Danske appoint receiver on performing mortgage cos a joint borrower in default on unconnected loan

Discussion in 'Mortgage arrears & negative equity case studies' started by The Partnership, 20 Mar 2016.

  1. The Partnership

    The Partnership Frequent Poster

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    Update
    We had a meeting with Danske reps in the hope of a reasonable settlement we had our solicitor with us .
    A total waste of time and money
    We are now continuing with the case and our solicitor has advised we need a senior council on board.
    We are getting an estimate for costs but the ball park figure is frightening
    Regards
     
  2. Lone Star

    Lone Star Frequent Poster

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    Darn, I really hoped yous had a chance to sort this all out. I hope Court proceedings go well. senior counsel will be pricey.
     
  3. Bronte

    Bronte Frequent Poster

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    I've read this thread and I don't see how a court case can be won. Maybe I'm missing something. Ultimately the money is owed, the terms and conditions broken by one partner, meaning the loan can legally be called in.

    What is the all park figure? 30 K? More?
     
  4. TLO

    TLO Frequent Poster

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    Hi Bronte, calling the loan in was legal although morally and commercially questionable as the loan was performing. The real issue would appear to be the subsequent inaction on the part of the receiver that was appointed by Danske, who hasn't collected rent in years, and has allowed the condition of the secured property to deteriorate. It would seem that actions and in-actions on the part of Danske and the Danske appointed receiver have turned a performing loan into a non-performing loan and materially disadvantaged The Partnership.
     
  5. The Partnership

    The Partnership Frequent Poster

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    Hi I would like to answer Bronte first
    The money was owed and fully paid up to date and in advance.
    We were told a partner defaulted but never shown the default.
    We know the partner has never defaulted in her own name.
    We have independent opinions from 3 barristers on our case and each one has come to the conclusion that it's not a black and white case and that it will come down to the judge on the day
    We are not relying on one defence there are at least six ways which may if not win the case force Danske to run the case from scratch again.
    We have a detailed paper trail of all our dealings and we have accounts of numerous mistakes Danske made from the first overcharging in 2009 to the present date
     
  6. The Partnership

    The Partnership Frequent Poster

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    Hi TLO thank you for your response
    When we looked for second opinions from two different barristers one of them said over the phone you are either in default or not ,there is no middle ground.So we sent him all the relevant paperwork paid him three hundred euro and had a thirty minute meetng with him.
    He made a couple of suggestions ,one was to go after the receiver as he was totally out of order .But on the question of default he said it would come down to the judge on the day.
    During our summary hearing the judge was not impressed with the Danske bank arguments he actually rubbished some of them.
    This was not a judge who was anti bank ,in fact in a meeting a week before our summary court appearance our barrister gave us copies of a similar case where he judged in favour of the bank.
    Regards
     
  7. The Partnership

    The Partnership Frequent Poster

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    Hi during this week someone posted to this chat but i did not get a chance to answer before their post was removed.
    It was in relation to Mary causeing a default in the partnerships mortgage by defaulting with someone else on a seperate loan.The question was
    If Mary was paid in advance by thousands on the partnership mortgage by an overchargeing mistake of Danske bank how could Danske bank call in her unconnected loan.I will mention this to our barrister
    If you have any more bright ideas send me a private message
    Regards
     
  8. The Partnership

    The Partnership Frequent Poster

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    I have gone over Banchecks report it shows on 03/05/2011 the partnership was paid €22,000 in advance of t&c because of a Danske bank mistake.
    When was Marys default ?who were her partners in default.
    How much of a default was it?
    Could her share of € 22,000 have remedied the default.
    Could her share of €22,000 left her in a better position to refinance .
    Could the partnership have agreed to lend her €22,000 to stableise her position if it had known the result of her default.
    All we know is Marys default on an unconnected loan caused an event which triggered a default on a loan that was paid in advance by thousands of euros.
    The Partnership was never given notice of a default by Mary or given a chance to remedy the default.We were sent demand letters for immediate payment for the full ammount of the mortgage.Danske dident even send these letters to our propper adresses.
    Regards
     
  9. The Partnership

    The Partnership Frequent Poster

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    Hi it was early in May 2017 when we were in court on a summary summons .
    The judge ruled in our favour and gave Danske four weeks to produce a statement of claim and proceed to plenary .
    Four and half months later we have not got any paperwork.
    Is this normal practice
    We had a meeting with Danske but nothing came of it would this have put a hold on the paperwork.
    Regards
     
  10. Seagull

    Seagull Frequent Poster

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    Surely it's time to let the judge know that the order has not been complied with? A contempt finding might just put a candle under Danske.
     
  11. The Partnership

    The Partnership Frequent Poster

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    Hi Seagull we have just received an e-mail from our solicitor
    Danske want us to formally reject their offer.
    If I was paranoid id say someone in Danske read your post
    Regards
     
  12. Seagull

    Seagull Frequent Poster

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    I'd be somewhat surprised if they were unaware of this thread. You'd think there has to be at least one staff member there who is a member of AAM.
     
  13. The Partnership

    The Partnership Frequent Poster

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    Hi I counted the rent arrears from the property from the appointment of the receiver to Oct 2017 as requested by my solicitor.

    € 60,000 exactly

    40 months by € 1500 a month

    Its a long time rent free.
     
  14. The Partnership

    The Partnership Frequent Poster

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    Hi i have been watching the tracker scam unfolding over the past few months and i am hopefull this wont blow over like so many bank scandalls have in the past .I hope the goverment put down some lasting changes that wont go away as soon as a bigger story comes up.
    Im afraid the banks are bideing their time in their mansions waiting for it all to blow over.

    In the mean time im waiting for Danske Bank to forward their statement of claim and explain why they called in a fully performing tracker loan with no risk and paid in advance by over €5000
    Ethics my arse
    Regards
     
  15. The Partnership

    The Partnership Frequent Poster

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    Hi we have received an estimate from our junior and senior council for our upcoming court proceedings
    Approx: € 60,000
    Does this figure seem par for the course .
    I would like some feedback from some people who have experience in the procedure please.
    Regards
     
  16. The Partnership

    The Partnership Frequent Poster

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    Hi can someone let me know if Danske has contacted anyone about the tracker redress and compensation issue.
    We were overcharged on our mortgage between 2009 and 2011 for 2 years to the sum of €22000 and € 5500 was taken in advance of contract to 2014. We would like some acknowledgement and compensation from Danske,
     
  17. IdesofMarch

    IdesofMarch Frequent Poster

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    Did the Bank take you off or vary the interest rate you had originally contracted into to pay between these years? If the answer is in the affirmative, then my advice is to write a registered letter (keep post office receipt and a photocopy of the letter) to Danske Bank stating that your case qualifies to be included in the framework for their mortgage tracker examination. They are obliged to include you in this examination, if your mortgage tracked a publicly quoted index like the ECB Rate, EURIBOR, EONIA etc.
     
  18. The Partnership

    The Partnership Frequent Poster

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    Hi has any Danske tracker mortgage customers heard from the bank and what have they said regarding redress and compo.We have had no contact
    regards
     
  19. Bronte

    Bronte Frequent Poster

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    Banks, the revenue and the Central Bank read AAM.

    They have reacted in the past to things written on here.

    Best of luck, can't believe the legal fees for you going to court. You're very brave.
     
  20. IdesofMarch

    IdesofMarch Frequent Poster

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    Last edited: 28 Dec 2017
    EU Commission currently investigating the exhorbitant legal fees charged in Ireland, to determine whether it is a bar to access to a court remedy.
     
    Last edited: 28 Dec 2017