mars capital. restructuring arrears capitalisation

irelandhouse

we have a previously with EBS sold to Mars mortgage that was in significant arrears +40k overall. due to large change in circumstance.

200k house with 220k mortgage! inc arreas with 30 yr to go

we have had an arrangement that is coming to an end for payments that we have been able to keep.l

our circumstances stabilized and affording repayments 1.6k p/m for the mortgage and told this will remain the same when recapitalisation occurs.

this arrangement with them for the 6 months is due to be recapitalised at the end of next month. would there ever be an opportunity for write down of arrears or such that might be entertained? any advice appreciated.

Henry Ford III

I suggest you talk to a P.I.P.

It probably won't be free I expect.

irelandhouse

thanks Henry. we had previously and they advised given this is our only debt looking to other arrangements would not be best...i.e. in terms of bankrupt etc

i will reach out with regards reviewing with mars on any advice

tornadoofsouls

I assume they put you on a repayment for 6 months of what the ongoing payment will be after the recap of the arrears. Test of affordability and commitment before recapping. Standard restructure under MARP. Good outcome on 40k arrears too. Cost of credit will increase but that should be in the restructure documents once you receive them. They will never do a write down on arrears as this restructure is deemed affordable.

Geuze

I suggest you post your query on AAM, in the relevant forum. There are good mortgage people on there.