What are your thoughts on the MARP process?

[Wishes]

For me it has been nothing short of a nightmare. I have absolutely nothing positive to say about it.

 

[CrazyOne]

Still in the middle of it so hard to say but so far we've been in it since May and nothing to show for it - just more arrears adding up.
Submitted proposal - was rejected - given leave to appeal - we appealed but now that has been sent back to arrears support again - more waiting......

 

[Wishes]

Have you been asked for anything in return to gain acceptence by MARP ie pensions, policies or assets?

We were a cottage in the west in a will. It has no roof, completely over grrown and would be best demolished but the bank have asked us to sign this over to them or sell it or they will not allow us entry to MARP. We also have an apartment in the UK which they want us to sell. It wont sell as it's in negative equity.

The bank have classed us as high risk so they want access to any assets we have.

 

[bacchus]

We were a cottage in the west in a will. It has no roof, completely over grrown and would be best demolished but the bank have asked us to sign this over to them or sell it or they will not allow us entry to MARP.

May be derelicted but sit on a piece of land which has a value.
IMO the bank's request is resonnable if you have difficulty repaying your mortgage and need help.

 

[timmy]

Useless,,,,asked for the SFS form,the assistant didnt know what i was on about,when i eventually got it i was told to "bear with me" as we went to fill out the form,"this is all new to me",,,,,unbelievable

 

[hastalavista]

Have you been asked for anything in return to gain acceptence by MARP ie pensions, policies or assets?

We were a cottage in the west in a will. It has no roof, completely over grrown and would be best demolished but the bank have asked us to sign this over to them or sell it or they will not allow us entry to MARP. We also have an apartment in the UK which they want us to sell. It wont sell as it's in negative equity.

The bank have classed us as high risk so they want access to any assets we have.

The UK apt will sell, it just means that you will not clear the amounted owed on it.

It would be more useful for people offering advice here if there was some numbers provided to help with your query.
for example:
what is the value/debt on the PDH and the apt?
What is the term and int rate on the finance?
Is it the same bank for both?

How far does the rental income on apt go to covering the full cost of ownership, not just debt : all expenses?

Your mindset seems to be based on trying to get a MARP based restructuring without inclusion of all your assets?

If your PDH is on the line what use is a derelict cottage? I appreciate it may have sentimental value but there is no room for that these days

 

[ClubMan]

Since the start of the year I have been helping a friend with getting control of their finances which includes restructuring the mortgage loan. They are currently in month 4 of a 6 month interest only period. As part of the approach to the lender (BoI) about this we sent in detailed financial (cashflow and asset/liability) details done up unilaterally and not on any SFS or anything like that. While I believe that MARP was in operation during this period nothing in the paperwork clarifies to me whether or not the loan restructuring has been done under MARP. Neither were we asked to fill in an SFS or any other MARP related documentation. Bottom line is that, regardless of whether or not this is being done under MARP, the 6 month interest only period has given some breathing space to start regaining control over the finances although there are still some unsecured (CC and CU) debts outstanding that are causing pressure so another 6 months interest only period is probably the least that will be needed to get sorted. The good news is that the situation does look fundamentally sustainable (albeit tight!) so it's not just buying time before an inevitable disaster. I have found that BoI can be difficult to deal with particularly because each and every department (mortgages, CCs, home insurance, mortgage protection life insurance, savings a/cs, current a/cs, online banking, local branch) are almost like separate operations meaning that it's difficult to get a holistic approach to all of the BoI dealings/financial products that this person has.

 

[hastalavista]

Clubman, for waht its worth
the THEORY is that if u use the MARP process that it is done by a separate department who will coordinate all the other bits within the same organization

 

[ClubMan]

I see - thanks for that. BoI never mentioned MARP. I wasn't aware of it at the time the initial approach was made either. With hindsight I would have expected BoI to mention it or maybe even be obliged to? I was aware of the code of conduct on mortgage arrears which I presume is related to (or underpins?) MARP? One way or another - MARP or not - this approach seems be yielding some breathing space so far at least. But maybe it would have been easier under MARP or something...

 

[Wishes]

I have no problem signing the cottage over but the problem lies with the UK apartment. It is in thousands of euro of negative equity. If I sell it at a loss I will be left with a personal loan to pay the shortfall. I do not have the money to pay such a large debt and besides the invesment property provider does not see it feasable. They are being very rational were as my main provider is not.

Our home provider is using this excuse to cause problems with MARP. There is a large thread I started at the earlier part of the year; which you will see if you look under previous threads started by me. It's all self explanitory.

 

[hastalavista]

I have no problem signing the cottage over but the problem lies with the UK apartment. It is in thousands of euro of negative equity. If I sell it at a loss I will be left with a personal loan to pay the shortfall. I do not have the money to pay such a large debt and besides the invesment property provider does not see it feasable. They are being very rational were as my main provider is not.

Our home provider is using this excuse to cause problems with MARP. There is a large thread I started at the earlier part of the year; which you will see if you look under previous threads started by me. It's all self explanitory.

Wishes: why should people here who have are giving of their time and advice/opinions for free be asked to first search for, and then plough through some other large thread of yours.
IMO this is disingenuous, particularly when you say its all self explanatory.

Beauty lies in the eyes of the beholder
, likewise self explanatory lies in the eyes of the 'explainer'.

I repeat what I wrote earlier, with one addition

It would be more useful for people offering advice here if there was some numbers provided to help with your query.
for example:
what is the value/debt on the PDH and the apt?
What is the term and int rate on the finance?
Is it the same bank for both?
What currencies are you borrowed in?

How far does the rental income on apt go to covering the full cost of ownership, not just debt : all expenses?

Your mindset seems to be based on trying to get a MARP based restructuring without inclusion of all your assets?

For what its worth the uk lender is being 'rationale' only because as long as they have u tied to an apt there is some hope, whereas if you end up with a personal loan it is both unsecured and probably has no hope of being repaid.

It is also the case that if banks actually crystalize neg. equity losses it puts pressure on the rest of the balance sheet.

Wake up and smell the roses, the uk lender has its self interest and self preservation at the center of its plans.

You say

Our home provider is using this excuse to cause problems with MARP.

What excuse and in what way?

 

[netz]

Im currently on reduced payments - the first 6 months and second 6 month reduction were granted through standard SFS. When we asked for an extension, the MARP forms arrived. Absolute nightmare and it took 2 months to process then we were only granted a 3 month reduction, so have to complete the process all over again. I photocopied the last set of forms, so this time it should be a bit easier. I have filled in a complaint to the financial ombudsman about the MARP process as I dont think it is a suitable process for the average individual/family in trouble with their mortgage. It is not straighforward, and in our own particular situation, it is expensive as MARP insist on up to date accounts/letters form accountant/original bank statements @ 4.50 per page for husband and my own accounts and business accounts. Every 3 months this adds up to over €100 which would be better spent off bills/debts. MARP is a bad idea, from a bad government in an attempt to make it look like they are tackling the mortgage arrears crisis. Like the other poster, our own situation will be dramatically improved within 12 months - car loan will be history. Other debts starting to come under control thanks to the wonderful support of MABS. I can finally see light ahead instead of a black pit. If anyone is having trouble with MARP forms try phoning MABS for help. Other than that, if it is possible at all, go to your local branch and insist on help filling out the forms after all, they gave them to you. When this is done, copy them so when you need to do it all again in 3 months time, only a small adjustment to the original forms will be required, unless your circumstances have changed dramatically. And complain - not only on here, but to the authorities that may be able to change the process.

 

[ClubMan]

I have filled in a complaint to the financial ombudsman about the MARP process as I dont think it is a suitable process for the average individual/family in trouble with their mortgage.

You may know this already but the ombudsman is not going to touch a complaint until the financial institution's own complaints process has been exhausted and you get a final response letter from them.

 

[Kerrigan]

I didn't know that Clubman.

My sister is going through the process and having nothing but trouble. It took her mortgage company six months to decide whether she was part of marbs or not. I understand they are run off their feet but six months is insane.

As regards to repossession - can the mortgage provider end the marp agreement at any time and seek a repo order?

 

[hastalavista]

I didn't know that Clubman.

As regards to repossession - can the mortgage provider end the marp agreement at any time and seek a repo order?

If u have an agreement in place then it stays in place for the duration unless the borrow misses all or part of 3 payments and a new deal not put in place
"If you do not pay some or all of three mortgage payments and an alternative repayment arrangement has not been put in place,"

its on this page
http://www.centralbank.ie/regulation/processes/consumer-protection-code/Pages/codes-of-conduct.aspx

 

[Kerrigan]

Thanks for clarifying and adding the link.

Just one more question please - let's say a six month agreement had been made between the bank and customer.

The agreement is now up for renewal.

The customer is in limbo waiting to see if bank will renew or not.

In the interim, can the loan provider withdraw their assistance?

 

[hastalavista]

Thanks for clarifying and adding the link.

Just one more question please - let's say a six month agreement had been made between the bank and customer.

The agreement is now up for renewal.

The customer is in limbo waiting to see if bank will renew or not.

In the interim, can the loan provider withdraw their assistance?

While I cant be certain my opinion is no assuming you have submitted the revised/updated SFS to start the the negotiations for the renewal.

Once the paper work is with them the monkey is on their back, just make sure you have dates on all the paperwork

 

[hastalavista]

.......it is expensive as MARP insist on up to date accounts/letters form accountant/original bank statements @ 4.50 per page for husband and my own accounts and business accounts....

How does this issue arise with the bank statements, do you not get any or are you on e-banking and they wont accept the e-statements?

If you revert to printed statements from your bank are you saying your lender wont accept them.

This is a serious allegation so would welcome some clarification?

 

[netz]

Hi hastalavista - none of the institutions we are negotiating with for restructured payments will accept e statements, they must be original paper statemnets from the bank itself and as we are currently dealing with 3 sets of lenders, this means 3 sets of bank statements, for all accounts every 3 months for BOS, and every 6 months for other 2 lenders. The bank will supply 1 paper statement per request, at no cost - any reprints are 4.50 per page(for 3 accounts) Photocopies of statements not accepted either so if I send a set to say PTSB, I need to pay for a set to send to BOS (MARP) and BOI. Sorry for confusion....

 

[millieforbes]

Hi hastalavista - none of the institutions we are negotiating with for restructured payments will accept e statements, they must be original paper statemnets from the bank itself and as we are currently dealing with 3 sets of lenders, this means 3 sets of bank statements, for all accounts every 3 months for BOS, and every 6 months for other 2 lenders. The bank will supply 1 paper statement per request, at no cost - any reprints are 4.50 per page(for 3 accounts) Photocopies of statements not accepted either so if I send a set to say PTSB, I need to pay for a set to send to BOS (MARP) and BOI. Sorry for confusion....

If you had the time I would bring the copy statements to each lender and ask them to copy them, stamp and certify the copies and give you back the originals so you can take to the next bank