Any vulture fund customer like to talk to a journalist about mortgage rate increases?

I have made the point a few times that people whose mortgages have been sold by the main banks are very vulnerable to interest rate increases.

As they have probably been in arrears or restructured, they can't switch.

And the vulture funds don't offer fixed rates.

A journalist would like to talk to someone affected by this. If you would be prepared to talk, send me an email to brendan at this site.

People and politicians pay much more attention to a real life case study than to the theoretical point put forward by me.

Brendan

Hi I would like to talk to the journalist about a settlement offer I had/have on the table. MARS Capital pulled my settlement figure once they knew how much I sold my house for. They pulled my settlement yesterday.

Ailish

Brendan Burgess said:

I have made the point a few times that people whose mortgages have been sold by the main banks are very vulnerable to interest rate increases.

As they have probably been in arrears or restructured, they can't switch.

And the vulture funds don't offer fixed rates.

A journalist would like to talk to someone affected by this. If you would be prepared to talk, send me an email to brendan at this site.

People and politicians pay much more attention to a real life case study than to the theoretical point put forward by me.

Brendan

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Yes I will do it

Sick & Tired said:

Hi I would like to talk to the journalist about a settlement offer I had/have on the table. MARS Capital pulled my settlement figure once they knew how much I sold my house for. They pulled my settlement yesterday.

Ailish

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I don't think that that's the issue that they want to talk about?

Maybe, however it is of major interest if Vulture funds are offering settlement figures and then pulling the agreed settlement figure off the table when the family home has gone sale agreed. This is just pure corporate greed.

Best,

Ailish

This thread is about mortgage rate increases only.

You need to start a new thread setting out your case if you want opinions on it.

Brendan

Pepper offered me ARA, extended the term, reduced the interest rate by .5 to 3% and recapitalised the arrears. This was in 2021. Then mid 2022 I saw interest rates were going to rise but they would not let me fix as Brendan said they do not offer fixed rates. The ecb rate went up .75% and I got a letter saying my variable rate was to go up by 1.5%. This once again makes my mortgage payemnts unaffordable. Then soon after that the ECB raised another .75 at the end of October and talk of another rise again soon. No doubt more hikes from pepper will follow. This company really is a soulless vulture and we have been given zero protection from them by the political establishment. Any politician that will stand up to them has my vote in a heart beat. I would talk to a journalist if I could stay anonymous...

Waltrad said:

I would talk to a journalist if I could stay anonymous...

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Thanks, but that is not much use.

I can rant on about soulless vulture funds, but no one will listen to me.

If one of those affected appears in the paper or on TV, ideally, but not necessarily, with their family, there would be an outcry and that would get the Central Bank and the government sitting up. But there are plenty of other people standing up and shouting about other issues so they will get priority if no one affected by this issue is prepared to go on the record about it.

Brendan

I understand, thank you for replies

Folks,

Apparently Charlie Weston gave it the full welly on Today with Claire Byrne this morning at about 10.45 am.

He was interviewed by Philip Boucher-Hayes.

It will appear here later today or maybe tomorrow.


I didn't hear it but apparently Boucher-Hayes was shocked by the rates being charged.

Charlie Weston is fired up about this. If one of you steps up to the plate you have a very good chance of getting your interest rates reduced. But if you all sit back hoping someone else will do it, then it will fizzle out and Start and Pepper will get away with it.

It takes continuous pressure to the the Central Bank and the government to move on something like this.

Don't wait until you are served with possession proceedings for arrears before taking action.

Brendan

Brendan Burgess said:

Apparently Charlie Weston gave it the full welly on Today with Claire Byrne this morning at about 10.45 am.

He was interviewed by Philip Boucher-Hayes.

It will appear here later today or maybe tomorrow.

Click to expand...

It's available here now:

Thanks Paul.
They discuss the interaction between inflation and interest rates for the first two minutes, but after that he says that this is a problem caused by the Central Bank and the Dept. of Finance and they must fix it.

Brendan

I'm a PIP the rate can be fixed in a PiA, that will take time and also has problems with Legal Aid funding. I raised it with Minister of Finance 2 months ago. But realistically at this time it's only way around it

Brendan Burgess said:

If one of you steps up to the plate you have a very good chance of getting your interest rates reduced. But if you all sit back hoping someone else will do it, then it will fizzle out and Start and Pepper will get away with it.

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Unfortunately the stigma of debt works very well in a bank\lenders favour. I found this so true when I was fighting
with PTSB twice in seperate campaigns.

Banks don't want bad publicity. Don't be ashamed of the position other people and institutions put you in.
Writing to anyone will not make much difference. Politicians and banks could wallpaper the Phoenix Park with the amount of complaint letters in their bin. And that's pretty much where they go.

If you want to get noticed, (I'm not saying you will get the perfect result), get your face and story into the face
of the institution that is roasting you. Make noise. Then keep making it.

I remember the conversation years ago with my other half and she was mortified about me being in the public eye....
'but the neighbours will know we are in debt'!

Yes - but the bank put me in debt from overcharging us because they can - extorting extra money from our pocket every month, for the simple reason of they can because they have the deeds and contracts to our house. And the more noise you make the more likely you are to get somewhere.

With that, I became infamous in the banks eyes and stood up for myself and my family.
I lost count of the times I appeared on the Consumer Show\RTE News\Independent paper (hat off to Charlie Weston - invaluable) & Radio.
I also attended and spoke at PTSB's AGM - in front of cameras and a full room of shareholders.
I even managed to get into an Oireachtas committee hearing and get my story heard !!!
Basically I was not waiting for anyone else to help me or my family.

Very few peope will help you, but if you gather a few good people with similair circumstances, you can get heard and get attention.

People don't listen to numbers, they listen to stories.
This site is the perfect place to pool resources and build a campaign.


(edited for grammar - should have listened in Englis)