AIB loan sold to Mars

B

Blue skies

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Going around in circles for years with AIB, submitted a good proposal to resolve which was ignored and letter arrived the other day to say loan was been sold to Mars Capital, what happens the interest rate when it transfers to Mars? I Can't switch mortgage because AIB are named on my credit rating, any recommendations out there for someone to advise on how to get my credit rating resolved and hopefully move on.
 
Your interest rate will be as in your original contract - what does that say?
 
jpd said:
Your interest rate will be as in your original contract - what does that say?
Click to expand...
Talked with AIB and they say current rate which is 2.950% will stay after transfer and Mars Capital will mirror AIB's rate going forward, I asked what happens my credit rating as AIB will be paid off, they should not appear on my rating, they say credit rating will be passed over to Mars, that really doesn't make sense as I won't have any history with Mars, they didn't really have an answer and will get back to me.
 
Nothing changes.
You have a bad credit record. It will continue.

That will protect you from borrowing more when you are unable to repay your loans.

Brendan
 
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Mawtana said:
submitted a good proposal to resolve which was ignored
Click to expand...

Do you want to share with us the detail of your proposal.

Under Irish law a variable rate mortgage can be repaid in full at any time without penalty. If you did submit that proposal, they had not choice in the matter.

Brendan
 
Proposal to address arrears and switch mortgage.

New Site ( Work in progress) Value €150,000

Full planning and works have commenced to floor level.

Propose sell existing house (Value €550k) and pay off €250,000 ( Serviced amount) + €20,000 arrears.

Transfer parked amount €130,000 to new house and begin repayments.

I would pay off the total balance but this would leave me short to complete new house and I can't get any credit.

Can't sell site as planning based on local needs.

I had to commence work on site otherwise planning would have expired.

Brendan, I don't appreciate your comment.
(Nothing changes.
You have a bad credit record. It will continue.

That will protect you from borrowing more when you are unable to repay your loans.)

I don't believe you have forgotten the recession and more recently the current pandemic, so been self employed I got hit pretty bad, so now I'm trying to find a way back, I think we all deserve a second chance.
 
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