When we took out our PPR in 2005, our lender, BOI, was running an advertising campaign which boasted that borrowers could avail of a "3 month mortgage payment break", up to 4 times over the lifetime of the mortgage. I'm sure this is archived on t'internet. It does not form part of the mortgage Ts & Cs. It was an ad campaign, pure & simple.
A couple of years later when we were extending our property, we availed of such a payment break. To do this we simply contacted the branch & explained that we wanted to avail of this offer, and told them why. No problem.
Fast forward a few years to the recession, and for very different reasons we recently had reason to contact the bank with a view to availing of a second "3 month break". No go this time; referred straight to the MARP process.
No big deal maybe, but it strikes me as somewhat unjust that the bank can sell its products based on advertising certain enticements, and then simply refuse to honour them when requested. In this scenario, does the bank have any obligation to facilitate our request?
ps. Apologies for generic thread title, I had meant to edit prior to posting and then forgot.
A couple of years later when we were extending our property, we availed of such a payment break. To do this we simply contacted the branch & explained that we wanted to avail of this offer, and told them why. No problem.
Fast forward a few years to the recession, and for very different reasons we recently had reason to contact the bank with a view to availing of a second "3 month break". No go this time; referred straight to the MARP process.
No big deal maybe, but it strikes me as somewhat unjust that the bank can sell its products based on advertising certain enticements, and then simply refuse to honour them when requested. In this scenario, does the bank have any obligation to facilitate our request?
ps. Apologies for generic thread title, I had meant to edit prior to posting and then forgot.