Why did ptsb sell my Buy to Let loan to Start with only one missed payment?

Discussion in 'Mortgage arrears & negative equity case studies' started by PatrickJ, Aug 3, 2018.

  1. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    35,272
    Hi Patrick

    I am very confused. Do you mean by a history of arrears one small payment of €600 missed once? How long was it outstanding for?

    I don't think that this is the reason your mortgage was sold.

    I think it was because of the interest only period. That classified it as restructured. All restructured buy to let loans, performing or not, were sold.

    If the account is clear, I don't think that there is any danger that the loan was sold.


    Brendan
     
    PatrickJ likes this.
  2. PatrickJ

    PatrickJ Frequent Poster

    Posts:
    162
    My mistake this is connected to the December threat of a receiver.

    My overall financial situation in the past was bleak but this is not the case now and all paying all my loan are being paid in full each month.
     
  3. PatrickJ

    PatrickJ Frequent Poster

    Posts:
    162
    Hi Brendan,

    Yes, by history of arrears I mean the €600.00.

    I've already received a letter saying the loan is being sold. I'll dig it out now and post the actual wording.
     
  4. PatrickJ

    PatrickJ Frequent Poster

    Posts:
    162
    From rereading the letter it basically says in summary that my loan is being transferred in approx. two months simply on the legal basis that there was a clause in my loan conditions that allows them transfer the benefit of the mortgage to any person or company in accordance with mortgage conditions.
     
  5. Bronte

    Bronte Frequent Poster

    Posts:
    12,447
    Last edited: Aug 10, 2018 at 8:02 AM
    Wait a second.

    - Did you not have to sign a document about the interest only?
    - Did it not have a time period?
    - Why would the bank offer interest only?
    - Why would you want that seeing as you had very good rent to pay down the capital and the interest?
    - What was the start date of the interest only and the end date?
    - You missed a payment of €600 six months ago, which is February of this year, but why would you be threatened with a rent receiver in December? And still despite this small arrears of €600 you didn't pay it until this week.
    - Why did you miss it? You said you had a bad tenant, but you could surely have paid it anyway? You mentioned you had phoned the bank to tell them you couldn't pay them due to the tenant, so there was more going on here?
     
    Last edited: Aug 10, 2018 at 8:02 AM
  6. Bronte

    Bronte Frequent Poster

    Posts:
    12,447
    Summary

    - Arrears for months or more
    - Interest only is a restructure
    - Threatened with a rent receiver in December
    - Many promises to pay the €600 but didn't act until the PTSB to Start sale
    - OP admits it's his own fault
    - Numerous phone calls with bank it appears, even down to explaining the issue with the tenants
    - Didn't even know that interest only had come to an end

    So this is not 'just' a one off issue, from the banks perspective and the heading of the thread is therefore misleading ....

    Problem

    1. Can Start take his tracker
    2. Can Start appoint a rent receiver which would be dreadful for him, he'd no longer have control and if they hike the interest rate the bank will be getting more interest and the OP less rental profit - win win for Start
    3. It appears the bank would not be able to sell the property - Stafford said it's difficult
     
  7. Bronte

    Bronte Frequent Poster

    Posts:
    12,447
    Rent receiver:

    https://www.askaboutmoney.com/threa...-dispose-of-btl-property.206504/#post-1546315

    - arrears of 1.5 K not € 600 as claimed on this thread
    - information had to be dragged out of the OP
    - was told by Burgess to stop playing ducks and drakes with bank in December
    - Was told by Ravima to not mess around on a tracker
    - And still did not clear the arrears until this week
    - OP did not abide by arrangement with bank, and was so bad that he tried to put his own proposal to the bank which they refused as he did not abide by some kind of 'arrangement' 'restructuring'
     
  8. Jim2007

    Jim2007 Frequent Poster

    Posts:
    1,946
    A history of your posts would suggest you are being extremely economically with the truth:

     
    Bronte likes this.
  9. Bronte

    Bronte Frequent Poster

    Posts:
    12,447
    Last edited: Aug 10, 2018 at 8:27 AM
    This gets worse - back to 2016

    https://www.askaboutmoney.com/threa...yments-on-investment-tracker-mortgage.198565/

    - problem since 2016 and on this thread he's acted like it's a trifling matter of one missed payment for a mere €600 and the bad bank has sold his mortgage
    - He has a very valuable tracker, on a property with great rent
    - messed around with the bank
    - messed around with us on here
    - the interest only was not out of the blue like the OP stated, instead it was an 'arrangement' by the bank because the OP had gone into difficulty due to a non paying tenant, and this arrangement the OP did not abide by
    - was given a 2 year interest only, yet the OP was suggesting he had no idea that the interest only came to an end
    - appears the tenant problem was sorted out and the OP didn't go back to bank to be put back on full repayment and that the bank instead were mad at him for what had been going on and they then insisted on the full rent and an effort to be made on the capital

    Opinion

    I had great sympathy for the OP, now my sympathy is with the bank that had to deal with this mess and did everything to try and help the OP and despite them offering him interest only he missed another €600 it appears, for months, promised and promised to sort it out and naturally enough the bank had had enough.

    And who pays for this, we do, with higher interest rates.

    Edit: Even back in 2016 I was on that thread and realised the OP was not giving us full facts. And he was given good advice on that thread.
     
    Last edited: Aug 10, 2018 at 8:27 AM
  10. Bronte

    Bronte Frequent Poster

    Posts:
    12,447
    You make a lot of mistakes Paddy. Fundamental mistakes. And half truths on this thread. Why bother coming on here if you're not going to be honest.
     
  11. Jim2007

    Jim2007 Frequent Poster

    Posts:
    1,946
    Have to agree with you, they are well shot of him.
     
  12. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    35,272
    Patrick J

    Are you lying to us or just explaining yourself very badly?

    Brendan
     
  13. PatrickJ

    PatrickJ Frequent Poster

    Posts:
    162
    No lies have been told. Some posts may have been tweaked in the past to avoid being recognised. There is no benefit for me to lie when I am here for advise. Furthermore my financial situation has drastically changed for the better.

    For anyone else in the same predicament I confirm I made contact with the lender twice over the past 24hrs. They have confirmed that I should have no issues with Start as I am paying full P&I and have cleared the arrears. They asked me did I have any issues going forward and I told them I hadn't.

    It would appear my loan ended up in the pile because the arrears kept dragging along and I had made no attempt in clearing them.

    They said Start will be bound by the same mortgage conduct as PTSB.