Mortgage Arrears Code & BOSI

A

annemarie

Registered User
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Hi all

Does the mortgage arrears code protecting the PPR from penalties if you fall into arrears apply to BOS? My PPR is with BOSI and I am wondering about the possible fallout if I have to reduce my mortgage repayments by approx €300 pm as my husband has been warned of another likely pay cut at his work. Should I let the bank know that this is probably coming down the track.

Thanks

Anne Marie
 
Yes, the MAC does apply to BoSI. However, there have been reports that they have been tougher than other banks as they are anxious to leave the market.

It is a condition of the MAC that the borrower engages with the lender. So you should notifiy BoS immediately of the problem and initiate the MARP.

You will not be charged penalties or you will not be kicked off your tracker because you are in arrears.

Brendan
 
Im with BOSI - paying reduced sum every month (Interest + 200) in MARP for 2 years now, managing this and clearing short term debt as got interest and charges frozen over 5 years but got a letter from BOSI demanding proof that short term debt has been restructured. Get the feeling from the letter they are going to start putting pressure on us to go back up to full payments soon, which I cannot afford. Owe 189K - house worth €100k so in neg equity. We have kept in touch with bank all along, and up till this last letter they have been very co operative. I am going to re apply for a further continuation of reduced payments, but can offer €50 extra per month - will let you know what comes of this offer. Keep in touch with Certus as your circumstances change
 
The MARP Mortgage Arrears Resolution Process booklet is freely avauilable on Bank websites . I think you can get one from any PTSB branch.
 
netz said:
Im with BOSI - paying reduced sum every month (Interest + 200) in MARP for 2 years now, managing this and clearing short term debt as got interest and charges frozen over 5 years but got a letter from BOSI demanding proof that short term debt has been restructured. Get the feeling from the letter they are going to start putting pressure on us to go back up to full payments soon, which I cannot afford. Owe 189K - house worth €100k so in neg equity. We have kept in touch with bank all along, and up till this last letter they have been very co operative. I am going to re apply for a further continuation of reduced payments, but can offer €50 extra per month - will let you know what comes of this offer. Keep in touch with Certus as your circumstances change
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We are also with BOSI and find their attitude very bolshy to say the least. The staff in Certus are very helpful and well trained but all paperwork has to go to the UK where they seem to come up with unrealistic figures. Like you we had to resubmit our FS and even though our savings were depleted they tried to put up the repayment by €250. I wrote a blistering letter of complaint to them and asked for a meeting and lo and behold 4 weeks later they reduced the payment. Watch out also for the time it takes for them to process paperwork they say 2 to 3 weeks but its more like 6 so they try and sneak in a full months repayment. We also rejigged our short term debt but did not get a letter from the lenders as they are up to their ears agreeing amended payments with people.
 
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