Anyone have any dealings with this vulture fund?
AIB were impossible to deal with by the way, but initial negotiations with BCM Global appear to be even worse
One of these?
What exactly do you mean by "AIB were impossible to deal with"?
We made numerous good proposals to AIB regarding a mortgage loan on a buy to let that was sold at a loss to cover the residual loss. All proposals included paying the entire debt in a more structured manner than continuing on with the repayments as they were too onerous given there was now no rental income available. Every proposal we made resulted in the mortgage being paid in full, we just wanted a little more time in which to do it.
Every reply from AIB was, pay up or sell your home. There was never a counter proposal or a reason outlining why they refused each and every one of our proposals. The reply every time was, sell your home. They couldn't be negotiated with, sell your home was the reply every time
There is no obligation on the banks to accept whatever deal you were offering, you felt it was reasonable, they did not and now it has escalated... you can try again with BCM, but my guess is that they will not be as slow on taking this to it's conclusion as customer care is not part of the package. They have bought debt with one objective - recover as much as possible, that may be to your advantage if you make a more serious offer than you did to AIB.
my house has defected blocks,and is crumbling around me, house is only worth the site value
We asked for help with our mortgage to remedy house as the asset was joint (ours and EBS)
they didnt help, infact no bank has !!!
EBS would not help and sold it to BCM
we have made them an offer via solicitor ,but they did not accept…a week later we get letter from their solicitor that says we have 10days to sort !!
in a bit of a pickle now, what is plan B?
our offer was a 3rd of the debt, any advice greatly received
The problem is because credit rating went to zero after first none payment, the only way we can raise money is from family and friends donations
there must be some magic number we can both agree on?
Does not Irish law look after the home owner?
A bank having security over your house does not mean they own it; they are not in any way liable for defective blocks.
You may have made this situation far worse by trying that approach.
You basically have to keep paying for it until you can get support for repairs, e.g. the state scheme currently in existence.
Sorry you offered a third of the debt and are surprised they said no
Houses are back to 2008 prices so say the house is 400 and you owe 300 why on earth would they take 100 whe they have a lein on a property worth 400?
I bought a house off one of those debt companies in 2018 got a great deal and they would have given the owner that deal but he was being unrealistic
He bought it for 3 I got it for 1.6
Always good to hear from delinquent borrowers who think others should subsidise their debts
I had AIB for 20 years they were great to deal with I was sorry they dumped me
No issues with BCM smooth changeover and no issues . I'm paying full capital and interest so that probably helps
Why wouldn't the solicitor go along with what their client requested?
Irish law is strongly weighted toward home owners.
Go and see MABS. They may refer you to a PIP.
You may be eligible for a mortgage-to-rent arrangement. There are a range of options/programmes. But this is a specialist area and needs specialist advice, not randomz on the interwebs.
If you were a business, you could have gone bankrupt but you'd also have been removed from the house rapidly and with absolutely no consideration.
Empathy and karma isn't any use when there's a black and white situation - you need to engage with the bank and start paying them. They don't own the house, they aren't responsible for the disaster and there already schemes in place to assist you with rebuild/repair costs.
Because those schemes exist there is zero reason for them to give you a writedown as you will, eventually, have a saleable asset again. You have also now revealed your hand that you have a third of the outstanding balance available, which will not make getting any writedown due to inability to pay any easier.
If you want good vibes instead of advise, you might get empathy and karma there…
You need expert help.
In saying that i wouldnt worry. Keep engaging and paying a little. No court will order repossesion as long as you are being realistic.
Sorry for you troubles.
When a client want's to do something foolish a good solicitor will try to persuade them not to do it or refuse to act, not just take the client's money thank you very much.
While I agree I do find the hypocrisy of the banks a bit off.
They were more than willing to take subsidies after fuelling such high prices.
People here, if you're serious with engaging, stop asking the internet for help, and certainly not those land league morons.
Go to MABS/Abhaile. They'll have far more real/legal options to present and will know escalation pathways should a lender not be acting reasonably
You need to talk to MABS.
Pepper were recently numerous times forced by the High Court to offer a 2.1% interest rate to people on their books who were struggling with the huge repayments due to interest rises
well a good solicitor might
The value of the house on question is now zero. The land it stands on has a value, but that is reduced by the demolition and disposal costs. A very different situation to what you describe.
how did homebond get out of that one again ?
A unrelated question but has anyone else had their mortgage moved from AIB to BCM Global?
If so, what is their interest rates when the fixed term runs up?
People panic over the sale of mortgages to these funds but, assuming that you are not in arrears, are you not able to do a regular switch?
A performing loan wouldnt be sold though.
Some performing loans are included with batches of sales, to make them more attractive.
Exactly, with the idea that Irish people don't switch easily.
There have been loads of people on socials complaining that their well performing loan was sold on
Yes they can and almost certainly some will be. When you sell a block fo loans you need to provide sufficient performing loans to give a reason possibility of a good return on the block, otherwise the funds won't buy them.
Well then it'll be straight forward to switch so no need to panic.
Yes mine was a performing loan
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