Negotiating with the bank

Whispered

Following a change in circumstances, we have fallen into some arrears on our mortgage. We have lost some of our trs as a result and our mortgage had gone up by 300 per month.

We contacted the bank with a view to sorting this and what they have offered is of absolutely no benefit to us. It is in fact putting us in a position where our arrears will not be clear (thus not getting the trs back) and payments will go up in a year, but they can't tell us by how much. This will not be sustainable for us. It makes no sense to put us into a worse financial position.

However I don't know how to approach the bank. I rang to clarify what the offer was as it seemed to make no sense and the girl on the phone was of very little help. We have 20 days to accept or decline but she couldn't tell me what would happen if we declined it. She did say to send an appeal letter, but I'm unsure what to say in it, counter offer maybe?

We can't afford to hire a financial consultant.

Does anybody have any advice?

wmpdd3

I know you feel you cannot afford financial help, but I feel the bank know this.

if you can at all get financial help, even just call a few places and get quotes for financial advisors.

a good deal here could save you much more over the life of the mortgage.

iguana

Have you contacted Mabs? I know they can have long waiting lists but it would be worth trying them first off.

Taxburden carrier

Mabs will not have the knowledge level for this. If you do not sign the agreement you will be deemed "non cooperating". You really must get a good financial advisor to help you and quickly.

Whispered

Thanks. We will get a few quotes from financial advisors then. If anybody has any recommendations, we are in Kildare/Dublin.

hfallada

Firstly a bank will tell you whatever they want over the phone. I know people who were told to sell their houses over the phone and take out another mortgage to repay the difference in debt. The person asked the back employee to put it in writing and they refused


Ask for a meeting in the bank. Bring a standard financial statement and what you can pay per month. But make sure you include enough to live on. Make you can argue your figures. Like health insurance is non negotiable etc. The bank can't evict if you follow marp. But you have to follow it.

There is hundreds of thousands of people in your situation. But as the bank is concerned. Your another file number. You have to meet them and find a solution that's good for you and not just them.

Taxburden carrier

The person on the phone is working in a call centre is working from a script and most likely has limited knowledge. If you can, get to your branch and arrange to speak to an arrears specialist straight away. Let them know that you getting independent financial advice, will be back to them as quickly as possible and to have this noted on their files. If you are deemed non cooperating you may no longer have the protection of the mortgage arrears code .

Calibos

We're in a similar situation. Well, my parents are. Basically they are saying we can well afford to pay the mortgage because all other bills are reasonably up to date. (Mortgage should have first dibs on available funds and all that...) The bills are up to date because we 'children' are paying them. Can't have the parentals freeze. The revenue and suppliers of the family business are reasonably is up to date because if not the business can't function, goes bust and no one gets any money including the bank.

Honestly, with algorithms making all the decisions now with little human input theres a whole lot of 'cutting off the nose to spite the face' going on.

Taxman: You'll get no tax if you drive us out of bloody business ya eejits
Landlord: If you try and hold on to the upwards only rent clause and countenance no rent reduction, you'll end up tenant-less for god knows how long, finally get a tenant who won't in a million years ever sign an upwards only rent clause again (So you end up losing the upwards only clause anyway) and likely be paying you a lot less than the rent reduction we are asking for who have never been in arrears in the 80 years we've been tenants with you!!
Mortgage Provider: Force us to pay you first means we can't pay the others in a timely manner which means business dies which means income reduced to zero which means you get zero!!

Whether algorithm or person. Stubborness seems the name of the game these days.

Whispered

I just had a nice chat with a lovely lady in a financial company who gave me a list of things to do before coming back to them. If the bank plays ball with us we won't need to go back and if they don't the company only charges if they negotiate with the bank on your behalf. They were very helpful and it's wonderful to get some clear advice and reassurances.

Thanks for the advice to call someone. It really helped.