Anyone stopped paying their mortgage while waiting for their redress ?

J

Joanne Heeney

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Just thinking about not paying mortgage for December if my redress doesn't arrive. Would this be a stupid thing to do ? I don't want to fall into arrears but seeing as they have my over payments anyway ?
 
Yes but can they penalize me for missing a payment when they have overcharged me and owe me quite a bit I think .
 
In short, the answer is that you should continue your mortgage repayments.

The long answer is (and I have taken advice on this) that you are only responsible for your contractual sum. Take for example a mortgage that accrued an overcharge thanks to being on the wrong rate and in MARP. So the current capital balance, pending redress, is:

{C} Capital = {A} Correct Amount Owing + {B} Overcharge

Technically you are only responsible for the figure of {A} plus interest, and if you were able to calculate what this sum is, then subsequently what the repayments should be, you would be entitled to withhold the interest and capital repayments on {B}.

Now I'm guessing that because you're referring to quarter that you're an Ulster Bank customer. Ulster Bank will log the underpayment and treat your account as being in arrears pending redress. They won't send tracker affected customers an arrears letter anymore I'm told, but they will put your account into the arrears process and mark your credit rating. You may receive a phone call to invite you to enter into a MARP.

They've admitted to me that they are obliged to restore customers' credit ratings (where applicable) at the end of the tracker examination process. In the interim, this would affect your credit rating until completion.

If you intended to this you would need to write to the bank in advance, sending them your calculations, your intended repayment figure, and the date at which your mortgage repayment would change. You would need to put your position on the record in advance of going a head with a change to your repayment.

Withholding a full repayment would definitely set your account into the arrears process altogether and in my opinion is a very bad idea.
 
Aib tracker. Hope I get letter soon or postman will put a barring order on me. I'm like a jack Russell dog the minute I see him. I've thankfully been put on tracker rate since August and have been told that I should get letter within 6 weeks. That was 5 weeks ago. Hold out on mortgage repayments as only 2/3 more left. When you receive cheque you can decide what to do with it and not have to put into mortgage to cover arrears. Good luck and hope we all get letters soon.
 
I am not paying my mortgage this month .The bank owe me a considerable sum .There is a 30 day window from when you miss the payment before the bank can report to the ICB/Central Credit Unit .In that timeframe I expect multiple calls from the bank. I intend to use those calls to query with the bank as to when they intend to pay me back what they have illegally taken from me.
So for Joanne ,I think you are correct (if you are 100% certain they owe you money).People need to stop bowing to the banks and stand up.Forget about the ICB and make the bank amend it(ICB) as part of your appeal and redress.
We have become far to tolerant of large institutions in this country.This is corporate bullying at its finest#metoo.
 
Tracks123 totally agree with you. My mortgage due tomm and I'm not paying it this month. Looking forward to the many calls from the arrears team
I missed a payment a few years back and they got so frequent with the calls they became daily
 
You are all confusing the redress/compensation with your mortgage repayments. It's an extremely bad idea to withhold a mortgage repayment because you're waiting on redress. You still owe the debt and are committed to repaying the debt within a set timeframe. This will affect your ICB credit rating regardless of the redress payment. Pay your mortgage, or at the very worst follow my advice above. But pay your debt.
 
Just want to let ppl know my situation. I'm part of redress but still waiting for that "letter" but have been told over the phone I am affected. 2 years ago I missed a payment and made every attempt to pay it off. Paid money off every month when I could to clear arrears. We currently owe €4 which I purposely did not pay until this mess is sorted. Just got a call from the arrears team re €4 which I think is just gas. I owe them € 4 and they possibly owe me €10k..
 
maunie said:
Just want to let ppl know my situation. I'm part of redress but still waiting for that "letter" but have been told over the phone I am affected. 2 years ago I missed a payment and made every attempt to pay it off. Paid money off every month when I could to clear arrears. We currently owe €4 which I purposely did not pay until this mess is sorted. Just got a call from the arrears team re €4 which I think is just gas. I owe them € 4 and they possibly owe me €10k..
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That's hilarious. How they can justify the call for €4debt and have no one able to give answers regarding whether people are in or outside of redress. I'm with Aib and every time I ring (5/6 times) I end up talking to same person. Is there only one person dealing with this?
 
Once a mortgage is paid before the end of month, then its not in arrears.

Request the payment date for 28th of the month instead of 1st.

Usually done with a phone call.

Point to note is that if you miss the payment then there's little or no time to prevent the account going into arrears and being on file in icb.
 
If you wrote a letter stating that the bank were charging you an incorrect sum. And that you are withholding all payments until a review of your account is complete. Even set up a deposit account within same bank. Put funds in this third party account while awaiting on outcome. I think this would shake the banks up a bit
 
marymidlands said:
That's hilarious. How they can justify the call for €4debt and have no one able to give answers regarding whether people are in or outside of redress. I'm with Aib and every time I ring (5/6 times) I end up talking to same person. Is there only one person dealing with this?
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I find BOI the opp,loads of people so I get to talk to someone diff each time so im getting a different story each time..so annoying
 
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