Threatening Letter from BOS

Diamondmaker

Hi

I am resident in Australia and have our PPR rented out and registered with PRTB and all the required boxes ticked.

We have had this mortgage for 8 years now and had 100k in cash at the time of purchase.

Our tenant missed rent and we have fallen behind in our mortgage dated 18/1/12, we have received a letter threatening legal action, repossession, solicitors fees, further fees, repossession and being left with the balance of debt if not fully disposed on any repossession sale.

My wife read the letter and the tone scared her to tears.

This is the 1st time we have gone into arrears on this property in the 8 year life time.

The value of arrears is e341.31 !!!

I find this treatment utterly disgusting and over the top, we must be one of the best clients of BOS with regard to servicing the loan prudently and this is extremely disgusting customer relations.

I am the client here, where do they get off with this sort of attitude !!?!

Can anyone advise maybe at least some out let for my rage ?!

thanks

Paulw

Diamondmaker wrote: »

The value of arrears is e341.31 !!!

I am the client here, where do they get off with this sort of attitude !!?!

Can anyone advise maybe at least some out let for my rage ?!

Banks will chase people over an even smaller amount. You missed the payment and they have acted. It's most likely an automated letter/system that was generated.

Just pay what you owe and they will stop. It's hard times for everyone, but the banks need to chase down every cent and they act promptly.

I can understand your frustration and annoyance.

gigino

Diamondmaker wrote: »

Hi

I am resident in Australia and have our PPR rented out and registered with PRTB and all the required boxes ticked.

We have had this mortgage for 8 years now and had 100k in cash at the time of purchase.

Our tenant missed rent and we have fallen behind in our mortgage dated 18/1/12, we have received a letter threatening legal action, repossession, solicitors fees, further fees, repossession and being left with the balance of debt if not fully disposed on any repossession sale.

My wife read the letter and the tone scared her to tears.

This is the 1st time we have gone into arrears on this property in the 8 year life time.

The value of arrears is e341.31 !!!

I find this treatment utterly disgusting and over the top, we must be one of the best clients of BOS with regard to servicing the loan prudently and this is extremely disgusting customer relations.

I am the client here, where do they get off with this sort of attitude !!?!

Can anyone advise maybe at least some out let for my rage ?!

thanks

I'm just wondering if you miss further payments could the bank take you off a variable rate mortgage ( assuming you are on one e.g. euroibar plus 1% ) and put you on a more expensive rate ? I doubt it but just wondering....something to think about ?
Its a pity the bank upset your wife. After the way they wrecked the economy, given themselves big pay + bonuses while swallowing up pensioners savings ( in bank shares), any respect I ever had for the banking "profession" has evaporated. The lowest of the low. If any of my children told me they were going to be a banker I would disown them.

Paulw

gigino wrote: »

I'm just wondering if you miss further payments could the bank take you off a variable rate mortgage ( assuming you are on one e.g. euroibar plus 1% ) and put you on a more expensive rate ? I doubt it but just wondering....something to think about ?

After the way they wrecked the economy

I doubt they can change the terms of your mortgage, but they can bring procedings against you for the failure to pay.

As for banks wrecking the economy, I blame the people who borrowed stupidly, and not just the banks for lending. People need to take responsibility for their own actions. And just as a point, I do not, nor never have, worked for any bank nor do any of my family.

seamus

Diamondmaker wrote: »

we must be one of the best clients of BOS with regard to servicing the loan prudently and this is extremely disgusting customer relations.

You're hardly one of their best clients if you're in arrears.

I am the client here, where do they get off with this sort of attitude !!?!

You're a debtor, you owe them money. When you stop paying it, they come knocking.

I'm not trying to offend you, just pointing out the facts.

As Paulw says, this is an automated letter which is sent out when you fall behind in your repayments. It's the same letter sent out to anyone whether they're €10 or €10,000 behind on a repayment. Don't take it so personally.

When you catch up again, you won't receive these letters again.

I understand that it annoys you to receive such a strongly-worded letter, but as I say, don't take it personally. Nobody sat down to write you this letter with intention of being mean.

amdublin

To be fair to them you made an agreement that you would pay them every month. That your tenant didn't pay you is not their concern.

Catch up on your payment and pay on time every month and you won't get letters from them.

Slydice

BOS have pulled out of Ireland and are losing a tonne of money on its past Irish business. They're probably one of the bigger contributors to the distressed auctions that have been happening. They ain't owned by us and probably can ignore the government if it askes them to behave better to borrowers

So, if you wanna keep the house, I think it'd be a good idea for you to cover the repayments. Otherwise maybe think about selling the place as soon as you can and hopefully clear your mortgage with the proceeds.

SillyMcCarthy

I think that it's a standard letter that's sent out.
Don't worry too much about it!

odds_on

Get up to date quickly, and make sure that whoever is your agent over here, that they are on the ball for the next payment to be on time.

Sorry to say but maybe your tenant is feeling the pinch here - or it may have been a genuine error on his part this time.

However, as I said, get up to date quickly, because, if you haven't already advised them that you are renting the place out, and they find that you are, you might find yourself paying a buy-to-rent mortgage which has a much higher interest rate.

Solair

odds_on wrote: »

However, as I said, get up to date quickly, because, if you haven't already advised them that you are renting the place out, and they find that you are, you might find yourself paying a buy-to-rent mortgage which has a much higher interest rate.

Buy-to-let mortgages were specifically for people who wanted to speculate on property. They will not push you onto a different product just because you're renting what was your primary home.

You could however be pushed onto a standard variable rate mortgage if you miss payments as technically speaking it's a breech of contract to fail to pay on time.