Sounds like the PIP is somewhat inexperienced. I have never seen any bank agree to this option as its not considered to be an appropriate solution.The PIP merely requested that the interest rate be lowered to that of the ECB rate for two years to no avail.
You have indicated that you are taking this action without bank agreement. I.e. sitting tight and waiting for eviction. I'm assuming that you have read through B Burgess's posts on the Courts process and length of time in granting repossession orders. This would indicate that it is likely to take at least 2 years before repossession. Given that the interest only option is not being agreed to by your bank you are at the mercy of the Courts in terms of this timescale.How long is interest only granted for?
Sounds like the PIP is somewhat inexperienced. I have never seen any bank agree to this option as its not considered to be an appropriate solution.
Yes, they do split mortgages but a duration of two years only.
We applied for a form of bankruptcy and were vetoed.
Are you aware if PTSB have reduced an interest rate for any customers??Ulster Bank and AIB reduce the interest for some customers. 6,820 temporary interest rate reductions were given in the period up to 30 September 2015. I understand that the rate was usually 0.5% rather than the ECB rate. This does allow people clear down negative equity quickly.
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