Anyone any experience with the MARP process?

[hastalavista]

MARP - Mortgage Arrears Resolution Procedure - is the system put in place by the Regulator to put some structure on how banks deal with arrears and pre-arrears for mortgages. Its in place since 01/01/2011.

I am wondering is a genuine process or is it just a fast track system to repossession with paperwork that will pass muster with the regulator.
Anyone been there?

 

[netz]

I have sent in MARP forms to certus (Bank of Scotland) last week. The form - think it was 8 pages - was a nightmare to fill in, I dont know if I did it correctly to be honest, it took me 4 hours to try to calculate amounts I owed to various institutions, restructed payments, average esb/gas/phone, negative equity calculation etc., and I believe it can take 6 weeks to process. I have been on reduced payments with BOS for a year now, from just under 800 they were accepting 500 from us. But when I had to reapply for another extension, the MARP form they sent out is very off putting. Do fill it in the best you can, and please photocopy every part of the form because if you are accepted, you will have to reapply again in a few months and you will save yourself a lot of hassle trying to access financial information again. Good luck with this, and I will let you know how I get on when I hear from them

 

[hastalavista]

Thanks, just got the form: 12 pages...its a pity its not done in excel as its a nightmare to tie it all in or if you change it.

As noted elsewhere here you may need to check the life cover on the MPP due to the reduced payments, I cant post a url yet but see another post of mine under a thread here called mortgage protection.