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Irish Mortgage Corp. "a deal with the devil".

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    #182
    donalg1
    Closed Accounts Posts: 3,513 ✭✭✭donalg1


    lastlaugh wrote: »
    donalg1 wrote: »
    Now your getting it

    Oh I'm gettin it now.

    You be Trollin Yo!

    Only a troll would post that.


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    #183
    My_left_leg
    Banned (with Prison Access) Posts: 160 ✭✭My_left_leg


    in seeking to judge this unfortunate couple, please bear in mind that the commission the IRISH MORTGAGE CORPORATION would have made by placing such a large loan with a subprime lender would have been insanely generous.

    then there's the add-ons like life assurance, endowment plans, critical illness cover, house insurance, pension planning ..................... all of which attract highly lucrative commissions:(


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    #184
    foxyboxer
    Closed Accounts Posts: 3,528 ✭✭✭foxyboxer


    Browsed the Daily Mail yesterday (forgive me, I was in a pub and didn't buy it :o) and they had a little side story about a 42 year old sparky who bought a 5 bed for €402,000 in 2007 with Start Mortgages.Financed it through a mortgage of €315,000 and his life savings.

    Now the house is only worth €220,000 or thereabouts and as his business dried up he can't pay back the mortgage. Fair enough.

    But he came out with one line which beggared belief.

    "I'm not interested in debt forgiveness, I've always paid my way, I'm interested in debt writeoff because I shouldn't have been given the mortgage in the first place."

    Stunning.


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    #185
    Monty Burnz
    Closed Accounts Posts: 12,455 ✭✭✭✭Monty Burnz


    foxyboxer wrote: »
    "I'm not interested in debt forgiveness, I've always paid my way, I'm interested in debt writeoff because I shouldn't have been given the mortgage in the first place."

    Stunning.
    This is what you are up against. Can you imagine how outraged he would have been in 2007 if Start Mortgages told him that he was stupid to get a loan from them?


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    #186
    donalg1
    Closed Accounts Posts: 3,513 ✭✭✭donalg1


    There is another forum going about debt forgiveness and one poster sarcastically said it all really, they said that next time there is a period of prosperity in Ireland we should all borrow exhorbitant amounts and live like kings for a few years then when it goes wrong for us we can walk away laughing saying sure you gave me the money I knew I could never afford to pay it back so its all your fault hahahahaha.

    He has a point too obviously borrowing money from the banks is like being given free money if you never have to pay it back and there are no consequences for not paying it back, I know I will borrow millions if the good times come around again and go live on a yacht in the south of france for a few years and then come back here and ask the government to support me for the rest of my life.


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    #187
    lastlaugh
    Closed Accounts Posts: 1,382 ✭✭✭lastlaugh


    donalg1 wrote: »
    There is another forum going about debt forgiveness and one poster sarcastically said it all really, they said that next time there is a period of prosperity in Ireland we should all borrow exhorbitant amounts and live like kings for a few years then when it goes wrong for us we can walk away laughing saying sure you gave me the money I knew I could never afford to pay it back so its all your fault hahahahaha.

    Hopefully there will be proper measures in place that will prevent such wreckless borrowing.
    donalg1 wrote: »
    He has a point too obviously borrowing money from the banks is like being given free money if you never have to pay it back and there are no consequences for not paying it back, I know I will borrow millions if the good times come around again and go live on a yacht in the south of france for a few years and then come back here and ask the government to support me for the rest of my life.

    Being slightly hypocritical there?


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    #188
    Monty Burnz
    Closed Accounts Posts: 12,455 ✭✭✭✭Monty Burnz


    lastlaugh wrote: »
    Being slightly hypocritical there?

    I would characterise it as 'learning from experience'. It seems the wise will be punished and the fools rewarded. Next time, you will be wise to be a fool.


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    #189
    lastlaugh
    Closed Accounts Posts: 1,382 ✭✭✭lastlaugh


    Monty Burnz wrote: »
    I would characterise it as 'learning from experience'. It seems the wise will be punished and the fools rewarded. Next time, you will be wise to be a fool.

    I will never borrow more than I can afford to repay.

    By that logic, I will be a fool, but I'll be a happy one!


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    #190
    Monty Burnz
    Closed Accounts Posts: 12,455 ✭✭✭✭Monty Burnz


    lastlaugh wrote: »
    I will never borrow more than I can afford to repay.

    By that logic, I will be a fool, but I'll be a happy one!

    You'll be happy until some clown expects you to pay huge taxes to pay off the money that they blew...then you'll be a very annoyed fool. :)


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    #191
    donalg1
    Closed Accounts Posts: 3,513 ✭✭✭donalg1


    lastlaugh wrote: »
    Hopefully there will be proper measures in place that will prevent such wreckless borrowing.



    Being slightly hypocritical there?[/QUOTE]

    Being slightly sarcastic there. It's called tongue in cheek, basically saying why would i not borrow recklessly when everyone that did it this time has lived like a king then walked away then got away with it then supported by the government, I mean why wouldnt people do it?


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    #192
    lilylola
    Closed Accounts Posts: 1 ✭lilylola


    Raskolnikov wrote: »
    If a junkie comes to your door off his rocker on drugs, and asks you a few hundred quid; would you hand it over to him? Of course not. It is after all your money, and you are liable to lose it, if you lend it to people who won't/can't pay it back. What happened here is no different. A bank (Stepstone Mortgages aka IIB aka KBC Bank), gave a loan to a man and woman, even though they knew they were on welfare, knew they were already heavily in arrears and that the rate was so punitive, they borrowers would never be able to pay it back. It seems pretty clear to me that this is the banks problem.

    KBC Bank bought IIB Bank years ago but the bank does not own Stepstone Mortgages. Stepstone is an independent sub prime lender.


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    #193
    Snakeblood
    Registered Users Posts: 4,466 ✭✭✭Snakeblood


    dj jarvis wrote: »
    so the children should suffer the failings of the parents ?
    because that is what your are saying should happen , she has as much right to social housing as any other widower with 3 children - irregardless of her previous financial calamity
    its a sign of our humanity to help her

    you never made a mistake in your life ? have some compassion
    after all its only money

    I was listening to the interview. Her kids are 23 and 25, I think, that she spoke about.


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    #194
    My_left_leg
    Banned (with Prison Access) Posts: 160 ✭✭My_left_leg


    well done.

    were Irish Mortgage corporation involved?:(


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    #195
    My_left_leg
    Banned (with Prison Access) Posts: 160 ✭✭My_left_leg


    parasites these brokers.
    i dunno how they can live with themselves.:mad:


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    #196
    Killer Pigeon
    Closed Accounts Posts: 5,132 ✭✭✭Killer Pigeon


    What? The Central Bank is only realising this now?


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    #197
    gigino
    Closed Accounts Posts: 2,350 ✭✭✭gigino


    dj jarvis wrote: »
    but reputable company's DO check applications

    when i got mine they contacted my employer 3 times to discuss documents i had surrendered - i would imagine the also contact revenue to check p60's - they also have your bank details and they can check these at will , did they not think of doing a 6.50 euro credit check on this guy ? ring the dept of welfare and see was he on the books ?

    sure he most likely lied at some point - but the lenders have to expect that some people are going to lie and have checks and balances to prevent it

    basic stuff really
    Correct. Reputable company's DO check applications. In the case of a mortgage broker / financial institution being careless and lending someone money without due diligence, then its only fair the financial institution takes some of the loss if things turn bad. The bank got greedy and careless, made a clear mistake and should pay. I do not think there should be widespread debt forgiveness, but the financial institution did make a clear mistake in saddling someone with a loan they were clearly never going to be able to repay, even in the good times.


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    #198
    lastlaugh
    Closed Accounts Posts: 1,382 ✭✭✭lastlaugh


    Why is this thread being awoken now?


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    #199
    barakus
    Closed Accounts Posts: 399 ✭✭barakus


    foxyboxer wrote: »
    On social welfare whilst operating a fruit and veg stall?

    Yeah buddy. Thought I was the only one


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    #200
    gigino
    Closed Accounts Posts: 2,350 ✭✭✭gigino


    Any sensible bank would not lend such a large amount of money to someone on " social welfare whilst operating a fruit and veg stall", then or now. Looks like someone in the bank in question made a big mistake....maybe to lend as much as possible in the short term selfish interests of getting a bonus ? Anyway, that sort of practice f****ed up both the banks + the country. Someone in the bank, or the bank itself, should take some pain.


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