ptsb sold to Start while in trial period for restructure

Discussion in 'Mortgage arrears & negative equity case studies' started by Theonlywayisup, 5 Feb 2019.

  1. Theonlywayisup

    Theonlywayisup Registered User

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    13
    Hello,

    My mortgage was sold in the bundle to start in August. At the time we had just been offered a trial restructure. This was for 6 months with a view to more permanent solution of warehousing part of the loan. We had been told to enter into the agreement and if we adhered to the trial we would then be issued the documents within 30 days of the end of the trial.
    Fast forward to last week I contacted PTSB regarding the end of the trial as I believed it was to end in January however the 6 months was from September to February. When speaking to PTSB last week the agent advised that my long term agreement documents would issue after the final January payment, I should then sign and return. I have not received the new docs as yet.
    My mortgage payment DD was paid on January 31st. Today I received a letter from PTSB advising the trandfer to start had taken place on Feb 1st and all communication was now to go to them. Any queries to them. PTSB would no longer be speaking about these accounts. And so on.
    My question is will I get my long term agreement now? Will start issue it? Should PTSB not have issued it to us since we are to receive it 30 days before the trial ends? I am almost afraid to contact start now because I don't want to draw attention to my case. I felt lighter last week having spoken to PTSB knowing a long term plan was in place but now the dread is back.
    Should I contact start and ask them if they are issuing my new agreement? Will PTSB have advised that accounts like mine are you to given these types of agreements?
     
  2. Brendan Burgess

    Brendan Burgess Founder

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    37,039
    Tough one.

    Were the terms and conditions of the trial restructure and the commitment to a long-term restructure in writing?

    Did they specify what the restructure would be?

    Start wants these to be performing mortgages so they will restructure your loan, but it might not be as generous as ptsb would have been.

    Send them a letter setting out what was agreed and ask them to confirm it.

    Brendan
     
  3. Theonlywayisup

    Theonlywayisup Registered User

    Posts:
    13
    Brendan thank you for your reply.

    I contacted Start on friday. For anyone wondering what it is like to deal with them, I would describe them as efficient! They confirmed that I called them, that it was the first contact I had made with them. Gave me details of two offices that would deal with my account. Adviced that each account would have a dedicated case officer. Asked some questions such as how much I am paying, who is living in the home. Advised that if they called to ensure to return the call. Communication etc. I found them very different to deal with than PTSB.

    With regard to the restructure, I explained that PTSB had advised they would be sending docs after 5th payment. They explained that the case officer would look into this for me. I told them I would call them by Friday if I didn't hear from them.

    With regard to the docs that PTSB had already sent, as far as I recall, stated in a small paragraph if the trial restructure was adhered to we would be issued with a permanent restructure agreement. I will need to double check this.
     
  4. Theonlywayisup

    Theonlywayisup Registered User

    Posts:
    13
    UPDATE
    My first impression of Start being on the ball was short lived. I have called them once a week since the switch and have been told someone will call you back. Still nothing. Trial coming to an end this month. I should have been issued docs at this stage for permanent arrangement. Nothing. It states in my restructure agreement that if I adhear to the trial then the bank will issue a permanent arrangement of part capital and interest. Leaving a balance of just over 20k at the end. Start have literally told me nothing that will happen once last trial payment goes out this week. I am feeling a bit disappointed. I thought that by engaging with them from the start they would also engage with me.
    Should I be asking for the restructure that PTSB promised? Should I be playing hardball to get it?
     
  5. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    37,039
    Great. So you do have it in writing.

    Have you written to Start? You should send a copy of the above letter and ask them to implement it immediately.

    Brendan