So, its your contention that this cases and other PIA rulings is causing bank customers to pay higher price for financial services from banks ?The State gets away with not providing a service it should and bank customers pay a higher price then they should have to.
That's some claim.
You remember what happened over the last 15 years?? The small matter of the financial crisis?? Have you seen the numbers on people in long term arrears. Giving people time to get back on their feet is one thing but if 15 years later you still can't afford to live in your property I think the games up. Dragging this out doesn't do anyone any good.So, its your contention that this cases and other PIA rulings is causing bank customers to pay higher price for financial services from banks ?
That's some claim.
Most 68 YOs are not in any employment. This man seems wholly reliant on the state pension. He almost certainly has no chance to earn more. I wouldn't recommend this solution for a 38YO of course but the man's age is highly material.Let's not forget 68 is not that old in the greater scheme of thing. I'm sure age action would happily point out many are in great health.
"The banks claim " where is the evidence of this, I'm not saying that mortgage non payments doesn't effect banks profits but look at the profits they are making, look at the deals they are making buy loan books from UB and KBC .Hi Paul
It's a very valid claim.
The banks claim that the higher mortgage rates are caused by their very high mortgage losses and their requirement to keep higher capital than is required in other countries.
Brendan
Please don't patronize.You remember what happened over the last 15 years?? The small matter of the financial crisis?? Have you seen the numbers on people in long term arrears. Giving people time to get back on their feet is one thing but if 15 years later you still can't afford to live in your property I think the games up. Dragging this out doesn't do anyone any good.
In other countries you're expected to pay your loan or they take the collateral. That's why mortgage rates are lower than credit card rates.
Timely enforcement of leading contracts just doesn't happen here in Ireland. If banks can't realise the collateral then the borrower faces higher rates.
Let such an environment fester and foreign banks just leave.
To claim otherwise suggests a lack of understanding of the facts
I'm not sure of your point here? Why do you think 2 banks would rather shutdown than continue to lend here?"The banks claim " where is the evidence of this, I'm not saying that mortgage non payments doesn't effect banks profits but look at the profits they are making, look at the deals they are making buy loan books from UB and KBC .
The remaining banks in this country are profitable on a operational level have been for year's so I genuinely do not believe that high interest rates etc are caused solely by defaulting mortgages or in this case a PIA judgement to allow someone continue to live in their home.
Rates have been falling in recent years....Have banks ever reduced their mortgage rates when the made huge profits, no they haven't.
On the capital claim the evidence is there.Sorry but unless the evidence to support this claim is published its simply an opinion.
I have nothing against the man but this case is symptomatic of an ongoing issue. There are over 5,000 households that are a decade behind in their mortgages that's just crazy.The banks are operating profitably for years now, and I doubt this person will cause anymore hardship to anyone else.
It's not a bank balance - it's equity in a house!And I wouldn't be suggesting this for all pensioners but the elephant in the room is the €100k he would have access to. Now I appreciate with inflation this doesn't go as far as it use to but it is a substantial bank balance.
You can't eat a bank balance either.It's not a bank balance - it's equity in a house!
As the old saying goes: "you can't eat a house".
Indeed you can't, however that 68 year old Gentleman doesn't need to....the PIA ruling ensures a roof his head and be able to live.You can't eat a bank balance either.
So there is such a thing as a free lunch after all!Indeed you can't, however that 68 year old Gentleman doesn't need to....the PIA ruling ensures a roof his head and be able to live.
Good ruling
Astonishing, given that differential rent still underprices rents here so extensively.The article doesn't make clear, but it is an interest only tracker mortgage.
A contributory state pension is about €1100 a month. €93 a month is not very much compared to his income and his heirs will still get an inheritance as the debt won't grow.
He would probably pay a bit more as a share of income on a local authority differential rent scheme......
I would imagine this is down to long delays in getting cases to court. There have been cases in the past year where the borrower stopped paying around 2007, before the changes in rules around arrears management, so there must be either an enormous backlog of cases, or else there is a lot of issues getting in the way of long term remediation.
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