortgage repayments as stated by Tanager since May 2016 (effective date of last automatic recapitalisation of arrears from their letter dated the 16th March 2016), then, if you keep paying this amount, the arrears have been automatically capitalised (albeit inadvertently) and you have no arrears (variation of contract by the behaviour of both parties). Tanager will most likely withdraw legal proceedings (if commenced) as they will not get a possession order against you in court. This was an option that the Financial Conduct Authority in the UK agreed with BOS Plc (from whom Tanager bought the loans off and whose mortgage calculations were similarly miscalculated) that must be made available to impacted borrowers.

If you accept the reduced monthly mortgage repayment and the reduced arrears amount, then you are in arrears again by the reduced amount stated.
 
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That's what I was thinking, sure nothing would change, I'd still be in arrears. Should I then tell then they have automatically capitalized and therefore there are no arrears?
 
Have you paid the increased monthly repayment since May 2016 and can you continue to meet these repayments ? If the answer is yes, then write into Tanager, through Lapithus, stating that you wish to continue with the recapitalised monthly payments.
 
I haven't been paying full mortgage but recently start working and plan to pay it now. I wonder will this miscalculation have any effect on the court decisions
 
annabanana,

If you start paying your full monthly instalments now and explain to the registrar on the next court date about your confusion over the fact that when interest rates dropped, your monthly repayment went up. I doubt he/she will progress the matter to the Judges list. You should however contact Tanager and try and get a deal to resolve the arrears issue. If you can show the court that you have attempted this, this will also be to your advantage with regards to any possession proceedings.
 
Hi IdesofMarch
thank you for your response. Any idea of what deal they might do? I heard the Rolf Kane case is back in High Court next Friday and all Tanager cases are being adjourned until its solved. Great news if it's true.
 
Should we just accept that there was a 'miscalculation' with Tanager or is there something we should be doing about this?
 
They are not happy with mortgage repayment now hassling for arrears to be cleared I can't win. I believe they just want my house end of story.
 
Hey guys hope ye are all staying strong and keeping up the fight. I have been speaking to a solicitor this week, he firmly believes that tanager are completely listless and clueless and are walking themselves into some awful predicaments!. Hard to believe that a multi million euro operation would be so badly run. Also on the court front, a registrar just last week recommended a tanager customer to engage a solicitor against tanager, seems they are not having everything their own way!!!!@
 
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