Brendan Burgess
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Good article by Karl Deeter
Evidence from the courts fails to support popular 'facts' behind repossessions
Evidence from the courts fails to support popular 'facts' behind repossessions
Evidence from the courts fails to support popular 'facts' behind repossessions
- Thread starter Brendan Burgess
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No, not just you, its heavy going reading it alright. Could have been simplified by focusing on key messages.
Families virtually never get evicted, if you engage with the Bank and make any attempt to pay you are highly unlikely to get evicted. Only right by the way!
If you ignore the Bank, don't engage, don't bother talking to a solicitor, don't bother attending Court, emigrate, don't pay any mortgage for four years, then you might (just MIGHT) have a repossession order made against you. And that's only step one of the process.
Media talk a lot of rubbish and headlines are sensational!! Surprise Surprise.
Families virtually never get evicted, if you engage with the Bank and make any attempt to pay you are highly unlikely to get evicted. Only right by the way!
If you ignore the Bank, don't engage, don't bother talking to a solicitor, don't bother attending Court, emigrate, don't pay any mortgage for four years, then you might (just MIGHT) have a repossession order made against you. And that's only step one of the process.
Media talk a lot of rubbish and headlines are sensational!! Surprise Surprise.
I agree that Karl Deeter's writing style can be a bit difficult to follow sometimes.
Here's an article on the same data from the Mail on Sunday (I liked Brendan's line that instead of a tsunami of actual repossessions, we have a tsunami of recycled court hearings).
Here's an article on the same data from the Mail on Sunday (I liked Brendan's line that instead of a tsunami of actual repossessions, we have a tsunami of recycled court hearings).
It was only that one article I found Deeter difficult on, but that article from the Mail is much better, plus they have a nice chart, thanks for scanning it. And I agree with you about Burgess's line of
a tsunami of actual repossessions, we have a tsunami of recycled court hearings
being superb. It could have been a headline all on it's own.
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Solicitors got to earn a living too!
The only ones paying solicitors is the banks, every delay means a new court date and more costs. No money to be made by broker borrowers, they therefore have no legal representation.
And who is paying the failed bank solicitors, the taxpayer. Legal aid for the rich.
The costs are actually largely being met through the high margins charged to borrowers that are continuing to meet their obligations.
Maintaining high levels of unresolved non-performing loans requires lenders to impose a high cost of credit.
Brendan Burgess
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Hi Sarenco. When I read that line in the paper, I roared laughing. I rang Bill and told him that I loved the quote, but that I don't think I had said it and maybe someone else to whom he had spoken for the article, had said it. But he said that I had said it. So I will take the credit.
Brendan
Brendan Burgess
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Hi Bronte
The vast majority of headlines and media commentary assert that there is a tsunami of repossessions. Karl got an article into the paper with a headline which challenged that. That makes it a great article.
I do agree that the simple message of "if you engage and pay something, you will not lose your home" should have been emphasised more.
Brendan
Hah! That's gas!
Gerry Canning
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Tsunami of recycled cases is a lovely summation .
................................................................
It is obvious that our Laws/Courts/Judges invented recycling.
Go into any Court on any case and our learned judges recycle.
The old adage, {Justice delayed = justice denied} appears to not matter to our judges.
Their inability to dispense with cases in a fair and timely manner cannot all be put down to {that,s the law}.
................................................................
It is obvious that our Laws/Courts/Judges invented recycling.
Go into any Court on any case and our learned judges recycle.
The old adage, {Justice delayed = justice denied} appears to not matter to our judges.
Their inability to dispense with cases in a fair and timely manner cannot all be put down to {that,s the law}.
Brendan Burgess
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Similar things have happened in a lot of cases.
I have seen cases in Donegal where the lender applied to change the name on the proceedings from Irish Life and Permanent plc to permanent plc and the Registrar adjourned the cases.
The hoops which the lenders have to jump through are absolutely ridiculous. The borrower isn't even required to show up in court.
The result is that the borrowers who pay their mortgages pay a much higher rate as overseas lenders are discouraged from entering the market.
What astonishes me is why any lender would give out a mortgage in excess of 80% under these conditions.
Brendan
Or alternatively a large number of people who are not making any effort to meet their mortgages being retained in their homes. There has to be a downside for those who fail to contribute reasonably towards their mortgages. Also as Sarenco mentioned earlier it is not the banks who ultimately are meeting the costs of retaining these non-payers in their properties it is predominately SVR customers who continue to diligently meet their mortgage payments.
Their is a price to be paid for this type of intransigence and unlike what many of the Left parties might have you think it is not the "rich" that are meeting this cost it is mainly those of us who continue to meet our taxes and loan repayments.
You're underestimating the power of your off the cuff remark. Sometimes spending a long time composing something to perfection is outdone by a throwaway remark, that remark encapsulates the reality.
I don't disagree but the fact that we have few repossessions can only mean that alternative arrangements are ultimately made between most borrowers and banks. This suggest to me that speedier repossession procedures will lead to families being forced to leave their homes unnecessarily.
Brendan Burgess
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Hi demoivre
There are about 13,000 cases before the courts. I would think that most of them are justified. Some definitely are not.
There are around 30,000 cases in arrears of over 2 years. There are no comparable figures for other countries, because no other country tolerates it.
The tragedy is that many of these arrears cases would have faced up to the problem earlier if they knew that there would be consequences. At the moment, there are no consequences for someone who chooses not to pay their mortgage.
Brendan
There are about 13,000 cases before the courts. I would think that most of them are justified. Some definitely are not.
There are around 30,000 cases in arrears of over 2 years. There are no comparable figures for other countries, because no other country tolerates it.
The tragedy is that many of these arrears cases would have faced up to the problem earlier if they knew that there would be consequences. At the moment, there are no consequences for someone who chooses not to pay their mortgage.
Brendan