mortgage lump sum payment

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foxxx71

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Hi, I am new to this site and this is my first post in relation to this issue and if it has been covered on another thread my apologies.

I am separated 5yrs from a woman who is a co-borrower on the mortgage with myself. There is 20k of arrears on my account which brings the total to 220k at the minute with threat of Circuit Court proceedings imminent .
I have been living in the house since the separation.

I have just come into some money that would clear the mortgage in total and remove my ex from the picture and any future claim she would have on the property.

I rang the litigation dept. with TSB to make my offer thinking that they would jump all over my money.
The response I got has left me stunned.
The man at TSB told me they do not accept lump sum payments on mortgage accounts. EVER!!
I am struggling to understand this attitude. Can anyone direct me where to go from here.
I have had 5-6yrs of harrassment from the bank looking for money and when I have it they dont want it.
Any advice is much appreciated.
 
Did it make it clear to them that you were clearing the total amount outstanding? Just order a redemption figure if you have sufficient to clear it in full and lodge the money.

Now make sure you do the legal stuff with the ex to ensure that is tidied up first!
 
Thank you for the reply Monbretia, I made it very clear to the gentleman my intentions and I was shot down immediately.
I contacted Eversheds then to make the same offer through them and it felt like I was talking to the wall. At one point I was asked which credit card I was using to clear the account. I wish I had a 220k limit on my visa.They have to get back to me .
Maybe my frustration could be lessened by employing a solicitor but I had hoped not to incur further expense.
I will not do anything until I have my ex`s signature waiving her interest in the property. That would be a sicken-er to pay twice.
 
foxxx71 said:
Thank you for the reply Monbretia, I made it very clear to the gentleman my intentions and I was shot down immediately.
I contacted Eversheds then to make the same offer through them and it felt like I was talking to the wall. At one point I was asked which credit card I was using to clear the account. I wish I had a 220k limit on my visa.They have to get back to me .
Maybe my frustration could be lessened by employing a solicitor but I had hoped not to incur further expense.
I will not do anything until I have my ex`s signature waiving her interest in the property. That would be a sicken-er to pay twice.
Click to expand...
She may have a claim on some of the money you came into seeing she knows about it, The best thing may be to get her off the Mortgage first and later clear the loan,
 
Is your ex not still joint owner of the property if she is in the mortgage?
 
I'd imagine it will be practically impossible to get her off the mortgage, I'm assuming there are income difficulties if there are arrears so that route is unlikely to go anywhere.

They seem to have understood from you that you were paying a 'lump sum' as opposed to redeeming the mortgage especially the reference to credit card. I'd imagine the departments you were ringing deal with arrears so only expect these sorts of payments. I'd imagine they get many phone calls too with empty promises of 'clearing the loan' to try and delay legal proceedings etc, they probably quite cynically just didn't believe you had come into money and wanted to clear the mortgage, let's face it how often does that happen!

Call your local branch and just ask to order a redemption figure.
 
Hi foxxx

The lender must accept your payment against your mortgage.

Have legal proceedings actually started?

If not, I would probably recommend that you go into a branch and just pay the arrears to stop the legal proceedings from issuing.

Brendan
 
Agree entirely, pay the arrears in full to prevent any (further) legal action.

Settlement of the remaining debt can be arranged in due course.


foxxx71 said:
....I will not do anything until I have my ex`s signature waiving her interest in the property. That would be a sicken-er to pay twice.
Click to expand...

Taking this additional factor into consideration, I would be engaging a solicitor here.

... and no, I'm not a solicitor, in case you are wondering :)
 
Many thanks to the replies. I am probably in over my head in trying to resolve this myself and my temperament may not be the best for delicate negotiations. I naively thought this would be a simple process once funds became available me.
I am not sure where the legal action is at the min. The last letter outlined the legal costs to me of potentially 13,000 euro
My ex is co-mortgage but house is in my name only, she has stated in previous letters she would walk away from her interest in the property if I was in a position to take over the mortgage myself. I don`t have that officially but house prices have gone up since the last communication with her so her position may have changed.
I think for my sanity I will ring my solicitor on Monday and let him deal with it despite the costs.

The lender must accept your payment against your mortgage.


Brendan[/QUOTE]

How would you deal with the person in the PTSB litigation dept. who rammed it down my throat that they do not accept lump sum payments on mortgage accounts?
 
You're not wanting to pay a lump sum payment, you want to redeem/pay off the mortgage, not quite the same thing and perhaps they meant they physically don't process them in the litigation department. I can't imagine they would if their role is litigation then you'd need whatever department has the system to accept a payment.

But either way you were not offering a payment that minute, you need to get a redemption figure and then send in the cheque/draft or pay through a branch.

I think there was a total misunderstanding between both of you as to what each wanted.
 
foxxx71 said:
I am not sure where the legal action is at the min. The last letter outlined the legal costs to me of potentially 13,000 euro
Click to expand...

Hi foxxx

They are obliged to inform you of the potential costs. In practice, the costs will be a lot lower.

You don't need a solicitor at this stage to deal with the EBS.

Just go into any branch and deal with someone in person. Make out a cheque for the arrears and clear it.

You do need a solicitor to deal with your ex.

Brendan
 
It would not be the first time I got the wrong end of the stick and more than likely in hindsight I was not speaking to the relevant dept.

I have nightmares about meeting PTSB staff. I was wrongly accused of trying to de-fraud them to my face by a staff member and only through a data request 3yrs later I saw the full and falsified statement made about me by that staff member,I allegedly ran rampant through the branch threatening staff and customers. Totally untrue. The mistake was on their side.

I will call my local branch and bite the bullet and seek the redemption.

Are redemption's negotiable??
 
foxxx71 said:
....Are redemption's negotiable??
Click to expand...

Quite unlikely in this instance.

In your own words (earlier post this morning), you've acknowledged that you may not be the right person to engage here and also, you are directly involved so like most of us, you are open to the influence of emotion.

Just get your solicitor to handle it all, stay out of direct contact with PTSB, it won't cost very much in legal fees, but will help you maintain your sanity :)
 
There is no advantage in getting a solicitor involved where they are not needed. And there can be huge advantages. For example, you pay the €20,000 to the solicitor and he does not pass it on.

Just go into the branch with a cheque for the arrears and pay it off. It can be any branch.
 
I cant post a link, but they have a form online. Permanenttsb > search mortgage overpayments >Lump sum payment > Flexible mortgage options

If you don't want to go into the branch, you can fill out page 11, with the amount of the arrears and post it to them with a cheque. It takse about a week to come off your account.
 
Thanks again for all the advice. It would have been better to come on here first for tips before I rang them and wound myself up.
I am emotionally attached to my property. More than I ever thought possible to feel about bricks and mortar.
I have also noticed from reading other peoples threads in dealing with the banks that my situation is not the worst .
I have a way to resolve it. I was never blessed with patience.
 
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