Management Company fees

blingbling81

We have arrears of quite a hefty sum - approx 5k - from recession years / unemployment. We have been in a payment arrangement for the past 18 months and have been paying approx 120eur p/m. Recently had a leak in the house - extensive damage done - claim made through an assessor, but the insurance policy is held by management company. Amount agreed to settle the claim but now management company are saying they won't release the funds until the full amount of arrears are paid - despite being in an agreed payment plan already. Have we any way of avoiding making the full payment amount??

Is it an apartment or terraced house? What was the cause of the leak, did it originate in your unit.

Sounds like you are trying to claim against the block insurance which you are behind on payments for? Who is paying the excess on the block insurance policy?

Look at your agreement with the Management company but there is probably a clause that prevents you from claiming against the block insurance when your account is in arrears. Management companies cant provide you with benefits that you haven't paid for if they did no one else would pay.

3DataModem

"Have we any way of avoiding making the full payment amount??"

• Legally I don't believe it is likely that you have any way of 'forcing' them... but you can negotiate.

"extensive damage done"

• Is that damage to your contents (floors, carpets) etc? If so, then it may be possible to claim on your own contents policy, not the block building policy, however it is likely (very likely) that they will counter-claim your building policy, and then you are back where you started.

antoinolachtnai

Are you up to date for current management fee bill?

Will they agree to offset it against the debt? In practice that is the best you will do. You may be entitled to better but by the time you get to Court the benefit will be lost.

If offsetting leaves you short of cash too carry out the work, a three year credit Union loan with repayments similar to your current repayments might be your best option.

thebiglad

There is going to be an excess on that block policy (if you can access to it's cover) - you may need to factor in the costs of that - you'll be liable to pay the contractor directly for the excess amount and they will expect it when work is complete. Previous comment about a CU (or other financial institution) loan to cover the outstanding management fees and the excess may be worth considering.

Due to poor building standards (resulting in numerous leak claims) our block insurance has a very high excess for water damage - €3,500 per incident.

if you leave the damage unrectified you will not be able to claim from an insurance policy for it in the future or, at the very least they will reduce the claim by any further damage or costs which are incurred.

You need to address it now if you can.

Yeah Right

https://www.boards.ie/discussion/comment/121022850#Comment_121022850

Tell me you know absolutely nothing about management companies without telling me you know nothing about them.