Harryseven
Registered User
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- 3
Hope this outline of genuine facts helps. I would also like comment on whether to appeal
We (myself and now ex wife) Bought Buy to let Property in 2005 with a 110,000 buy to let mortgage (interest only for a few years)
Ran into difficult with falling rents and poor tenants in 2012, I had also lost my job in 2012
Ran up about 15 months arrears over a 18 month period June 2012 to December 2013
Kept open communication with Bank, who suggested a restructure. I came up with a new rental strategy - to students for 9 months and short term summer lets - which would have averaged €600 per month however Bank said this wouldnt meet there minimum payment of 750pm (BTW, it turns out that the banks 'minimum payment' was an over charge of between 250 and 200 pm).
So Repossession in late 2013 and was sold by liquidator for 55,000.
Capital outstanding was 106,000 plus arrears plus penalties plus continuing overcharges....We paid nothing as I had no job, no rental income obviously, and we were going through a lengthy divorce
Contacted bank periodically for updates but heard nothing from bank and had been considering a move to England for Bankrupty purposes...then came the redress phone call...
Outcome:
Had been overcharged by 17,000 from 2008 to 2013
Penalties and arrears amounted to 31,000
Got 0 back for this
Recieved 1,300 for Time Value of Overchahgred Money I paid from 2008 to 2012
Recieved Legal advice bursary of 3,600
Received 50,000 Compensation cheque
Total 55,000 = 27,500 each for myself and ex
All sounds good and perhaps I should take the money and run....however I got divorced in 2015 (this buy to let property was one of the nails in the coffin in that relationship)
I have lost a tracker mortgage
I have no assest
27,500 is not much if I wanted to buy something else as I am still named on the mortgage of family home meaning I'm approaching lenders with debt already to my name (however this has never been in arrears and is well serviced - have to wait another 5 years before I'm free of this)
What I really want is to have a property with a 75% LTV ratio and to again be paying a 110,000 Tracker Mortgage with only 12 years remaining
Should I appeal?
(It's messy because my ex has no interest in appealing as she has already had her cake and blah blah blah)
We (myself and now ex wife) Bought Buy to let Property in 2005 with a 110,000 buy to let mortgage (interest only for a few years)
Ran into difficult with falling rents and poor tenants in 2012, I had also lost my job in 2012
Ran up about 15 months arrears over a 18 month period June 2012 to December 2013
Kept open communication with Bank, who suggested a restructure. I came up with a new rental strategy - to students for 9 months and short term summer lets - which would have averaged €600 per month however Bank said this wouldnt meet there minimum payment of 750pm (BTW, it turns out that the banks 'minimum payment' was an over charge of between 250 and 200 pm).
So Repossession in late 2013 and was sold by liquidator for 55,000.
Capital outstanding was 106,000 plus arrears plus penalties plus continuing overcharges....We paid nothing as I had no job, no rental income obviously, and we were going through a lengthy divorce
Contacted bank periodically for updates but heard nothing from bank and had been considering a move to England for Bankrupty purposes...then came the redress phone call...
Outcome:
Had been overcharged by 17,000 from 2008 to 2013
Penalties and arrears amounted to 31,000
Got 0 back for this
Recieved 1,300 for Time Value of Overchahgred Money I paid from 2008 to 2012
Recieved Legal advice bursary of 3,600
Received 50,000 Compensation cheque
Total 55,000 = 27,500 each for myself and ex
All sounds good and perhaps I should take the money and run....however I got divorced in 2015 (this buy to let property was one of the nails in the coffin in that relationship)
I have lost a tracker mortgage
I have no assest
27,500 is not much if I wanted to buy something else as I am still named on the mortgage of family home meaning I'm approaching lenders with debt already to my name (however this has never been in arrears and is well serviced - have to wait another 5 years before I'm free of this)
What I really want is to have a property with a 75% LTV ratio and to again be paying a 110,000 Tracker Mortgage with only 12 years remaining
Should I appeal?
(It's messy because my ex has no interest in appealing as she has already had her cake and blah blah blah)