PTSD moved mortgage to vulture fund

sexmag

Hi,

PTSB have moved our mortgage to a vukture fund.

Last yearwe went into arrears by a 1k or 2k,we were still paying just not the full amount for maybe 4 months.

We contacted them and made a payment plan,we had it all paid back by October gone.

We received a letter today saying it's been transferred to START and we are worried.

Can these people increase our mortgage,we are in a variable rate can that be changed?

The info by PTSB wasn't very clear other than the terms stay the same but I've been hearing different things

Thanks for any input as we are extremely worried now as we have been paid up to date since last October

Sheep Shagger

Unfortunately being in a variable rate, they can increase it. Even though you had a small default maybe contact a broker to see if you can refinance to a fixed rate with a mainstream lender? Its worth a phone call.

They are bound by a code of conduct, here's some details here

https://www.google.com/amp/s/www.irishtimes.com/business/personal-finance/what-you-need-to-know-when-a-vulture-buys-your-mortgage-1.2661824%3fmode=amp

sexmag

Sheep Shagger wrote: »

Unfortunately being in a variable rate, they can increase it. Even though you had a small default maybe contact a broker to see if you can refinance to a fixed rate with a mainstream lender? Its worth a phone call.

They are bound by a code of conduct, here's some details here

https://www.google.com/amp/s/www.irishtimes.com/business/personal-finance/what-you-need-to-know-when-a-vulture-buys-your-mortgage-1.2661824%3fmode=amp

Thanks for your reply.

Is it possible we will experience any issues if we keep up our payments? We usually got a letter once a month from tsb about how much our payment was as it changed due to it being variable,now we have no idea how much it currently is or how to find out

Sheep Shagger

sexmag wrote: »

Thanks for your reply.

Is it possible we will experience any issues if we keep up our payments? We usually got a letter once a month from tsb about how much our payment was as it changed due to it being variable,now we have no idea how much it currently is or how to find out

They could increase the rates as long as you are on a variable rate regardless of if you are paying on time etc (the same as any lender). They absolutely have to advise you by law if the rate is going to change.

Did the letter advising you of the change provide a 'customer service' contact point - they should be your first port of call.

It's possibly https://www.start.ie/ContactUs.aspx

sexmag

Sheep Shagger wrote: »

They could increase the rates as long as you are on a variable rate regardless of if you are paying on time etc (the same as any lender). They absolutely have to advise you by law if the rate is going to change.

Did the letter advising you of the change provide a 'customer service' contact point - they should be your first port of call.

It's possibly https://www.start.ie/ContactUs.aspx

Thanks for your help

Will call them tomorrow

hanaimai

sexmag wrote: »

Thanks for your reply.

Is it possible we will experience any issues if we keep up our payments? We usually got a letter once a month from tsb about how much our payment was as it changed due to it being variable,now we have no idea how much it currently is or how to find out

If you keep paying you won't experience any problems. These funds are subject to the exact same rules as lenders - if you fall into arrears again, they'll have to agree a suitable repayment plan, just like PTSB did. Yes they can increase the variable rate, but so could PTSB. So long as you keep up your payments and keep engaging (if you have trouble paying in the future), you'll be fine.