Mortgage arrears

I recieved a letter from my Mortgage provider (INBS) stating that i am in arears to the tune of €450. Before I ring to seek further info I am just wondering how I could have gone into arears? I pay my mortgage by direct debit every month and have done for 8 years now. Our payment has never been as low as €450 so this couldn't be related to a missed payment. Is there any other way of going into arears or could this be an error on their part? I am thankfully still in employment but don't have this money lying around! I wonder would Mr Fitzpatrick give me a loan!!!!

Regards

Re: Mortgage arears

This happened to me once - with a loan.

Very strange had been paying the loan happily by direct debit for over year & then I got a letter from the bank saying I had arrears of a couple of hundred.

In a nutshell, they had messed up somewhere along the way & the repayment amount they had set wasn't enough to cover the interest - hence the arrears.

I told them to sort it out & refused to pay the arrears as it was their mistake, not mine. They said no (of course) but staggered the arrears over the term of the loan.

Re: Mortgage arears

Do you have online banking? Can you check your account. What is your standard repayment?

For reference it would be handy to have a look at this:

[broken link removed]

It will explain the standards the banks have to adhere to when dealing with arrears.

get your mortgage statements sent to you for the previous 5 years and check same. It will show you where the arrears occurred. then investigate.

there is no point asking them to do same as they will not return your calls or letters, do your homework first.

good luck