PMPV: Peoples mortgage protection vehicle

J

james j

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42
Does anyone out there have any information on catches or clauses as this seems a great option for anyone in serious arrears. It is basically a 50 year bond on your home redeemable at 5 per cent interest per year compounded but it is certainly kicking the can further down the road (kind of like national debt).
 
Brendan not sure how to post a link maybe someone could do it for me,but the website is pmpv.net
 
James

Ask yourself

Why do they not give their contact details on the website?

Do you really think that there is a financial engineering solution that can wash away arrears for everyone for the benefit of the lender and the borrower?

Did you read their copyright notice? Why must you get their "express written permission" to quote it?

And why do they not have a regulatory notice?

Even the writing style should alert you that this is nonsense.

Brendan
 
The explanation that they give makes no sense at all.

The bit that is clear is false. It assumes that your property will rise by 5% a year for 50 years to rise in value from €100,000 to €1,092,000. You cannot design a financial product on a false assumption like that.

It seems to assume that interest rates will remain fixed at 5% for 50 years. Again, a false assumption.

It also assumes that the person will make repayments of €908 per month on their mortgage for 50 years. If someone can make repayments of €908 per month on their mortgage of €200,000, the bank is likely to be happy enough.

It seems that you need to pay a further €110 per week into some unspecified savings policy which will give you a guaranteed 2.5% a month for 50 years.

Why on earth would you invest at 2.5% , when you can invest at 5% by paying down your mortgage instead?
 
Brendan
I realise this is sounds to good to be true offer.
There is contact details although sketchy a phone number and address and appointment only meetings,
But is it possible that it is possible to raise a bond on your home either collectively or by yourself?
Personally I am only interested in solutions for the borrower as sadly the lenders are here to stay .
I have a feeling this is also to do with common law society and this is why copyright notice has stipulations.(I know they think they are above law)
James
 
From what i gathered there is no payment other than 110 euro per week investment which is your own responsibility to maintain .I dont think 2.5% is unrealistic interest figure .I also presume the 5% is a fixed interest fee for bond, probably low in my opinion .The valuation of house is probably way high but is probably least concerning
 
james j said:
B
But is it possible that it is possible to raise a bond on your home either collectively or by yourself?
Click to expand...

This seems vague to me at best, and meaningless at worst. What does "raising a bond on your home" actually mean?

If they are not prepared to give their name, their regulatory status and how it works, then you should avoid them.
 
Hi Paddy

Well spotted.

That boards thread is funny. Pity I don't have a few free days to read it all. This is a cracker for anyone who wants to upskill on the law of the land.


"SCOOL OF COMMONOLOGY - BEGINNERS
The Common LAW Society
School of Commonology
One Day School : Covering
Fundamentals of Escaping the Debt Trap | Dealing With Loans, Credit Cards and Unsecured Debt | How to Handle Banks, Debt Collectors, Nasty Calls, The Post, House Callers | Letter Writing | Legal Jargon | Various Laws and Acts | Fundamentals in Court Processes | Responding to Solicitors | Civil Bills / Summonses |"


If that's the Beginners, what happens at intermediate, advanced and expert?
 
From what i can gather is that the bond is raised from external sources ie investment funds from europe which clears your mortgage ,if your mortgage is 200000 then 200000 is paid to lender and you owe the 200000 plus 5% compounded interest after 50 years .,to bond holder.Again I think the 110 euro invested is only a figure they have used to cover the amount that will have accrued.Taking inflation into account I can't see this as being a huge amount of money in 20 years never mind 50.
I think if you die the same conditions can be passed on to next of kin in that when 50 years up they will be liable for money or lose the property.
If this is true and possible that someone would clear mortgage for repayment in 50 years it has to be a great idea in my opinion particularly
with people just about to be evicted
 
james j said:
the bond is raised from external sources ie investment funds from europe which clears your mortgage
Click to expand...

Hi James

I really don't think that anyone will be rushing to invest in a bond promoted by an anonymous website "secured" on property in negative equity and heavy arrears.

Brendan
 
Brendan,That's the catch really who out there would lend into negative equity unless they see the investment as one that will have a return.
I shall look further into it and see what I can find out .It seems to me that the theory might work the figures probably add up but the return for risk is to low for any potential bond holder if they could be got
 
james j said:
Brendan,That's the catch really
Click to expand...

That is only one of the catches.

Many others have been pointed out.

There are no magical financial engineering solutions which solve the problems of arrears and negative equity. There are some people out there giving false hope to people in desperate situations.



Brendan
 
This sounds like what the Banks have done twix 2000 to 2008 !
And they were Regulated etc?

Sorry, Cynic in me just wrote this !
 
I think it's the banks giving false hope a little more time before bearing their teeth. Time they say is a great healer and now when the dust settles it is a divide and conquer motto. The banks are now the people and any debt relief is out of our pockets and funnily enough our great giving country isn't as generous with its own. Every passing day you can see the arrogance creep back into bank officials as they slowly become the peoples champions recovering the peoples money which will come at a cost of people's home.Maybe false hope is better than no hope as it may ignite the will to survive
 
I'm not sure that this kind of rhetoric provides any comfort to anybody. There are large numbers of people in financial difficulties with their banks who are vulnerable to such schemes that advertise themselves as "peoples champions" etc. They continually promote solutions where there is ostensibly a "legal loophole" that can be surmounted by paying them money and joining their scheme. False hope is of no benefit if it leads to borrowers putting their trust and meagre resources into schemes that are ineffective and end up costing them money. Virtually all legal professionals who have examined any of these schemes have stated they are not viable nor would they stand up in Court. Most of them do not provide any clarity on how exactly the scheme will work. However, no matter how many impartial and qualified professionals state their doubts, there will always be the "champions" who promote these schemes on the basis that the "banks" are afraid of them!!!
 
I hear both James J and 44Brendan;
...................................................
James J is probably correct in his rhetoric. But 44 Brendan takes more of a practical stance.
It is no harm to have these{peoples Champions} at least creating {hope?}.
Just be aware of the pitfalls and the old adage; if it sounds too good to be true=beware.
 
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