Ulster Bank sold agri loan

notsobusy

Ulster Bank sold our agri loan and we had a meeting with the purchasers today to discuss the terms. Anyway they told us today that they want the full amount within the year.

Has anyone else been in the same position and hd any success with going to aib or bank of ireland to get the full amount of the loan. We can pay it back and had been paying it.

The part time boy

If you did not brake the agreement with Ulster bank (ie pay on agreed dates ) it seems wrong to me that they can brake the agreement (loan) and look for full payment

GrasstoMilk

notsobusy wrote: »

Ulster Bank sold our agri loan and we had a meeting with the purchasers today to discuss the terms. Anyway they told us today that they want the full amount within the year.

Has anyone else been in the same position and hd any success with going to aib or bank of ireland to get the full amount of the loan. We can pay it back and had been paying it.

Vulture fund? What's there names if you don't mind saying?

notsobusy

The part time boy wrote: »

If you did not brake the agreement with Ulster bank (ie pay on agreed dates ) it seems wrong to me that they can brake the agreement (loan) and look for full payment

Ulster bank sold it to a 3rd party and they are looking for it. I think they were well within their rights too sell it. I don't think we had any choice in the matter.

rangler1

The part time boy wrote: »

If you did not brake the agreement with Ulster bank (ie pay on agreed dates ) it seems wrong to me that they can brake the agreement (loan) and look for full payment

Probably paid less than 40% for the loan....be some return if it was paid that quick

The part time boy

What stopping a bank selling a tracker mortgage and saving lots ££££ and then the new owners change the conditions.

Probably a moot point anyway I sure they not have sold it if they could legal have .

notsobusy

rangler1 wrote: »

Probably paid less than 40% for the loan....be some return if it was paid that quick

We reckoned that too. She kept saying that the quicker it was paid the better discount they could give us.......

Mooooo

No harm getting on to the financial regulater or central bank see what your hand is

rangler1

The part time boy wrote: »

What stopping a bank selling a tracker mortgage and saving lots ££££ and then the new owners change the conditions.

Probably a moot point anyway I sure they not have sold it if they could legal have .

There's a good few in the same mess

notsobusy

Mooooo wrote: »

No harm getting on to the financial regulater or central bank see what your hand is

Thanks. We are not sure how to proceed and who to talk to

Bigus

The part time boy wrote: »

What stopping a bank selling a tracker mortgage and saving lots ???? and then the new owners change the conditions.

Probably a moot point anyway I sure they not have sold it if they could legal have .

Unlike commercial loans trackers don't have a call in clause .
Most commercial loans are short term, but used to be extended by the banks at set terms .

Mooooo

notsobusy wrote: »

Thanks. We are not sure how to proceed and who to talk to

I guess if you have a good accountant they should know the ins and outs of it and perhaps who to get on to. Could lowball the crowd that bought it and see how they react and if you could finance it off another bank it could be a win for you assuming it doesn't affect your credit history.

rangler1

Might be worth a try.
IFA
Credit Service 1890 924 853
Legal advice Helpline 1890 252 596

notsobusy

rangler1 wrote: »

Might be worth a try.
IFA
Credit Service 1890 924 853
Legal advice Helpline 1890 252 596

You're a star thank you

jimmy G M

What part of the country are you in op? Theres a chap in Ballinasloe Matt Carey does a bit of that debt resolution etc. You be able to google him for a number. Might be worth a call?

whelan2

notsobusy wrote: »

Ulster Bank sold our agri loan and we had a meeting with the purchasers today to discuss the terms. Anyway they told us today that they want the full amount within the year.

Has anyone else been in the same position and hd any success with going to aib or bank of ireland to get the full amount of the loan. We can pay it back and had been paying it.

How long was left on the loan. I have loans will Ulster and this would worry me.

dricko_lim

Until recently I worked for a debt management firm (emigrated) and this was a typical case. Contact one of these, list is third last drop down menu ( won't say my old one here) http://registers.centralbank.ie/DownloadsPage.aspx

trust me it'll be worth your while so you are not screwed. Plenty of potently for a write down and new bank finance If your business is in order. These firms can handle all this for a fee but is worth it. PM me if you want.

Bandana boy

I would imagine you must have been in default of the initial loan for this to have occurred.

blue5000

Bandana boy wrote: »

I would imagine you must have been in default of the initial loan for this to have occurred.

Not necessarily. Could you offer them 33-40% of what's left to clear and see what happens? I have heard of deals being done when Acc went out of the market. But haven't heard of anything recently. Check your credit rating too. Be careful re-financing it, there's lots of sharks around that would make a vulture look like a hen.

lakill Farm

blue5000 wrote: »

Not necessarily. Could you offer them 33-40% of what's left to clear and see what happens? I have heard of deals being done when Acc went out of the market. But haven't heard of anything recently. Check your credit rating too. Be careful re-financing it, there's lots of sharks around that would make a vulture look like a hen.

Danse were the same 25% discount, sure if you call up about HP/Lease you will normally get a settlement figure of 10/15%

The OP your terms should be the same as Ulster Bank. once you haven't broken your terms, ie late payment etc. If you haven't I would look for the senior manager, and then in writing tell that person what the terms of the loan are. more of less tell them to go and feck themselves but in a nice manner. the more awkward you are at them the less they will annoy you.

fill in a freedom of info form and €6.25 and drop it into your friendly Ulster bank manager and tell them " look at this sh1t your causing" then you will have copy of all the terms and conditions


Finally, go look for alternative sources of finance.

Bandana boy

blue5000 wrote: »

Not necessarily. Could you offer them 33-40% of what's left to clear and see what happens? I have heard of deals being done when Acc went out of the market. But haven't heard of anything recently. Check your credit rating too. Be careful re-financing it, there's lots of sharks around that would make a vulture look like a hen.

If OP has not defaulted then I would just share the terms of the loan with the Loanee and tell him to get stuffed looking for anything different without an offer of compensation.

But it is unlikely that the loan was sold and the OP being pressured unless they have defaulted at some point .
Op mentions having "been paying it" but I suspect either there was a period of default or an inability to meet the full amount.

the good news is they can ask for mediation through one of the agencies and usually if there has been consistent payments made they usually find in favor of the defaulter .

mayota

Bandana boy wrote: »

If OP has not defaulted then I would just share the terms of the loan with the Loanee and tell him to get stuffed looking for anything different without an offer of compensation.

But it is unlikely that the loan was sold and the OP being pressured unless they have defaulted at some point .
Op mentions having "been paying it" but I suspect either there was a period of default or an inability to meet the full amount.

the good news is they can ask for mediation through one of the agencies and usually if there has been consistent payments made they usually find in favor of the defaulter .

Never mind 'suspecting ', if the OP says he has been paying it he has been paying it.

notsobusy

whelan2 wrote: »

How long was left on the loan. I have loans will Ulster and this would worry me.

If they haven't done it now then they won't. Our loan was sold as part of the 2.8b portfolio sold to cerebrus last year. We had about ten years left on it

notsobusy

blue5000 wrote: »

Not necessarily. Could you offer them 33-40% of what's left to clear and see what happens? I have heard of deals being done when Acc went out of the market. But haven't heard of anything recently. Check your credit rating too. Be careful re-financing it, there's lots of sharks around that would make a vulture look like a hen.

Yeah we are looking at those options with the help of family thank goodness.

K.G.

The tone of the post is one of fear but is it an oppurtunity.what is the asset to current loan outstanding value and is there a personal garuntee involved

Green farmer

Plenty of specialist debt resolution people out there that will negotiate on your behalf. Might cost a few quid, but will act as a barrier between you and the vulture fund to make sure your not bullied or taken advantage of.

notsobusy

jimmy G M wrote: »

What part of the country are you in op? Theres a chap in Ballinasloe Matt Carey does a bit of that debt resolution etc. You be able to google him for a number. Might be worth a call?

We're louth meath border. But he's definitely worth a call

notsobusy

Bandana boy wrote: »

I would imagine you must have been in default of the initial loan for this to have occurred.

We didnt default but we did have a problem and we contacted ulster bank straight away and were able to renegotiate. We always made payments.

Water John

Do not tackle this on your own, or without specialist help.
Rangler and others have given you good contacts.
Remember many others are in the same boat re;Ulster Bank loans.

I suspect they are within their rights, to call in the loan. This is often in the small print, which people are not aware of.

Begin to look at it as an opportunity. Not one you looked for, but a discount is possible here. They want out.

notsobusy

Water John wrote: »

Do not tackle this on your own, or without specialist help.
Rangler and others have given you good contacts.
Remember many others are in the same boat re;Ulster Bank loans.

I suspect they are within their rights, to call in the loan. This is often in the small print, which people are not aware of.

Begin to look at it as an opportunity. Not one you looked for, but a discount is possible here. They want out.

Oh there are well within their rights. We will be getting a professional to negeotiate them. Just need to get the money to be able to negeotiate with them.

Bandana boy

notsobusy wrote: »

We didnt default but we did have a problem and we contacted ulster bank straight away and were able to renegotiate. We always made payments.

If the terms of the initial loan have not been met they are entitled to claim the agreement has been voided by you and seek full payment or seize the property to clear the debt.

You need to reach out to one of the many different agencies that help mediate these disputes.
If you always made payments then when you reach out for mediation you should be in a strong position .Anybody like you who dropped the payment amount but continued paying a partial each month that I have heard of have managed to get a satisfactory agreement through mediation.
They have so many cases that just avoid the problem altogether that they treat fairly those who kept trying to move things forward.

notsobusy

Bandana boy wrote: »

If the terms of the initial loan have not been met they are entitled to claim the agreement has been voided by you and seek full payment or seize the property to clear the debt.

You need to reach out to one of the many different agencies that help mediate these disputes.
If you always made payments then when you reach out for mediation you should be in a strong position .Anybody like you who dropped the payment amount but continued paying a partial each month that I have heard of have managed to get a satisfactory agreement through mediation.
They have so many cases that just avoid the problem altogether that they treat fairly those who kept trying to move things forward.

I don't think we can negeotiate with the company that hsve bought the loan and to be honest i don't want to. They aren't a bank. As someone else suggested this is an opportunity to try and get it cleared and hopefully get it sorted.

Water John

They are interested in a quick buck. That is their weakness and your opportunity.

Bandana boy

notsobusy wrote: »

I don't think we can negeotiate with the company that hsve bought the loan and to be honest i don't want to. They aren't a bank. As someone else suggested this is an opportunity to try and get it cleared and hopefully get it sorted.

This is where you need the help of a mediator
If he can show you will most likely win a ruling of the original terms over the next ten years , that might be poisonous to these guys. That is where they want a return on their investment. Ulster Bank have already excepted their loss in this deal so you should be able to get terms that drive a decent deal for you.

lakill Farm

K.G. wrote: »

The tone of the post is one of fear but is it an oppurtunity.what is the asset to current loan outstanding value and is there a personal garuntee involved

no personal guarantee on private loans, only limited companies.

may have a guarantor

Green farmer

notsobusy wrote: »

I don't think we can negeotiate with the company that hsve bought the loan and to be honest i don't want to.

.

That's reason you need someone to do it for you, whose experienced in doing this type of work everyday. Despite the funds talk, when it comes down to it, they've two choices, Years of incurring legal fees and fighting, with no guaranteed outcome, or being reasonable and trying to come to a settlement with you.

patsy_mccabe

Green farmer wrote: »

That's reason you need someone to do it for you, whose experienced in doing this type of work everyday. Despite the funds talk, when it comes down to it, they've two choices, Years of incurring legal fees and fighting, with no guaranteed outcome, or being reasonable and trying to come to a settlement with you.

That's it in a nutshell. They don't want it to get messy either.