He was the equivalent of 2 months in arrears. In August 2017 he did a deal to pay off the 2 months' arrears over 24 months. He is on a tracker, which is why he thinks his mortgage was sold.
Brian O'Connell of RTE said: The loan is less than €5,000 in arrears on a €200,000 mortgage.
The USC payer
(He didn't sound like a Freeman to me. )
Traded up because of an expanded family. Kept the original house The USC mopped up his disposable income.
BO'C: Do you know how much USC you have paid?
By the end of this year, I will have paid €60,000 USC.
I wonder what research was actually carried out by RTE before having these people on?
I didn't hear the interviews so can't comment on the level of questioning carried out
The first guy sounds credible.
Lost his job 3 years ago. Kept paying something but less than the full amount. He was the equivalent of 2 months in arrears. In August 2017 he did a deal to pay off the 2 months' arrears over 24 months. He is on a tracker, which is why he thinks his mortgage was sold.
Brian O'Connell of RTE said: The loan is less than €5,000 in arrears on a €200,000 mortgage.
Comment: Assuming that he is telling the truth, then this loan was included by mistake. He can make his case and it would be excluded.
However, as he is only about one month in arrears now and has a cheap tracker, it makes no difference at all who his lender is. They can't raise his interest rate. They wouldn't be able to repossess the house even if they wanted to.
My guess: The full story is that they missed repayments many times over the years and had their mortgage restructured many times. So this is just the latest restructuring.
.
A mum
Got cancer some years ago - serious illness cover paid off the mortgage on the family home.
Recovered from cancer.
Later bought two buy to lets at the top of the market.
There is now a charge on the family home - not explained.
In 11/2013 her husband lost his job.
In 12/2013 her cancer returned.
They contacted the bank. They had never missed a payment since the loan was restructured.
O'Connell: Is selling the investment properties an option?
No. They are in negative equity.
Comment: They have two buy to lets bought at the peak of the market. The rental income should be covering the mortgage payments in full. They have no mortgage on the family home.
They are not meeting their repayments. ptsb should have been able to go to court and get a fast order to repossess these properties and secure the shortfall on the family home.
Before the sale to Start, ptsb wrote to many buy to let borrowers offering to write off the shortfall if they sold or surrendered their properties. Apparently, 1,500 availed of this. I wonder why she didn't. Probably because she is spending the rental income.
.
The USC payer
(He didn't sound like a Freeman to me. )
Traded up because of an expanded family. Kept the original house The USC mopped up his disposable income.
BO'C: Do you know how much USC you have paid? By the end of this year, I will have paid €60,000 USC.
I am a patriot. I am a citizen. I have stood up to ptsb and done a deal.
The bank is portraying me as a high flying gambler.
Comment:
I got the impression from the later discussion that this guy too has a cheap tracker mortgage on one or both of his properties. If so, then the rental income should be paying the repayments in full.
He was unable to come up with a reason for not meeting his mortgage, so he attributed it to the USC - bizarre.
In any adult economy, this guy would have been repossessed within a few months of getting into arrears.
Again, if he has a tracker on his home, there isn't anything much that Start can do other than repossess his house which will take years and which he deserves in any case.
Standing up to the bank sounds like bluffing to me
What this means is that he exploited their inability to repossess his home by not paying what he could pay.
He might find Start more difficult to deal with.
Brendan
The USC payer
(He didn't sound like a Freeman to me. )
Traded up because of an expanded family. Kept the original house The USC mopped up his disposable income.
BO'C: Do you know how much USC you have paid?
By the end of this year, I will have paid €60,000 USC.
I am a patriot. I am a citizen.
I have stood up to ptsb and done a deal.
The bank is portraying me as a high flying gambler.
Comment:
I got the impression from the later discussion that this guy too has a cheap tracker mortgage on one or both of his properties. If so, then the rental income should be paying the repayments in full.
He was unable to come up with a reason for not meeting his mortgage, so he attributed it to the USC - bizarre.
In any adult economy, this guy would have been repossessed within a few months of getting into arrears.
Again, if he has a tracker on his home, there isn't anything much that Start can do other than repossess his house which will take years and which he deserves in any case.
Don't always agree with you but about time a bit of truth was told on RTE. Well done. Mr O Rourke should have his finger on the pulse a bit more too and be aware of such goings on. As Bronte said, you'll be seen as the party pooper by the snowflakes but I wouldn't worry too much about that.
Hi Bronte
No, it was the same interview which kicked off this thread, I think.
You can hear me losing it here.
Brendan
O'Rourke does have his finger on the pulse. Who is his audience? Who's listening to the radio in the middle of the morning? It probably isn't those working hard to pay their mortgage.
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