Start Mortgages buys ptsb loans

Maz2408 said:
Can rent reciever be appointed on Buy to Lets if current agreed payments are being met. I'm past the 3 year review stage on restrurctured buy to lets, no review to date, all agreed payments up to date, but I assume Start will carry out a review in the near future. Can they appoint rent reciever before that review.
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Start will be bound by the existing arrangement with PTSB. if you are due a review, then Start will carry out that review. I suspect that if your buy to let loans are on a tracker that they would, at a minimum, insist on increasing the interest rate if you wish to keep the properties. In the extreme case, they could "call" in the loan and appoint rent receivers.

They will assess each case on its own merits.

They are very unlikely to appoint a Receiver before they carry out a review. One area that Start will be wary of is that there is a possibility that they may not receive copies of all relevant files from PTSB. (There has been some notable High Court judgments involving other funds who made poor decisions based on incomplete documentation.) Our own experience of dealing with Start is that their staff are well trained and very methodical and logical in their approach.

It is important that you engage fully with Start and provide all of the information that they seek. If you had a "genuine" dispute with PTSB then you should seek expert advice before providing any information to Start.

Jim Stafford
 
Heard you on the radio this eve BB, arguing this sale with David Hall of IMHO. Thought you wiped the floor with him, especially with your opening piece.
You always know he's on the rocks when he starts resorting to calling those he's up against 'bank shills'!
 
Thanks Delboy

He was talking absolute rubbish but people believe him.

And the worst part was that he was scaring the daylights out of people. As if Start buying their mortgage was the end of the World. It's very irresponsible.

Brendan
 
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Delboy said:
Heard you on the radio this eve BB, arguing this sale with David Hall of IMHO. Thought you wiped the floor with him, especially with your opening piece.
You always know he's on the rocks when he starts resorting to calling those he's up against 'bank shills'!
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He called BB that. Wow. What show was that so I can listen back please.
 
Brendan Burgess said:
Thanks Delboy

He was talking absolute rubbish but people believe him.

And the worst part was that he was scaring the daylights out of people. As if Start buying their mortgage was the end of the World. It's very irresponsible.

Brendan
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He's got this aura of being the people's champion is why. He is very good at sounding credible against the big bad banks who are the enemy of the people.

And him scaring people is clearly working as we have many new posters on here worried.

So why does he do it, seeing as he knows otherwise. I guess it gets him publicity and attention but more importantly clients.
 
Here's an article about Start and PTSB

https://www.independent.ie/business...ns-to-vulture-fund-insists-ptsb-37194790.html

PTSB says they didn't sell any unclean loans

David Hall says this is untrue and that thousands (thousands???) of people have contracted him. And he says PTSB are lying.

A leading bank that sold thousands of mortgages to a US vulture fund has insisted it has not sold any clean loans.


However, mortgage debt campaigner David Hall has accused Permanent TSB of lying and claims the lender added performing home loans into the controversial sale.
 
Why were performing buy to let restructured loans sold? In my case offered and accepted restructure on buy to lets, €21,000 in arrears recapitalised as part of restructure, made every single payment in the 3 plus years since. I would have thought that made my loans performing loans.

Quote from todays Irish Daily mirror.
Finance Minister Paschal Donohoe has claimed PTSB and other lenders are being pressurised by the European Central Bank to dump mortgages that are in arrears. But a letter published by Fianna Fail yesterday shows the ECB has issued no such order and has left it up the individual lenders as to how they deal the non-performing loans.
 
Maz2408 said:
Why were performing buy to let restructured loans sold?
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You are performing to the new terms, but based on ECB rules you are still non performing. Therefore the bank needs to hold extra capital against your mortgage.

Maz2408 said:
But a letter published by Fianna Fail yesterday shows the ECB has issued no such order and has left it up the individual lenders as to how they deal the non-performing loans
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A sentence in the letter is taken out of context. They didn't tell the banks how to reduce non performing balances, but they told them to reduce them.
 
Hi,first time posting,got the letter of the bank but I am in dispute with them over a tracker rate any idea where I stand on this.
 
Mortgage-holders caught up in PTSB loan sale to be invited to tell of the turmoil it has caused
Sinn Féin’s finance spokesperson Pearse Doherty said a full committee session should be dedicated to the loan book sale.
http://www.thejournal.ie/ptsb-vulture-fund-sale-oireachtas-committee-4218130-Sep2018/
Speaking at the party’s think-in in Cavan, Doherty said PTSB had failed its customers, and taken the easy option of selling to a vulture fund.

He said the government, who has a 75% shareholding in the bank, should have stopped the sale. Doherty added that vulture funds only have a “short-term interest” and therefore will not offer the same deals to customers as banks do.

Doherty said “victims of the sale” will be invited to give their testimony before the committee, stating that members should hear how this sale has impacted on them, “not only on them personally, but also on their family”. He added that bank executives from PTSB will also be invited to attend.
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I see that Start and ptsb will be before the Committee next Thursday. Should be interesting.

09.30 Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach CR2, LH 2000
(i) The purchase by Start Mortgages/Lone Star of property loans from Permanent TSB (Project Glas) and related matters
Representatives from Start Mortgages
(ii) The sale of property loans (Project Glas) by Permanent TSB and related matters.
Representatives from Permanent TSB, Mr. Jeremy Masding, Chief Executive Officer
 
Mr Masding appearing now.

Use of the words 'moral hazard' is the way PTSB are saying they couldn't do 'debt forgiveness' which he says customer doesn't contribute to whereas a write off the customer loses the security and a write off of the rest.

The moral hazard argument is another peddled myth that the first thing people did was 'default'. This is simply unsupported.
 
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