Partial Redemption
- Thread starter Urn
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Brendan Burgess
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Can you give a bit more information?
Did you owe €230,530.42 and pay off €170,530.42 - that would be a partial redemption as distinct from a full redemption.
Brendan
Did you owe €230,530.42 and pay off €170,530.42 - that would be a partial redemption as distinct from a full redemption.
Brendan
Thanks Brendan. No. I owed 57,837.77 which i am liable for though am indemnified against by ex husband. Mortgage is in my name but property is his and HE requested permission from the bank to sell it in negative equity.
The letter is titled Confirmation of Capital Payment - Payment Reduction.
It says there was a partial redemption of €170,530.42 made to the the account. Reduced monthly payment to 335.90 from €433. It was dated 29 September. Yet I got another offer letter they wanted me to sign dated 30 September for 433 a month.
I am struggling to make head nor tail of it - I'm swimming in a sea of errors by the bank
They also calculated my affordability based on an average income from that YTD - surely this is totally incorrect? They had my monthly payslips but didn't use these. The YTD figure was significantly higher due to change in job, one off bonus payment and accrued annual holidays and not representative of monthly income.
Are there any really good no win no fee solicitors that you would suggest?
Sorry that money owing is a residual negative equity debt and I have paid nothing off it
The letter is titled Confirmation of Capital Payment - Payment Reduction.
It says there was a partial redemption of €170,530.42 made to the the account. Reduced monthly payment to 335.90 from €433. It was dated 29 September. Yet I got another offer letter they wanted me to sign dated 30 September for 433 a month.
I am struggling to make head nor tail of it - I'm swimming in a sea of errors by the bank
They also calculated my affordability based on an average income from that YTD - surely this is totally incorrect? They had my monthly payslips but didn't use these. The YTD figure was significantly higher due to change in job, one off bonus payment and accrued annual holidays and not representative of monthly income.
Are there any really good no win no fee solicitors that you would suggest?
Sorry that money owing is a residual negative equity debt and I have paid nothing off it
Brendan Burgess
Founder
- Messages
- 52,116
Brendan Burgess
Founder
- Messages
- 52,116
Were they able to get an explanation for you?
No, just that everything was affordable which it absolutely is not. That letter only came in after the PIP had got his response. I have complaint with FSO and while I thought they were good at first I have little faith in them now and information they provided me with through mediation was not in fact what the bank were saying or else bank misinformed FSO. i don't know. Proceeding to adjudication but given majority of complaints are not upheld I don't have any trust in the fairness of the process.
I have only recently discovered how they reached the affordability solution and that they didn't actually use monthly payslips. Brendan, is that not completely wrong?
I have only recently discovered how they reached the affordability solution and that they didn't actually use monthly payslips. Brendan, is that not completely wrong?