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Tracker mortgages to be removed from homeowners in arrears as part of Debt Deal

Comments

  • #2
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    It makes sense.


  • #3
    lau1247
    Registered Users, Registered Users 2 Posts: 2,331 ✭✭✭lau1247


    as long as the amount written off works out more than whatever they intend to put the homeowner new mortgage package into, in terms of rates over the remaining year of the mortgage..

    I see that as a better solution and is like getting the money upfront too


  • #4
    ronan45
    Registered Users, Registered Users 2 Posts: 1,583 ✭✭✭ronan45


    smcgiff wrote: »
    It makes sense.

    Hmm Indeed but what sorta of write off would they be talking? I assume it will be something ridiculous like 10K as the bank will be holding all the cards. Take what we offer you or else:cool:
    And what would be classed as "Serious Arrears" 6 months or 2 years


  • #5
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    ronan45 wrote: »
    Hmm Indeed but what sorta of write off would they be talking? I assume it will be something ridiculous like 10K as the bank will be holding all the cards. Take what we offer you or else:cool:
    And what would be classed as "Serious Arrears" 6 months or 2 years

    It will have to bring the mortgage down to what is sustainable. It wont work otherwise.


  • #6
    ronan45
    Registered Users, Registered Users 2 Posts: 1,583 ✭✭✭ronan45


    smcgiff wrote: »
    It will have to bring the mortgage down to what is sustainable. It wont work otherwise.

    But on that point would it not make some people think. "hmmm Debt write down on the cards.....sounds good.....might knock about 100K of this mortgage.
    I smell some Strategic Defaulting :D "
    So maybe the bank are between a rock and a hard place on this one.


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  • #7
    Ray Palmer
    Registered Users, Registered Users 2 Posts: 9,351 ✭✭✭Ray Palmer


    I am not sure what you are saying OP. Does it bother you? Seem unfair?

    The bank is loosing money in two ways if they let them keep it. The mortgage holder has broken their terms of the agreement seems fair that the whole thing is therefore open to rearrangement.


  • #8
    Scortho
    Closed Accounts Posts: 3,871 ✭✭✭Scortho


    ronan45 wrote: »
    But on that point would it not make some people think. "hmmm Debt write down on the cards.....sounds good.....might knock about 100K of this mortgage.
    I smell some Strategic Defaulting :D "
    So maybe the bank are between a rock and a hard place on this one.

    There are strategic defaulters alright. Which is why the banks have been given the cards instead of the borrower. The bank will have full access to what the borrower in arrears is earning and what the are spending it on.

    Unless someone is very skilled at hiding all of there financial transactions from both the bank and revenue they won't be getting much of a write down.


  • #9
    gaius c
    Registered Users, Registered Users 2 Posts: 3,528 ✭✭✭gaius c


    It's fair enough IMO.
    People on trackers are on very sweet deals and if they don't pay up as per their end of the contract, I don't see why the bank should be compelled to keep their end of the deal either.

    Trackers that are fully paid up will stay.

    People not paying their debts expecting easy let-offs are going to learn some very hard truths over the next few years.


  • #10
    djimi
    Registered Users, Registered Users 2 Posts: 13,234 ✭✭✭✭djimi


    Absolutely fair enough. If a bank are arranging a debt write off then they should be allowed to effectively cancel the existing mortgage and write the rearrangement up as a new mortgage on whatever terms they wish. I would have thought that if you were asking a debt writeoff then losing your tracker mortgage would be the least you would expect to happen.


  • #11
    BostonB
    Closed Accounts Posts: 18,053 ✭✭✭✭BostonB


    lau1247 wrote: »
    as long as the amount written off works out more than whatever they intend to put the homeowner new mortgage package into, in terms of rates over the remaining year of the mortgage..

    I see that as a better solution and is like getting the money upfront too

    Given the banks track record, and the vagueness of the details. I think you'd need to be very vary of trusting the banks in this. The only reason to lose the tracker, is so the banks loose less money. The banks loosing less money means the customer paying more money.


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