Stephen Donnelly
Why has there been such a growth in legal proceedings?
ptsb:
We were slow out of the traps. We were trying to develop the right treatments through data analytics. WE are now dealing with the cohort who are not sustainable.
Donnelly: So you have the analytics. Who are these people?
ptsb
People who won't answer the phone.
People who wont' answer the door.
People who make an appointment and don't show up
people who agree an SFS but wont' provide the information they have committed to
People who agree a repayment schedule, but then they don't adhere to it.
Donnelly: I have no problem with you taking legal action against those who won't engage. But I am very disappointed that there is no policy in place for the residual debt of engaging borrowers who agree to a voluntary sale. I am not suggesting that all debt must be written off.
Masding: I hope when we come back in 6 months, we will have a product in place for the residual balance.
Donnelly: Why do you offer only one solution?
O'Sullivan: We recommend one treatment, then we explain why the other treatments are not suitable. But we focus on the recommended solutions
Then our team follows up by phone to discuss the offer with them to see if they have any questions.
What happens on retirement?
I have publicly advocated for debt for equity. AIB is looking at converting a split mortgage to debt for equity on retirement.
Masding: We started behind everyone else. Can I assure you. AVS - we need to work on. Allow me to take away the Debt for Equity retirement concept and see if it works.
Donnelly: But not just at retirement. It can work from the outset.