Want to settle with Tanager

O

Oscar Delta

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Hi , my father wants to settle with Tanager for the family home , current arrears is 500k (its worth about 450k) what kind of offer are they likely to accept ? I presume its in their interest to settle rather than having nothing coming in ? I don't think its easy for them to reprocess the house as its a family home not rental, he has offered to pay interest only but they aren't interested. Ideally I'd like to buy the house

Thanks
 
Tanager ,
Having bought the book for (I presume) a steep discount Tanager will have factored in what they need to make a profit on good with bad cases.
I see them having little appetite to give a large discount on house k450 owing k500.
There are other good posts on accessing the Mortgage Arrears Resolution Process.So suggest get onto Tanager and get on that process.
Once on the MARP process ,which will give you some protection you can review your options.
I find it strange they arn,t interested in interest only?
Would strongly suggest give them interest for if you give nothing you will end up in Repo pot quicklyl.

Also ask for full documentation on your Mortgage , full statements etc to really review what you have signed into.
 
thanks Gerry
 
Have Tanager increase the mortgage interest rate on your Fathers mortgage because he is in arrears since they have bought the loan, this is important, because if they have, they have changed the terms and conditions of your Fathers mortgage. BOS could not have done this, but if tanager have, as they are an unregulated vulture fund, you might have an ace up your sleeve. Look up statutory instrument 27/1995, in particular, schedule 3(p).
 
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Thanks Fin I'll check this out , he offered them a settlement and they refused the amount, the only option they gave him was to hand the keys back and they would handle the sell , there was no interest only option on the table .. my original post said the house was probably worth 450k but the more I look at the local market the realistic figure is 350k-380k ... Tanager have looked at the loan and age of my father and come up with the assumption that this will never be paid off and want a quick win ..
 
I can talk to you in private in the correspondence section which is on the top tight where your name oscar delta is located.
 
that would be great Fin, can you me the first message ? I cant see were to start a new conversation , BTW they haven't adjusted the interest rate
 
also the latest letter said that

"Regrettably, we are unable to offer an alternative repayment arrangement, the reason for the decision is as follows
-There is no affordability to make full monthly repayments and therefore mortgage is unsustainable "

"you are now outside the Mortgage arrears resolution process and your account no longer benefits from the protection of the MARP"
 
Your Father never had the protection of the MARP in the first instance as Tanager is an unregulated entity, they do have their own version of the marp process, that is all. Therefore their empty comment above can be challenged in court as you never had the protection of the Central Bank's MARP in the first place.
 
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Fin.
I understood that entities like Tanager have agreed to take the MARP process and the requirements therein.
Having said customer is outside of Marp protection locks Tanager into it.

Tanager says Mortgage is unsustainable due to non affordability to make full monthly repayments!
That seems well challengeable .
eg if 10 years left stretch to 12.
eg If he could repay more in two years time eg finishing off car loan.

In any event strongly suggest he requests .
Subject Access Request as per his right.
Means he will then have all he signed/agreed etc.It seems Bos documentation was not always good enough to enforce Repo and may give him some hand to negotiate.
 
Tanager Ltd only agreed to comply with the CCMA, not the Central Banks MARP, they have their own version of the MARP, so their statement alluded to above is open to legal argument. I believe oscar Delta may be going to challenge them in court.
 
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