Tanager changes its arrears calculations and withdraws legal action in some repossession cases

Poldara

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Update: I have edited the title to reflect the fact that they are not dropping all legal actions. They are only dropping 30 cases - Brendan

Hi all, letters are starting to come now from Tanager on the over charging of interest. My court proceedings have been dropped. What's going on, anyone hear anything. There's more to this then meets the eye!
 
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Kitten

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I got one too with proceedings also dropped and court expenses to be refunded and offering to meet.
 

Browner

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Well it’s great for those who have got their letters, it will help them enjoy the Christmas a bit better.
We have no letter as yet, we got 2 letters stating the rate was reduce yet our repayments went up so we should receive a letter as some stage as the letter shown is very similar to our situation.
 

vicvol1

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I got the letter today. Willing to stand down the receiver that they appointed over the property. Would like me to contact them to arrange an appointment to discuss my desired outcome.... What is going on? They are evil.
 

Open air

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Hey vivcol1, great to hear from you as i know these guys had been giving you a torrid time!!! This letter is great news, the ball is now in your court. Their miscalculations of arrears made it harder for you to get back on top.The more i think about it, we should be organising a class action lawsuit against tanager, here is hoping that their negotiations are respectful of their clients!!!
 

Nel

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Wow, this is great news. I haven't received any such letter yet. I wonder will it be for all Tanager customers?
 

Brendan Burgess

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https://www.independent.ie/business/personal-finance/property-mortgages/vulture-fund-has-to-halt-repossession-cases-after-arrears-miscalculation-36457385.html

"A spokesman for Tanager/Lapithus said repossession cases had been dropped where the revised arrears amount was substantially reduced, impacting less than 30 customers.

He insisted that nobody lost their home as a result of the miscalculation of arrears, but there were a small number of investment properties that were being examined."

So they are continuing their legal proceedings in most cases. It's just 30 cases which will be withdrawn.

The others will be based on affidavits which are wrong because the arrears are wrong. Presumably, they will be able to just supply new affidavits with the correct figures.

Brendan
 

Poldara

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Guys I would recommend that you get a second opinion on your mortgage statements. It costs a €100 to have them scanned over and if they find anything it will then cost more to have a full check. It's hard to believe they had different methods of calculating over payments, should it not have been the same calculations for all mortgage holders. This is a strange one!
 

vicvol1

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So, if you got a letter then you are one of the 30? I smell a rat! This sounds like them bypassing the arrears mistake they made, but more importantly, surely they must realise that their chance of repossession is weak? Is this ever going to end?
 

Rambo1

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Hi Browner,

If I was in your position ?

1) I would pick up the phone NOW ( they are open LATE and ask for a full explanation......ask if you are to expect a letter re overcharging. Don't wait.

Re They have been threating me with court proceedings and telling me to vacate my home in 14 days if I did not pay the lump sum arrears.

I assume then you're not currently in court ? or they have already got a possession order? otherwise why would they be asking you to vacate your home ? they can't do anything unless they have a judgement ??

Can you update as to how you get on with them on the phone NOW.............you have to fight , stay calm and record the conversation !
 

IdesofMarch

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I would guess that Start has taken the view that it will not succeed in any case in the courts.

Tanager probably takes the view that as it won't succeed anyway, keeping the cases live keeps the borrowers under pressure.

Brendan
No registrar or Judge in the land will grant a possession order against a borrower who, due to changes in their circumstance, is still making repayments that cover the monthly interest portion of the mortgage; especially with the legacy issues surrounding the automatic capitalization of arrears, charge issues etc. that Tanager are saddled with. This, coupled with the Zehentner V Austria case [ECtHR 2009] and the ECJ [case c-34/13] Kusionova, with regard to proportionality of the loss of a home as against the breach of a loan contract. It appears to me, that Tanager DAC may need to look afresh at the advices that they have been given, otherwise they may find themselves with a large legal bill, with not much to show Apollo Global.
 

Open air

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Received another statement during the week which showed the wrong arrears amount on my statement, and of course no interest rate showed. So how are you supposed to know where you stand. My original loan letter states that i should be x amount above the ecb refinancing rate, i think i am currently being charged 0.3% above where i should be also.
 

Kitten

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Still no 2nd letter outlining details. Mortgage went out at the same elevated amount. Have written insisting on loan being returned to performing in light of their capitalising our arrears again asked for our full file.
 

vicvol1

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The few who got a letter regarding the capitalisation of arrears in December, were told that they would recieve a letter by the end of January regarding the changes in calculating their mortgages (now that the arrears are gone.)
 

Cathal

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Im new to forum.A receiver was appointed to my rental property last year eventhough i had very little arrears . They notified my tenant before me , they were extremely nasty to me to begin with but since the capitalisation of interest ruling they seem much friendlier , My solicitor advised me to offer to pay off my mortgage with my pension lump sum. I made Tanager an offer to do that as I thought it my only option which they have now accepted, It dosn't suit me to do this and i feel I have been treated very unfairly....... I have not yet accepted.

Is the receivership invalidated the same way as the repossession order by the capitalisation of interest????

Anybody else in receivership with a rental property //
 

Brendan Burgess

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If you had very small arrears according to Tanager, it is quite possible that you have no arrears in reality.

You should refer them to that case and ask for a corrected statement.

Brendan
 

vicvol1

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Did anyone of the 30 people who got a letter in December concerning ‘recalculation of arrears’ get a letter which was due at the end of January?

Thanks.
 

vicvol1

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Where do we go from here? Tanager said that they would write regarding arrears recalculation by the end of January. It’s now the end of February... apart from a statement, I have heard nothing.
 

Brendan Burgess

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What is the hurry?

If you are facing legal proceedings, write to them and ask them to issue you a corrected statement and explanation before the next court appearance.

If they ignore you, tell the Registrar who will not be impressed.

Brendan
 
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