Don't Pay Your Mortgage for a Month Campaign

YoungAndBroke

I want to float an idea. What would happen if everyone (or a high percentage) of mortgage holders in Ireland did not pay their mortgage for one month? Would this affect the banks in anyway? The cost of mortgage repayments have risen by over 24% in the 12 months to end of August without any increase in the ECB base rate. Mortgage holders are being squeezed as a soft target and nobody is listening. And nobody will listen unless we stand up and do something. The only way to make ourselves heard is to hit them in the pocket like they're hitting us

Joey the lips

Mortage holders on veriable are being squeezed because

1. A HIGH preportion of trackers.

2. A high preportion of fixed

3. Banks are not lending.

So the only way for them to get money is to raise the veriable rate...

If you want to cause that to rise more then yes make the whole country withold its mortages for a month.;

dunsandin

You're too late, someone else started this campaign a while back and its proved very popular, thousands have joined up and many have liked it so much they have carried it on for months. What was the name of that guy who started it again..... oh yeah, fitzpatrick, I think.

Jesus Wept

What?

Gumbo

YoungAndBroke wrote: »

I want to float an idea. What would happen if everyone (or a high percentage) of mortgage holders in Ireland did not pay their mortgage for one month? Would this affect the banks in anyway? The cost of mortgage repayments have risen by over 24% in the 12 months to end of August without any increase in the ECB base rate. Mortgage holders are being squeezed as a soft target and nobody is listening. And nobody will listen unless we stand up and do something. The only way to make ourselves heard is to hit them in the pocket like they're hitting us

but the banks just pass on the penalties to the mortgage holders.
i missed a payment 2 months ago, and AIB charged me for not having enough in the account to cover a direct debit, the Bank Of Scotland charged me for not having funds available for my payment.

all in all i was 50e worse off as my wages cleared the very next day!

sure your current account wont care, they get their little penalty fee and the mortgage account will simply add the missed payment onto the loan/term.

michael999999

try this and see how long it is before your in court.us minnions dont get away with owing money.

View

YoungAndBroke wrote: »

I want to float an idea. What would happen if everyone (or a high percentage) of mortgage holders in Ireland did not pay their mortgage for one month? Would this affect the banks in anyway? The cost of mortgage repayments have risen by over 24% in the 12 months to end of August without any increase in the ECB base rate. Mortgage holders are being squeezed as a soft target and nobody is listening. And nobody will listen unless we stand up and do something. The only way to make ourselves heard is to hit them in the pocket like they're hitting us

Banks would raise the mortgage interest rates they charge to cover any loss they incurred. The mortgage holder would end up paying even more interest to the bank.

zuroph

YoungAndBroke wrote: »

I want to float an idea. What would happen if everyone (or a high percentage) of mortgage holders in Ireland did not pay their mortgage for one month? Would this affect the banks in anyway? The cost of mortgage repayments have risen by over 24% in the 12 months to end of August without any increase in the ECB base rate. Mortgage holders are being squeezed as a soft target and nobody is listening. And nobody will listen unless we stand up and do something. The only way to make ourselves heard is to hit them in the pocket like they're hitting us

Have you a mortgage?

YoungAndBroke

lads and lassies, you are all very cynical. I'd like to say the following in retort

1. They're probably going to raise their rates anyway

2. If we all work together, maybe we can get someone to listen. Currently, we're getting shafted and that's not going to change unless we kick back. They can't bring us all to court

YoungAndBroke

Yes, I owe KBC 210k and my house has recently been valued at 160k, bought it for 234k in 2006. Makes me feel great when I think about it

Joey the lips

Joey the lips wrote: »

Mortage holders on veriable are being squeezed because



2. A high preportion of fixed

;

Most folk on fixed rate mortgages are worse off then folks on standard variable rates I would think.

fontanalis

YoungAndBroke wrote: »

lads and lassies, you are all very cynical. I'd like to say the following in retort

1. They're probably going to raise their rates anyway

2. If we all work together, maybe we can get someone to listen. Currently, we're getting shafted and that's not going to change unless we kick back. They can't bring us all to court

You didn't read the variable bit when signing or you think you shouldn't pay it back?

dunsandin

The-Rigger wrote: »

What?

In case you missed it, very few developers are paying back their loans, and thousands of households are unable to meet their mortgage payments. I doubt any of those feel they are holding a worthwhile protest, most just see it as sinking further into the miserable mire of insurmountable debt. Pretty much, thats "what".

3DataModem

Yeah and rates were 10% plus in the early nineties... So in comparison to those people we are paying feck all.

What rate do you think you SHOULD be paying?

(Bear in mind the government is borrowing at just under 7 per cent at the moment... )

zuroph

YoungAndBroke wrote: »

Yes, I owe KBC 210k and my house has recently been valued at 160k, bought it for 234k in 2006. Makes me feel great when I think about it

why KBC?

when did you start on your mortgage? where abouts is the house?

dunsandin

YoungAndBroke wrote: »

lads and lassies, you are all very cynical. I'd like to say the following in retort

1. They're probably going to raise their rates anyway

2. If we all work together, maybe we can get someone to listen. Currently, we're getting shafted and that's not going to change unless we kick back. They can't bring us all to court

How the feck are you getting shafted? Remember how excited you were when you first got the keys??? Remember how you told everyone it was a great house at a great price??? Remember how relieved and happy you were when the mortgage money finally came through and you could move in and start to put your own stamp on the place???? Remember how worried you were that you would not get that mortgage??? Well nothing has changed. You still dont get wet when it rains at night and still have the same jacks to sit and read the paper on. So man up and pay what you agreed to pay and stop whining about "what its worth" or how you were conned into buying. Nobody had a gun, and you said you would give em back the money, month by month, - they lent, you borrowed, that was the deal, whats changed??

On a lighter note, since when did KFC do mortgages?? The last time I was in there they didnt even do decent Coffee.

P. Breathnach

YoungAndBroke wrote: »

Yes, I owe KBC 210k and my house has recently been valued at 160k, bought it for 234k in 2006. Makes me feel great when I think about it

My house increased greatly in market value since I first moved in (many years ago). That made no great difference to me, because I wasn't interested in moving out. Since the peak, it has fallen back a bit in market value. I'm still here, and not counting losses, just as I didn't count gains.

My attitude may be a bit simplistic, but it works for me: a house is not an investment; it's where one lives.

For Forks Sake

P. Breathnach wrote: »

a house is not an investment; it's where one lives.

this should be quoted repeatedly at every moaning hoore bitching about how much less their house is worth compared to what they paid for it. Negative equity is only a live issue if you're trying to sell the house.

dvpower

For Forks Sake wrote: »

this should be quoted repeatedly at every moaning hoore bitching about how much less their house is worth compared to what they paid for it. Negative equity is only a live issue if you're trying to sell the house.

... or borrow against it to buy a new car / holiday / place in Spain :eek:

Zynks

dunsandin wrote: »

...So man up and pay what you agreed to pay and stop whining about "what its worth" or how you were conned into buying. Nobody had a gun, and you said you would give em back the money, month by month, - they lent, you borrowed, that was the deal, whats changed??

Your point is a bit righteous....I think the OP didn't have any reason at the time to believe that the banks would be in serious need for a cash injection and that one of their main options would be to unilaterally raise rates knowing that they won't loose their customers since many are in negative equity and stuck. Some people might call this an abusive practice, and rightly so.

You may argue that the cost of money is higher for the banks, but that is mainly due to their own incompetence.

dunsandin wrote: »

On a lighter note, since when did KFC do mortgages?? The last time I was in there they didnt even do decent Coffee.

You're too late, someone else started this campaign a while back and its proved very popular, thousands have joined up and many have liked it so much they have carried it on for months. What was the name of that guy who started it again..... oh yeah, fitzpatrick, I think.

If I was to be as sensitive as you were above, I would probably suggest you stick to your day job, humour doesn't seem to be your forte.

johnnyskeleton

So everyone doesn't pay their mortgage for a month and:

1) they pay two months mortgage the following month plus interest and charges;

2) they don't repay this lost month and it adds interest and time to the length of their mortgage and destroys their credit rating;

3) they don't pay this month and hope that the banks (i.e. institutions that have no qualms in putting you out on the street and are backed up by all the goverment money they can take) are so scared by this that they let everyone off that mortgage payment for that month and write down a huge chunk of the mortgages while they're at it.

Or, in reality, a few misguided people don't pay for a month. The banks don't notice anything other than a statistical blip for a month 3 months later when they do their report, which they put down to job losses that month or the like. Those who do this who are on trackers or other favourable terms are pounced on and told that because they went into arrears, they no longer keep the tracker.

At the end of the day, it all has to be paid back.

Then again, I'm just jealous because if I organise a "Don't pay your rent for a month" campaign it won't get landlords to drop rents across the board.

dunsandin

Zynks wrote: »

Your point is a bit righteous....I think the OP didn't have any reason at the time to believe that the banks would be in serious need for a cash injection and that one of their main options would be to unilaterally raise rates knowing that they won't loose their customers since many are in negative equity and stuck. Some people might call this an abusive practice, and rightly so.

You may argue that the cost of money is higher for the banks, but that is mainly due to their own incompetence.


If I was to be as sensitive as you were above, I would probably suggest you stick to your day job, humour doesn't seem to be your forte.

I know Zynks, some day I will be as worthy and self important as you. If you paid as much every week to the banks as I do, you would have no hair left, but I signed up,so I pay up - so preach to someone else, try picking a Green or someone like that as a warmer-up.

Zynks

For Forks Sake wrote: »

this should be quoted repeatedly at every moaning hoore bitching about how much less their house is worth compared to what they paid for it. Negative equity is only a live issue if you're trying to sell the house.

In fairness, the OP didn't volunteer the information until he was asked. I don't think there is anything wrong with being frustrated knowing that you could buy your own house today for far less than you paid and that the difference is probably larger than the all money you made in the period since you bought it.

Calling it "moaning hoore bitching" is a bit OTT, is it not?

The_Thing

Fools rushed in where those more sensible feared to tread. And now we are expected to share their pain?

No way - to hell with the fools.

Zynks

dunsandin wrote: »

I know Zynks, some day I will be as worthy and self important as you. If you paid as much every week to the banks as I do, you would have no hair left, but I signed up,so I pay up - so preach to someone else, try picking a Green or someone like that as a warmer-up.

For the bit in red, that is a bit too childish to entertain...

Trust me, I have a big mortgage. I bought in 2003 and have a tracker, so was ok until I lost my job very recently. But that still doesn't make me feel entitled to point fingers at people when they are actually being screwed by the banks - or by the consequences of the bankers' incompetence, if you prefer....

As for signing up/paying up, was there a line in the contract you signed that said something like: "if we become insolvent you hereby agree to fund us through any interest rate increase that we may find appropriate"? If it did, ok, otherwise I wonder at what stage you will start finding that they are going too far.

oscarBravo

A mortgage is a legally-binding contract. I don't see this thread going anywhere useful.