BOS Mortgages no longer in MARP Process?

C

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Has anyone heard this?
I have 2 clients who have received letters from BOS today stating the following
The above Mortgage Account is not subject to MARP as it does not fall within the scope of cases entitled to the protection afforded by the Central Bank of Ireland's Code of Conduct on Mortgage Arrears.

Has anyone else received this or can they shed any light on it? Maybe they are still involved and the cases are gone too far. But they are not similar cases as regards what stage they are at in arrears and they both received the same letter today!
 
Not only BOS sending similar letters out.

Are your clients paying less than interest only?
 
MARP is restricted to those who have engaged in good faith with their lender. Have they done so?

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Not co-operating: A borrower can be considered as not co-operating with the lender when any of the following apply to their particular case:
a) the borrower fails to make a full and honest disclosure of information to the lender, that would have a significant impact on their financial situation;
b) the borrower fails to provide information sought by the lender relevant to the borrower’s financial situation ; or
c) a three month period elapses during which the borrower:
(i) has failed to meet his/her mortgage repayments in full as per the mortgage contract or has failed to meet in full repayments as specified in the terms of an alternative repayment arrangement; and
(ii) has not made contact with, or responded to, any communications from the lender or a third party acting on the lender’s behalf.
 
Yes they have engaged in good faith. 2 of them have been in contact with the Bank in recent weeks. One is currently in negotiations with them
This letter came totally out of the Blue and Certus did not seem aware of it when I spoke to them on Friday.
I was wondering did anyone else get them letters?
 
The above Mortgage Account is not subject to MARP as it does not fall within the scope of cases entitled to the protection afforded by the Central Bank of Ireland's Code of Conduct on Mortgage Arrears.
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There has to be a reason for this. BOS would be only too well aware that they are obliged to engage in MARP if the borrowers are cooperating.
 
I just sent MARP form back to BOS this week - have been on MARP for little over 2 years, paying interest plus a bit but this has run out so trying to get an extension. Mortgage should be 780 per month, we have been paying 500 for 2 years. Any idea how long we will be allowed stay on this payment? Mortgage of 190k 23 years left to run, neg equity of about 80K?
Can just about afford the 500 - but cant really pay more as trying to and making good progress in clearing other debt, which has about 2 more years to run untill we are clear. Does anyone think it would be possible to stay on reduced payments for another 2 years or should I go back to bed to dream!!!
 
Don't see why that shouldn't be ok but if they don't agree and you continue paying the interest and some more I can't see BOS rushing to repossess !
 
Charlie Weston reports today that it was an error.

And it emerged this week that the bank has written to residential mortgage holders telling them they were no longer protected under Central Bank rules here, particularly those that apply to those behind on their repayments.


It claimed yesterday this was an error and mortgage holders here still had protections under regulatory rules, even if they were in arrears.
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