Vulture Funds post PIA

A

Anon2013

Registered User
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Hi All,

I have posted here in the past regarding our mortgage situation.Trying to keep this brief..We took out a PTSB mortgage in 2005, in the recession we fell into arrears and after a very worrying 10 years or so we thankfully received a PIA in 2020. There wasnt a write down but extended the mortgage term. I did request a fixed rate but was informed by our PIP only variable rates are available during PIA.
We have now received a letter from Start(our mortgage was sold to Start in 2019) informing us our interest rate has increased from 3% to 4.2%
On our already large monthly payment this is an extra €200+ per month and I'm worried what's to come. We are a family with 4 children.
The repayment may become out of our reach which is so disappointing after all we have been through.
Start have told us they are not offering fixed rates and due to the PIA a broker said we are unlikely to be taken on by a new bank for 5 years.

This is so unfair..has anyone any advice or know of any supports around this issue. There has to be other people in the same situation and perhaps we can go to the press...
 
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There are a few active posts directly relating to your query on here, which you should look at (and contribute to):
Btw, I am not surprised you have not received a reply until this one, regarding your situation. The situation is indeed unfair given the creditor, in your case being an investment fund, who does not have any competition in the market, and who absolutely does not care about your consumer rights.

There are many (your situation being the most common) either currently facing, possibly facing into or completing their PIAs where answers to the questions you have raised above are highly pertinent. There should be more active discussion and information provided on this subject.
 
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Start would have a policy not to accept fixed rate PIA. It was an option to go fixed but you would have to end up in an appeal to get it which takes 2 years
 
No it wasnt. I asked and we were led to believe the only interest rate available was variable. It didnt make sense to me..even then I worried about interest rate hikes.
We really believed the PIA was a lifeline for us but we are now as stressed as we were before it.
I've made contact with a broker who has been really informative and we are hoping we can switch next year
surfinky said:
And I wonder if that was communicated by the PIP to the OP?
Click to expand...
 
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