New collections team at ACC Bank. Thoughts?

W

Wishes

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Just wondering how other mortgage holders are finding the new collections team at the ACC Bank?

I am not holding out much hope and cannot imagine common sense will prevail but I stand to be corrected.

I pay my full P&I each month but I cannot pay my arrears. I'm getting demand letters but they will not recapitalize the arrears.

Should I make extra payments towards my arrears even if the bank have refused to recapitalize or am I throwing my extra income down the kitchen sink?
 
I don't know anything about ACC's collection team.

I assume that you are still in huge negative equity?

If you are insolvent, you should consider going formally insolvent.


If you are paying your full capital and interest every month, I doubt if they will take court action against you.

You probably need to do an updated case study as it seems your income has changed considerably.

Brendan
 
In most cases if you pay your repayments on time for 6 months in a row, banks will capitalise the historic arrears. However, they must be on time and for the correct amount.
I have experience of some banks doing this. I am not sure if it is part of MARPs
 
I would reconsider making extra payments towards your mortgage until they capitalise, if ever. I have never been offered capitalisation of my historic arrears considering I now have a decent salary, have made extra payments and also meet my unsecured debt. I was genuinely a distressed mortgage holder. Informed the bank of my every financial move; but at the end of the day I was perceived to be not complying with the bank. I scratch my head on a daily basis to how this conclusion was reached. Subsequently the protection of the mortgage arrears resolution process was revoked and I was issued with a letter to tell me my mortgage was unsustainable and I was no longer protected under MARP. I put my home up for sale and offers to purchase were considerably low. The bank would not write off the shortfall so I decided to take the property off the market and bury myself in updating my skills and looking for work. During this process I though the bank were going to close in on me but they didn't.

I was one of the lucky ones whereby I found work which allowed me the liberty to pay my mortgage.

These days I merely pay my mortgagein full but have ceased making extra payments. I look at my home as rented accommodation. I keep it clean and tidy, pay my " rent ", pay my bills and go to work.

I never feel comfortable at home anymore because I have no formal stability from the bank. Stability would be capatilising the arrears.

The bank are in debt collecting mode so I don't hold out much hope. You should consider going insolvent. As you have said you don't expect common sense will prevail. Did common sense ever prevail?
 
Patrick, you story speaks volumes about the attitude of the banks - many thanks for sharing it. Unfortunately, of course, it's not a "story" but real-life that could have ended very differently. If there was no negative equity for example, you could well be homeless now. Can you say which bank it is?

MARP is completely one sided: the bank can effectively declare it over with no right of appeal other than to the same bank. You can be declared as non co-operating with potentially drastic consequences, yet there's no sanction for banks that won't co-operate.

Well done on getting back on track: I find it appalling you haven't been given the opportunity to square things with the bank to end the stress of the uncertainty.
 
Ang1170, I am also a customer of ACC. I should have mentioned in my previous post that I did contest their decision to class my mortgage as unsustainable but they did not follow up my dispute. I have been informed that if they seek legal action against me for not clearing the arrears I will be looking at an excessive legal bill. I am not in a position to declare bankruptcy and feel I shouldn't have too. However, I do believe they want me to leave my home so they can sell it on my behalf. The vibe is instant cash and a chase for the shortfall plus legal fees. On the other hand the house needs repair work but I am holding off putting any more money into it.
 
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