Overpaying mortgage but wish to revert to original schedule EBS insisting on SFS form

brendan44, i dont have a written response as such. i have a number of emails from a chap that works there. i've asked for his managers name and today i've written to her to get a written response. when i have a response in writing i will then contact the FSO.

i've also received my original contract agreement from the ebs and there is nothing in there that prevents me or them from doing what i've asked.

i'll wait and see what the written response says and then i'll pursue it with the FSO.

i'll post when i have more info.......
 
Brendan B...if you did post me a PM yesterday, i would be interested in doing that, depending how I get on with my letter to the manager and the CEO of the EBS that I sent yesterday.

I cant figure out how to reply to a PM....
 
I have a tracker mortgage with AIB that had 22 years left, I decided to ask them to increase my payments so that it would be cleared off in 15 years. I also got them to send me a letter stating I would be able to revert to my original term and dates in the future if I so wished. I felt that I needed to have that in writing from them just to cover myself. Initially, I did not get the letter from them but I wrote again and I now have their letter safely in my file, in case I need it!
 
Further to my post on the 11th of April, the EBS head office rang me this afternoon and said that they had processed my request to extend the mortgage back to its original loan maturity date. I didn't have to fill out the standard financial statement or provide 3 month bank statements or provide 3 payslips.


So the issue has been resolved without the code of conduct for mortgage arrears applying to my loan.


Aido71, it should be the same situation for you. I would advise writing to the manager who if looking at you loan and send the letter to the CEO too, just as I did.....
 
Liamo69 that is great to hear! I spoke with the manager of my branch last week and was still sticking to the 'my hands are tied' line but she did encourage me to write to head office. So letters to both branch and head office are done... Will let you know what response I receive ....... More optimistic now having read your post!
 
thanks Brendan and Aido71

Aido71, they have to do the same for you now as your situation is the same as mine. Good luck with it
 
Be interesting to see what happens. I am awaiting also copy of original agreement and other correspondence. The one I await with interest is what they claim is their reply to my requests to increase monthly payments. I have seen on their system my letters..... Very basic..'please increase monthly by €xxx etc please advise new repayments etc". The branch manager maintains they would have replied in writing though I genuinely never recall receiving confirmation letters ( maybe I did but I increased 3/4 times and although my filing system is to say the least chaotic I never throw stuff out and can find no such letter). She claims to have found one but funnily enough wasn't able to pull it up from the system while I was there with her! Even if they sent out such letters my request I don't believe was a mortgage restructure as she claims. Still I await with interest. I will update as soon as I hear something.
 
liamo69 said:
and set up a new mortgage protection policy.
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If this has in any way whatsoever costs you due to the banks errors in making you do things that were not necessary then they need to reinstate your old policy and reimburse you any cost or loss.
 
I understand that the EBS may have changed their policy on this as it's clearly nothing to do with the Mortgage Arrears Code.

Aido, I would expect that they will allow you change your repayments to the original schedule.

Brendan
 
Brendan Burgess said:
I understand that the EBS may have changed their policy on this as it's clearly nothing to do with the Mortgage Arrears Code.
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I'm still bowled over that they had the brass neck to try and treat excess payments as their contracted due payment, without any attempt at getting the OP (and others) to sign up to it. Even had they issued a letter saying they were going to do this (which it seems they have trouble producing) it would be difficult to see the financial services ombudsman (or a court) treating this as an acceptable way to go about altering a fundamental aspect of a contract.

BTW, I tried looking up antonyms for arrears, but couldn't find anything particularly satisfactory.
 
OK, it's official - EBS have admitted that they were wrong.

Charlie Weston reports in today's Irish Independent

EBS clients mistakenly told their mortgages in arrears



A MORTGAGE lender has blamed an error in its systems for wrongly treating a number of customers as being in arrears.


The mortgage holders had been overpaying their home loans in a bid to speed up the payments and reduce the overall cost.


But when they wanted to revert to the previous amount, EBS regarded the customers as being in arrears.
...

EBS, which is part of AIB, said it had fixed the problem
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Inference from this article was that error was related to the computer system. based on OP here and other posts, error was predominately human. It does'nt lend much to the credibility of Bank management!
 
44brendan said:
Inference from this article was that error was related to the computer system. based on OP here and other posts, error was predominately human. It does'nt lend much to the credibility of Bank management!
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I had 3 errors with my EBS mortgage account that were put down to human error. After the 3rd error I was assured it wouldn't happen again as they had now computerised everything. That was around the start of 2088. I was flabbergasted that they only computerised everything then!!
 
44brendan said:
Inference from this article was that error was related to the computer system. based on OP here and other posts, error was predominately human. It does'nt lend much to the credibility of Bank management!
Click to expand...

I enquired about this with EBS in person after seeing this thread. I was planning on increasing my payments and was assured over the phone that it'd be a simple request to revert to normal payments if I chose in the future. Then I saw this thread so I asked the bank manager in person and they said I was correct to say they would request a SSF form from me if I wanted to revert to normal payment in future (but that'd it'd probably be approved as long as the 'new term length' it was within the original term of the loan).

So, now I'm pretty confused. Think I'll save my 'excess' payments separately for a while and just transfer lumpsums to the mortgage when it suits me.
 
This reaction from the Bank should not be accepted. It is your right to overpay the mortgage and revert to standard P&I repayments when you choose (in fact you would be entitled to a reduced level of repayments, as the capital balance of the mortgage would be at a lower level than it would be on original schedule).
Given the recent posting on bank clarification on error in including such requests under MARP you should revert to the BS. It is likely that their position has now changed.
 
Leaky it is quite obvious that your manager is not on message with the new reality in Head office. Have another meeting and bring along the Sunday Indpendant article and while in his office he can ring head office to confirm the new application of the rules.

I guess banks are not too quick to explain this to their branches or if they even bother to do so.
 
Hi all..... Great to see what a bit of publicity can do! Talk about a u-turn. Today started with me receiving my previous correspondence from the office re changes and it did indeed include letters stating new dates repayments etc. Branch manager then rang me... She told me to drop in the formal letter requesting reversion to original dates. She would have ready the letter outlining the need for SFS etc and then I could proceed with letter to head office etc. lo and behold at 4.30 when I called in big smiles all sorted no problem! She 'claims' they were planning to fight my case to head office as I was their first for this (?!). Only then did I get to read indo article. I like to think by starting on here played some tiny part in getting EBS to get their act together. Thanks Brendan and all contributers who took the time to get involved in this.. Am happy camper. Now just have to decide what to spend extra cash on!! Prob some more bills! Thanks all Aido
 
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