Tracker Mortgage Ulster Bank

conordots1

Hi All,
I am on a tracker mortgage and haven't missed a payment yet. It looks like I will miss my first payment due on Monday as my salary won't be paid on time. I have spoken to the bank and they say they can't do anything at this stage. I will probably have to go interest only on the loan and will have to fill out the forms etc. Can the bank take the tracker off me because I missed this payment without any prior arrangements in place?

tony81

Banks are not allowed to use mortgage arrears as a reason to move you off your tracker. Ideally contact your bank and try to make arrangements like payment holidays and interest only periods before you miss a payment.

http://www.citizensinformation.ie/en/housing/owning_a_home/mortgage_arrears/mortgage_arrears_resolution_process.html

rainbowtrout

conordots1 wrote: »

Hi All,
I am on a tracker mortgage and haven't missed a payment yet. It looks like I will miss my first payment due on Monday as my salary won't be paid on time. I have spoken to the bank and they say they can't do anything at this stage. I will probably have to go interest only on the loan and will have to fill out the forms etc. Can the bank take the tracker off me because I missed this payment without any prior arrangements in place?

Is this a case that you won't make the mortgage payment because your salary will be late or will you be unable to make payments for the foreseeable future?

If it's the former, you can make the payment yourself over the counter, or the bank may apply to your account to take it a few days later. If it's the latter then you will need to talk to the bank.

killers1

Ulster Bank will automatically represent the DD in approx 2 weeks. If it is paid at that stage it will not show up on a Credit Report as a missed repayment.

themoneyguy

Why not just change your repayment date?

jeano8

themoneyguy wrote: »

Why not just change your repayment date?

Hi i have such a problem with ulsterbank i was going to miss a payment on my personal loan last march and was worried so i contacted them they were of no help at all i had never previously missed a payment then they said i could enter into a financial agreement where i could pay a set amount for 6 months and that the interest on the loan would be stopped during this period and that it would affect my credit history for up to 18 months they said the normal repayments would be put back in place after the 6 months so i went ahead as i thought it was my only option i had lost my job and was desperate!! Then the technical incident hit and i got a letter from thembin september 2012 stating that i had defaulted on the loan and had to pay full balance immediately so i contacted them they said due to technical incident my loan account had gone 10c overdrawn they said they would look into it and get back to me well i looked into it myself and they stopped taking the loan repayment in july so i requested a credit history report and basically i am months in arears and now have 0 credit rating they have also been taking hundreds in interest over the last year eventhough the account is in dispute they are now threatening to take me to court i have contacted them on numerous occasions asking them to rectify my credit history and i will begin the monthly repayments but they refuse to do so they have just paid back the couple of hundred they allowed my current account to go overdrawn due to the incident only because i threatend then with the financial ombudsman anyone any ideas??