Is it because they want out of Ireland that they are determined to go to court? Are they confident enough to think they have a chance of repossession? What happens if the court does not grant them a repossession order? Will they then start to discuss capitalizing arrears or offer solutions that actually work. I wonder if anyone was able to take the discount, surely they knew that no lender would take on the mortgages. If Pepper gives you a no, then that's that! Guess it's going to be the courts then but I'm still a bit unsure how they think they have a case when we're being paying the mortage and arrrears for the time we have...
From the tone of this, and your statement above that you're at your wits end - and this is completely understandable - you are stressing way too much: you really do have nothing to worry about. Think about it: you owe money secured on an asset. The people you owe money go to court and say what exactly? They’d like to repossess because you’re not paying what you owe back? BUT YOU ARE! Because there’s an outstanding arears? YOU’RE PAYING THAT TOO! Because you are not “dealing with” the arrears? THEY’RE REFUSING TO MEET WITH YOU! Believe me, you could sell tickets to what would happen next: I’d certainly pay to see and hear the kind of response they’d get from a judge to that. Being laughed out of court doesn’t come close to describing it.
The most important thing you should do is keep doing what you are: paying the mortgage amount, plus some extra to chip away at the arrears. The only other thing is to create a paper trail of how much you are trying to do the right thing, and how much they are doing the wrong thing. Hopefully, you’ll never actually have to use it, but if you do it will strengthen your credibility compared to theirs.
I know it’s easy to say “don’t worry” and hard to follow the advice, but please try: the stress involved is not worth it.
You ask why are they threatening court action? Good question! My best guess is to frighten you to getting cash from somewhere (relatives, maybe?) to pay them off, or to throw in the towel and sell up. Who knows, though. They are absolutely not interested in helping you come to any solution, so unfortunately almost certainly won’t offer any solution other than one that gives them as much cash up front as possible, and in particular won't offer to extend the term, recapitalise arrears or indeed anything that would actually solve the problem for both of you.
Although in my case I'm dealing with Cerberus rather than Tanager, it all sounds very familiar. I was told by them in a meeting that they planned to leave within two years, either having reach "settlements" or after selling the loan on to someone else (the mind boggles what they'd be like). Mind you, they do tell flat out lies to your face: they said they bought and sold loans and had no interest in dealing with the underlying asset. I know for a fact they told someone else in the same circumstance that the only thing they were interested in was the asset: pure lies to one of us.
I wouldn't underestimate their incompetence either, so perhaps that's part of an explanation.
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