My sister and I both had a share in 2 buy to lets..
We were on interest only and could not afford to pay interest and capital when the interest only period ended. The bank then demanded we sell the properties.
We sold the properties and both ended up going insolvent due to huge shortfall on residual debt.
It turns out we were part of the tracker issue - we got compensation of €140k for one but only €35k for the other. Both were v similar sized mortgages ad similarly valued properties.(standard apartments in Dublin city)
AT the time we didn't even know about the tracker scandal until the bank rang us up saying we are getting this money. Obviously we were delighted so did not even consider appealing.
While the letters we received from the bank outlined the breakdown, the additional compensation due to forced sale was not broken down. It was just a figure, so I've no idea why this aspect of the payout (which was nearly all of the payout) differs so wildly (one pays out 4 times more than the other)
However - now having had time to think on it, 2 points come to mind.
1) There's a massive discrepancy in the pay out in both given that both seemed identical cases on the surface to me. I've no idea if one was overly generous - or the other was under-generous.
2) On reflection though, €35k (€17k each) compensation after being forced to sell a property which in turn contributes to insolvency doesn't seem much.
Part of the reason as to why we are reluctant to appeal is that they may turnaround and say the 140k is incorrect and revise that down significantly.
Does anyone here know as to whether we should appeal this payout? Or what kind pf payout has anyone else gotten in similar circumstances? (Feel free to PM me if you are not comfortable giving out figures here)
We were on interest only and could not afford to pay interest and capital when the interest only period ended. The bank then demanded we sell the properties.
We sold the properties and both ended up going insolvent due to huge shortfall on residual debt.
It turns out we were part of the tracker issue - we got compensation of €140k for one but only €35k for the other. Both were v similar sized mortgages ad similarly valued properties.(standard apartments in Dublin city)
AT the time we didn't even know about the tracker scandal until the bank rang us up saying we are getting this money. Obviously we were delighted so did not even consider appealing.
While the letters we received from the bank outlined the breakdown, the additional compensation due to forced sale was not broken down. It was just a figure, so I've no idea why this aspect of the payout (which was nearly all of the payout) differs so wildly (one pays out 4 times more than the other)
However - now having had time to think on it, 2 points come to mind.
1) There's a massive discrepancy in the pay out in both given that both seemed identical cases on the surface to me. I've no idea if one was overly generous - or the other was under-generous.
2) On reflection though, €35k (€17k each) compensation after being forced to sell a property which in turn contributes to insolvency doesn't seem much.
Part of the reason as to why we are reluctant to appeal is that they may turnaround and say the 140k is incorrect and revise that down significantly.
Does anyone here know as to whether we should appeal this payout? Or what kind pf payout has anyone else gotten in similar circumstances? (Feel free to PM me if you are not comfortable giving out figures here)
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