Good - thanks. Watch thread for more info.
I am arranging a public meeting on the SVR issue...
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Good - thanks. Watch thread for more info.
Walter Redfern
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Yes. I'm in. I want to do something about the over charging on variable interest.
Twitter is definitely worth using to gain exposure imo . Getting a re tweet from the likes of the following ( just mentioning a few I follow myself !) can get you serious exposure free ! Don't forget # is your friend too........... #SVRcampaign
David Hall
David McWilliams
Constantin Gurdgiev
Dearbhail Mcdonald
Miriam O Callaghan
Charlie Weston
Prof John Crown
RTE primetime
Adriandoyle180
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I will attend
TryingHard
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I'll attend.
My idea is basically the formation of a Home-Owners co-operative.
The function of this organisation would be to represent the interests of its members (mortgage holders) on a collective basis when dealing with lenders; particulary around interest rates and mortgage types.
Essentially, it would operate under the same principles underpinning a buying group that negotiates prices and terms with its suppliers. So instead of the suppliers (in this case the- lenders) setting the price (in this case -interest rates) without reference to its customers, they would be forced to do so given the collective strength of the buyer (in this case the members of the co-operative/mortgage holders). Or the co-operative could potentially seek the best deal possible for its members and deal with whatever bank.
You only need to think of the power that Dunnes Stores has over its suppliers where they set the price and state what they are prepared to pay.
The legal structure for such an organisation could be a Company limited by guarantee without share capital. Membership cost would be a tiny sum, thereby potentially attracting huge numbers of mortgage holders who would have nothing to loose by joining. The more members, the greater the negotiating power.
Is an idea such as this credible or possible? It seems unbelieveable that banks can keep raising variable interest rates at a time when the wholesale rate is so low, driving already struggling mortgage holders further into the ground. Their profit margins are excessive and their "solution" of increasing the term of the loan is only a solution for the bank. In fact an increase in the term represents a bonanza for the banks, thanks to the increased interest that they will reap over the extended term. At the very least the interest rate should be decreased if the term is longer given that the loan becomes more profitable. Perhaps a Home-owners co-op could have a role here also.
A Co-operative such as this could also demand non-recourse mortgages for its members! Imagine if all future mortgage business was conducted through this organisation. The banks would have no choice but to provide the customer with the type of mortgage that they want and are prepared to purchase.
Would love to hear this idea explored at a public meeting.
Thanks all!
The function of this organisation would be to represent the interests of its members (mortgage holders) on a collective basis when dealing with lenders; particulary around interest rates and mortgage types.
Essentially, it would operate under the same principles underpinning a buying group that negotiates prices and terms with its suppliers. So instead of the suppliers (in this case the- lenders) setting the price (in this case -interest rates) without reference to its customers, they would be forced to do so given the collective strength of the buyer (in this case the members of the co-operative/mortgage holders). Or the co-operative could potentially seek the best deal possible for its members and deal with whatever bank.
You only need to think of the power that Dunnes Stores has over its suppliers where they set the price and state what they are prepared to pay.
The legal structure for such an organisation could be a Company limited by guarantee without share capital. Membership cost would be a tiny sum, thereby potentially attracting huge numbers of mortgage holders who would have nothing to loose by joining. The more members, the greater the negotiating power.
Is an idea such as this credible or possible? It seems unbelieveable that banks can keep raising variable interest rates at a time when the wholesale rate is so low, driving already struggling mortgage holders further into the ground. Their profit margins are excessive and their "solution" of increasing the term of the loan is only a solution for the bank. In fact an increase in the term represents a bonanza for the banks, thanks to the increased interest that they will reap over the extended term. At the very least the interest rate should be decreased if the term is longer given that the loan becomes more profitable. Perhaps a Home-owners co-op could have a role here also.
A Co-operative such as this could also demand non-recourse mortgages for its members! Imagine if all future mortgage business was conducted through this organisation. The banks would have no choice but to provide the customer with the type of mortgage that they want and are prepared to purchase.
Would love to hear this idea explored at a public meeting.
Thanks all!
James Kelly
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I am also willing to attend. This is a huge disgrace by both the banks and the Government in their treatment of ordinary mortgage holders. I am on a mortgage of 210.000 over 30 years and looking at the figures it looks like I am paying an extra 350 a month ! This is pure robbery. A protest default of withholding mortgage by 300,000 mortgage holders would certainly send a message. Remember there is also a case Kenneth and Donna Millar of Portmarnock. http://www.independent.ie/business/...e-hike-decision-says-high-court-30629969.html The Ombudsman is once again totally complicit with the banks on this one. Its is another national disgrace. Everyone who has a variable rate mortgage should be raising it with their banks first and then the Ombudsman until it gets political focus. We need to act now we are losing huge money every month to make the banks profitable. It has to stop now !
Absolutely fantastic .I will definitely attend any meeting any time any place
thequietman15
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I will attend. Can we agree a twitter hash tag. Are we going to use #SVRcampaign as suggested in an earlier post.
Bomb Voyage
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I just joined this forum today as I want to show my support for this campaign. I look forward to attending the meeting on this issue when organised.
thequietman15
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We will need to setup a Facebook page and a twitter account. Start collecting the email addresses of our bank CEO's CFO's and mortgage managers, TD's and start tweeting on their relevant hash tags and get the pressure on.
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