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I am one of the 5200 non-performing Ulster Bank mortgages.

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Comments

  • #92
    kavancj
    Registered Users Posts: 8 ✭kavancj


    Yeah up in the air ok- im pay ulster every month over the phone via their automated payment line - was just wondering if they pass this to Cerberus or will the payment be made direct to Cerberus down the road when they get sorted with their newly purchased loans. I presume the loans they bought in August also include mortgage payments made since then.


  • #93
    Cortexiphan
    Registered Users Posts: 27 ✭Cortexiphan


    Right, so I've been ringing UB monthly with my repayment(€800), but today was different. They said they couldn't take any more payments from me towards my mortgage, as my account details have now been transferred to Cabot Financial(the guy gave me the phone number to call too).

    So, I get onto the phone to Cabot, and they can't find my account. Nothing under my mortgage account number, nor anything under my name either.

    Guy at Cabot tells me they have taken NO primary residence properties, only investment properties. Anyway, at that stage it was too late to call UB again to confirm, so I'll give them another call tomorrow.

    Just a heads up for those in the same situation, DO NOT use the automatic payment method over the phone, as you do not know where that money will go. Call them and talk to someone directly.


  • #94
    StupidLikeAFox
    Registered Users Posts: 7,696 ✭✭✭StupidLikeAFox


    ....so does that mean you have a free house?


  • #95
    NickD
    Registered Users Posts: 335 ✭✭NickD


    Let us know how you get on


  • #96
    Old diesel
    Registered Users Posts: 5,781 ✭✭✭Old diesel


    I would be looking at.....

    1) seeking legal advice on how to handle the limbo you are now in - old bank appears to have closed your case but new crew don't have you on system.

    2) set up an account to put in the 800 euros into each month this does two things - shows ability and willingness to pay. It also gives you funds to settle quickly missed payments when new lender gets up to speed.

    3) make a record of ALL attempts to contact both old bank and new lender to resolve the matter. You should aim to develop a set of records that show you did all you could on your side.

    So record dates, who you spoke to, what time you called and as much of what was said as possible.

    You want to be able to show you did everything you could to resolve the issue of getting payment sorted


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  • #97
    Cortexiphan
    Registered Users Posts: 27 ✭Cortexiphan


    I rang UB again today, and the person on the other end was more helpful. Looks like Cabot Financial have taken over all mortgages(primary residence and investment properties). Guy gave me another number for Cabot, and when I called they were the right department.

    Person in Cabot advised they were taking over from UB for the mortgage loan, and that I should receive a “Welcome Pack” containing all relevant details.
    He told me how much my arrears are and would I be in a situation to make a payment towards it. Now, I had been making payments towards my mortgage, and the arrears kind of hovered at the same amount for over a year. I made a payment over the phone., hoping it pays towards my mortgage and not the arrears.

    He advised he would be sending out a financial statement for me to complete, and for me to return proof of wages/bank statements/etc.


  • #98
    Cortexiphan
    Registered Users Posts: 27 ✭Cortexiphan


    As my name is on the Mortgage Loan(I got the mortgage when I was single), should my wifes name be included on the financial assessment. She is on a lot more money than I am, and I fear that the "new arrangement" amount, will start costing her a lot more. I am stretched to my limit at the moment.


  • #99
    Fian
    Registered Users Posts: 2,187 ✭✭✭Fian


    Cortexiphan wrote: »
    Now, I had been making payments towards my mortgage, and the arrears kind of hovered at the same amount for over a year. I made a payment over the phone., hoping it pays towards my mortgage and not the arrears.

    tc.

    Your payments have all been going towards the arrears - this is the way it works the arrears get paid down first. Which is sensible since there is a higher interest rate paid on arrears than on the principal. The arrears have been "hovering" because you have been paying them down at the same rate as new arrears have been arising when your ordinary payments fall due.

    Be aware that if you can overpay you should - because if you can reduce the amount of arrears you will reduce the amount of penalty interest you are paying and start making better progress. If you had less arrears and were paying at a rte sufficient to keep the arrears hovering you would be eating into the principal of the mortgage.


  • #100
    Cortexiphan
    Registered Users Posts: 27 ✭Cortexiphan


    Fian wrote: »
    Your payments have all been going towards the arrears - this is the way it works the arrears get paid down first. Which is sensible since there is a higher interest rate paid on arrears than on the principal. The arrears have been "hovering" because you have been paying them down at the same rate as new arrears have been arising when your ordinary payments fall due.

    Be aware that if you can overpay you should - because if you can reduce the amount of arrears you will reduce the amount of penalty interest you are paying and start making better progress. If you had less arrears and were paying at a rte sufficient to keep the arrears hovering you would be eating into the principal of the mortgage.

    I've made close to 10k in payment last year, however, the arrears have stayed at about 20k. It doesn't make sense if what I'm paying is going off the arrears, if the arrears amount hasn't changed.


  • #101
    LionelNashe
    Registered Users Posts: 1,961 ✭✭✭LionelNashe


    Cortexiphan wrote: »
    I've made close to 10k in payment last year, however, the arrears have stayed at about 20k. It doesn't make sense if what I'm paying is going off the arrears, if the arrears amount hasn't changed.

    Look at it this way; 1 year ago, you had two years of arrears, so the repayments for Feb 2016 to Feb 2018 were overdue. The 10k you have paid since has counted as the repayments for Feb 2016 to Feb 2017. Now your arrears are for the repayments that should have been made for Feb 2017 to Feb 2019 (still 2 years).


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  • #102
    SteM
    Registered Users Posts: 6,516 ✭✭✭SteM


    Cortexiphan wrote: »
    I've made close to 10k in payment last year, however, the arrears have stayed at about 20k. It doesn't make sense if what I'm paying is going off the arrears, if the arrears amount hasn't changed.

    Did you ever ask UB whether the money you were paying every month was coming off the arrears or the principal?

    If the money is coming off the arrears then every month that you pay is another month that you're not paying off the principal which is then added to the arrears surely?


  • #103
    Cyrus
    Registered Users Posts: 19,638 ✭✭✭✭Cyrus


    Cortexiphan wrote: »
    As my name is on the Mortgage Loan(I got the mortgage when I was single), should my wifes name be included on the financial assessment. She is on a lot more money than I am, and I fear that the "new arrangement" amount, will start costing her a lot more. I am stretched to my limit at the moment.

    you are married and you are both living in the house, its both your problem.


  • #104
    hanaimai
    Registered Users Posts: 207 ✭✭hanaimai


    Fian wrote: »
    Your payments have all been going towards the arrears - this is the way it works the arrears get paid down first. Which is sensible since there is a higher interest rate paid on arrears than on the principal. The arrears have been "hovering" because you have been paying them down at the same rate as new arrears have been arising when your ordinary payments fall due.

    The bolded bit is incorrect. Lenders can't charge extra interest on arrears, unless the borrower isn't engaging.


  • #105
    Cortexiphan
    Registered Users Posts: 27 ✭Cortexiphan


    Sorry, I said wife but we are cohabiting, and getting married next year.


  • #106
    JJJackal
    Registered Users Posts: 1,016 ✭✭✭JJJackal


    Cortexiphan wrote: »
    Sorry, I said wife but we are cohabiting, and getting married next year.

    Its probably worth trying to get it sorted pre marriage?

    Your future wife would assume your debts and the bank would note that you are in a far better position to service the mortgage (think you said your future wife has a well paid job?)


  • #107
    Cortexiphan
    Registered Users Posts: 27 ✭Cortexiphan


    So, I received the “welcome pack” from Cabot Financial, which details who actually owns the loan now. It states what is owed on the mortgage, and the arrears that are there too.

    I’m a little confused as to what is actual process is… do Ulster Bank sell the loan, with other loans for a certain amount, probably at a discount? The amounts owed on the loan(mortgage remainder and arrears)sent to Cerberus of what is owned on that property too?

    I’m also not sure about how to complete the new financial assessment, as I am the only person on the mortgage, my girlfriend is not. Does the financial assessment need to be completed with both of us on it?


  • #108
    Ginger83
    Registered Users Posts: 3,414 ✭✭✭Ginger83


    JJJackal wrote: »
    Its probably worth trying to get it sorted pre marriage?

    Your future wife would assume your debts and the bank would note that you are in a far better position to service the mortgage (think you said your future wife has a well paid job?)

    How could his future wife be liable for a debt taken out before they marry


  • #109
    JJJackal
    Registered Users Posts: 1,016 ✭✭✭JJJackal


    Ginger83 wrote: »
    How could his future wife be liable for a debt taken out before they marry

    Your ability to repay would surely be judged on both incomes post marriage? and only on his income pre? Marriage is a contract


  • #110
    Marcusm
    Registered Users Posts: 10,175 ✭✭✭✭Marcusm


    JJJackal wrote: »
    Your ability to repay would surely be judged on both incomes post marriage? and only on his income pre? Marriage is a contract

    Not necesssrily; the new spouse is not liable for the mortgage debt and the spouse cannot be forced to pay rent. The SFS must be filled out by the borrower and they cannot be forced to disclose the spouse’s income (in fact the spouses could not, absent a court order, be forced to disclose it to each other). However, household expenditure, in my opinion, should not be the total if not all the income is being disclosed.


  • #111
    Claw Hammer
    Registered Users Posts: 6,149 ✭✭✭Claw Hammer


    Marcusm wrote: »
    Not necesssrily; the new spouse is not liable for the mortgage debt and the spouse cannot be forced to pay rent. The SFS must be filled out by the borrower and they cannot be forced to disclose the spouse’s income (in fact the spouses could not, absent a court order, be forced to disclose it to each other). However, household expenditure, in my opinion, should not be the total if not all the income is being disclosed.

    Marriage involves mutual rights and obligations of support. If the OP is entire net income was applied to the mortgage, the wife would be under a duty to maintain him and can be ordered by a court to do so.


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  • #112
    Cortexiphan
    Registered Users Posts: 27 ✭Cortexiphan


    Claw Hammer wrote: »
    Marriage involves mutual rights and obligations of support. If the OP is entire net income was applied to the mortgage, the wife would be under a duty to maintain him and can be ordered by a court to do so.

    But as an unmarried couple?
    Can the new loan holder request all household incomes, regardless of whose name is on the loan.

    While the mortgage is in my name, and not in the girlfriends, she doesn't like the fact that she isn't entitled to the house, even though she pays half the mortgage. I don't think she will be happy paying more than what shes paying now, as her income is substantially more than mine, and I think that the new loan holder(Cerberus/Cabot), after a financial assessment of both of us, will be more than I can afford each month, and the OH will have to pay more, for us to meet payments.


  • #113
    Claw Hammer
    Registered Users Posts: 6,149 ✭✭✭Claw Hammer


    Cortexiphan wrote: »
    But as an unmarried couple?
    Can the new loan holder request all household incomes, regardless of whose name is on the loan.

    While the mortgage is in my name, and not in the girlfriends, she doesn't like the fact that she isn't entitled to the house, even though she pays half the mortgage. I don't think she will be happy paying more than what shes paying now, as her income is substantially more than mine, and I think that the new loan holder(Cerberus/Cabot), after a financial assessment of both of us, will be more than I can afford each month, and the OH will have to pay more, for us to meet payments.

    She should have thought of that before she married you.


  • #114
    Cortexiphan
    Registered Users Posts: 27 ✭Cortexiphan


    Claw Hammer wrote: »
    She should have thought of that before she married you.

    Again. We are not married.


  • #115
    Claw Hammer
    Registered Users Posts: 6,149 ✭✭✭Claw Hammer


    Cortexiphan wrote: »
    Again. We are not married.

    If you're not married, there's no right of support but the fact that you have someone in your household who should be contributing financially is a factor which will be taken into account.


  • #116
    Marcusm
    Registered Users Posts: 10,175 ✭✭✭✭Marcusm


    Claw Hammer wrote: »
    Marriage involves mutual rights and obligations of support. If the OP is entire net income was applied to the mortgage, the wife would be under a duty to maintain him and can be ordered by a court to do so.

    To maintain him but not to discharge his debts. Hence my comment re looking at the expenditure side. Ultimately in Ireland there will be no repossession provided the debtor is making an effort to discharge the debt from his own resources. No diffrrentvto Gauke Killilea/Sean Dunn’s, this does not involve dipping into the spouse’s assets.


  • #117
    Marcusm
    Registered Users Posts: 10,175 ✭✭✭✭Marcusm


    Claw Hammer wrote: »
    If you're not married, there's no right of support but the fact that you have someone in your household who should be contributing financially is a factor which will be taken into account.

    The word “should” is inappropriate. Whether she existed or not, he would be entitled to occupation of the property while he is in MARP. I don’t likecfreeloading butvtgat is not what this is. No morevthan he cannot be forced to rent out surplus bedrooms he cannot be forced to obtain a contribution from a co-habits.


  • #118
    Cortexiphan
    Registered Users Posts: 27 ✭Cortexiphan


    Cabot have sent out the SFA to be completed, still unsure whether to put partner on it.... as I am the mortgage holder, and she is not.
    Also, we have a dependent child.


  • #119
    JDD
    Registered Users Posts: 1,578 ✭✭✭JDD


    Don't put your partner's income on it. State your income, and then the portion that you pay of your outgoings. So if your mortgage is €1000 a month, and your partner pays €500 then your outgoings is €500. Similarly if she pays for half the groceries, or tv or whatever. Just state that a non-family member contributes to household outgoings and you can include the total amount of the outgoings in brackets or something.

    No need to include her income when your completing the income section.


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