Z
The key to it is to understanding this is that the arrears figure is a notional or memorandum figure.
It does not affect the calculations of interest or the balance outstanding on the mortgage.
Interest is charged every day on the mortgage balance whether you are in arrears or not.
If the bank capitalizes or "writes off" your arrears, the balance due on your mortgage is not reduced or increased.
You will still owe €104,000 in the example above.
They in their own words told me that after capitalisation there would be no arrears, which made sense until they asked me to take out the insurance to cover the arrears.
Sorry to hear that Zen, amazing how the council were able to sell these on affordable housing, slap on a clawback, yet pass the buck when something goes wrong. Hope it all works our for you.Hello Renter45
Without deviating from the thread topic I'll give you a quick reply, the sale fell through due to structural issues with the balcony. The buyer was about to sign and his Building Survey Report found concerns with the balcony which is, as you know, part of the "common areas" which comes under the remit of the management company who also got an independent BSR done to downplay the buyer's BSR in an attempt to devoid responsibility of repairing it. Its coming up 9 months ago that this should be rectified. The OMC are saying for this length of time that they need access to the unit below me to fix it. Absolutely no works have been done to fix it and I cannot put it back on the market until its fixed so I have temporarily leased it to buy time for the OMC to fix it and put it back on the market. But they're not doing anything. I've told the Creditor this.
So now I'm battling the lender and the management company. I hoped to sell it and walk away with nothing but couldn't even do that. If there was no such thing as bad luck I'd have no luck.
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