Missed Mortgage

Snookered

Hi Everyone,
First post so please be gentle and forgive me if I babble on a bit

Myself and my partner have had our mortgage for almost 3 years now
This month is the first month the mortgage payment D/D has bounced back due to insufficient funds in my account.
I had my month’s budget worked out, but my bank took an amount from my account in Bank Fees and Interest Charges - which I was not aware off and was not expecting it.
Funds are tight this month so am unable to put the fees back into the account.

Anyway, because of this - my the months mortgage bounced and did not go through
And I was hit with a €12 fee for missing a D/D

Just wondering what way do the banks approach this now?
Baring in mind this is the first time it has happened
So, as this is now an arrear, will the bank start demanding this straight away or can I pay part of the arrear off over the next 2-3 months on top of my usual payments?

Any advice is much appreciated
Thanks

irishgrover

sorry, correct me if I am wrong, but don't you still have the funds to pay the mortgage repayment, it's just you are 12 euro short?

Snookered

Sorry irishgrover no - my fault -
No I got hit with the €12 fee for missing the Mortgage payment.
The bank had taken approx €80 in fee's and interest prior to this and this is what screwed up my budget for the month..hence missing the payment.

So was wondering what will the bank do if anything as it is the first month.
Cheers

engrish?

Snookered wrote: »

Sorry irishgrover no - my fault -
No I got hit with the €12 fee for missing the Mortgage payment.
The bank had taken approx €80 in fee's and interest prior to this and this is what screwed up my budget for the month..hence missing the payment.

So was wondering what will the bank do if anything as it is the first month.
Cheers

From my understanding.....

1) You need to contact them immediately, by phone AND in writing explaining what happened

2) You need to borrow or steal to make the payment

If you dont, your borrowing potential for anything is f*cked for 5 years. I hate to be harsh but this is as serious as it sounds, your credit for small loans to big loans will be wrecked for 5 years.

Hope it works out for you.

irishgrover

Hi, yes I would agree that you contact the bank immediately. Explain to them that you had not accounted for the fees etc. At a minimum I would request that they immediately transfer whatever payment you can get directly into your mortgage account.
but absolutely give them a call to discuss asap

Snookered

Thanks for the replies guys

I'll send a letter off to them this evening and let them know
hopefully they won't be too harsh -
that fact than I can still offer around 90% of the mortgage payment

Thanks Again

engrish?

Snookered wrote: »

Thanks for the replies guys

I'll send a letter off to them this evening and let them know
hopefully they won't be too harsh -
that fact than I can still offer around 90% of the mortgage payment

Thanks Again

Phone too!

havana

First thing i would do is ring them and then go into your branch and pay your payment minus the €92 before it gets spent!

I know with loan payments i've had in the past they often take money from your account before its actually due which gives you some leeway in situations like this

Snookered

Thanks for the replies & help guys n' gals
Just a quick update
I spoke with my bank and informerd them what happened and that I could make most of the payment - they seem to be ok with the fact I can make a bulk of the mortgage payment and leave only a small amount in arrears to clear off with the next few payments.

Thanks for your advice again
(To the Mod's - I'd say this thread can be closed now if needs be, cheers)

Toots

Snookered wrote: »

Thanks for the replies & help guys n' gals
Just a quick update
I spoke with my bank and informerd them what happened and that I could make most of the payment - they seem to be ok with the fact I can make a bulk of the mortgage payment and leave only a small amount in arrears to clear off with the next few payments.

Thanks for your advice again
(To the Mod's - I'd say this thread can be closed now if needs be, cheers)

Glad to see you got it sorted out!