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Mortgage arears for past 7 years...

  • 17-12-2019 2:10am
    #1
    HelpOnMars
    Registered Users Posts: 11 ✭


    Hello,

    Sorry if posting in wrong forum section.

    We have a mortgage since 2000,for 30 years.
    Missed only one payment since first day.
    Been with INBS,then IBRC and currently provider a reputable vulture fund .

    We entered arrears since around 2010,when lost the permanent position.
    Paid minimum amount and missed only one month.

    Every time we engaged with the provider,been told that we have to get a moratorium of 6 months,make sure we pay every month and after the six months expire we will review and enter an agreement.
    I think we know all of their staff as every time we entered one moratorium at the exit we've been passed to another staff member.
    We even had them called to our house in 2013,passed and signed statements and signatures and all the requested papers.Asked to review our account and reduce the interest that was at some point double of the markets at around 5%. Replied that cannot be changed none,that's the agreement . Every end of the moratorium ended and started with another one... since i think 2011.

    Last August year, we've had enough,told them we will stop paying for good.
    Got verbal and written agreement for another moratorium of 12 months this time.
    Started paying €2,000 a month and then at the end of the 12 months,we got another staff member to deal with us.
    Took a while to get all the statements and then we got a scary letter saying that we refuse to cooperate with them despite talking via emails.
    Couple of weeks later got a letter ,for a long term agreement,one that we've been waited for years. Shock...they capitalized and made some figures. Basically,we have to pay €2,000 per month for over 190 months. Extended our original 30 years mortgage term.
    Not only that,but despite paying 12 months of €2,000 each, the overall figures on the statements from 09/2018 with 2019 were almost identical...like we didn't paid at all the €24,000 ! And the figures from last statement doubles...i think we are paying the mortgage three times.

    Now,not looking for sympathy but i am sure people were in similar situations.
    What options do i have ?
    Thinking in approaching MABS,a broker / financial advise or even go to Financial Ombudsman. There is no way that i am engaging in that long term agreement without some qualified person or institution going through the statements...no way that we paid for so many years and now,we start again !

    Sorry for the long story...thanks


Comments

  • #2
    Car99
    Registered Users, Registered Users 2 Posts: 2,530 ✭✭✭Car99


    HelpOnMars wrote: »


    We have a mortgage since 2000,for 30 years.
    Missed only one payment since first day.
    Been with INBS,then IBRC and currently provider a reputable vulture fund .

    We entered arrears since around 2010,when lost the permanent position.
    Paid minimum amount and missed only one month

    /quote]

    Did the minimum payment cover the interest due every month?


  • #3
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    How much was your mortgage? And did you make capital and interest payments for the first 20 years prior to arrears? 45 years seems an incredibly long time for a mortgage.


  • #4
    Geuze
    Registered Users, Registered Users 2 Posts: 13,590 ✭✭✭✭Geuze


    [PHP][/PHP]
    ANXIOUS wrote: »
    How much was your mortgage? And did you make capital and interest payments for the first 20 years prior to arrears? 45 years seems an incredibly long time for a mortgage.

    Reading the OP - mortgage started in year 2000, arrears started in 2010.


  • #5
    [Deleted User]
    Posts: 17,728 ✭✭✭✭ [Deleted User]


    HelpOnMars wrote: »
    ...............no way that we paid for so many years and now,we start again !
    ........

    It's very likely that what you were paying was not covering the interest.

    HelpOnMars wrote: »
    .........Last August year, we've had enough,told them we will stop paying for good.........

    That wasn't in writing presumably?


  • #6
    Static M.e.
    Registered Users, Registered Users 2 Posts: 3,088 ✭✭✭Static M.e.


    HelpOnMars wrote: »

    Thinking in approaching MABS,a broker / financial advise or even go to Financial Ombudsman. There is no way that i am engaging in that long term agreement without some qualified person or institution going through the statements...no way that we paid for so many years and now,we start again !

    Sorry for the long story...thanks

    As I have said this twice in the last two days, I'll add a note that I while I do not work for MABS I work with them a lot so I am aware of the services they offer.

    On saying that, take a look at the Abhaile scheme that MABS along with a lot of other professionals run. It is funded entirely by the Government and it enables you to get Free advice from an Accountant, a Personal Insolvency Practitioner and legal Aid (Section 115A) if needed. Honestly, I do not think there is any other service that they could provide to help you get professional advice. If you go to MABS then they will assess your situation, review your documents and then either push you to a PIP or work with you themselves. They will tell you exactly what you situation is and they will be able to negotiate with the bank or fund on your behalf. At they very least you will know exactly what your rights and entitlements are. You will know what you are required to do and what the banks or funds are required to do..


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  • #7
    Salary Negotiator
    Closed Accounts Posts: 1,148 ✭✭✭Salary Negotiator


    You need to keep engaging with the bank but you need an advocate, speak with MABS and see what help and support they can offer you.

    Not being smart, and not trying to kick you when you're down but from reading your post it's clear that you didn't fully understand the implication of the moratoriums/agreements.


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