My Bank Helped Me

On_The_Far_Right

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May 4, 2010
Messages
328
My business collapsed 17 months ago, having struggled the previous 7 once the credit crunch hit. Foolishly I tried to keep business afloat as it was my only income and started to miss mortgage payments and run up arrears :-(

When I closed down business and went on welfare and had a small secondary income, I met with my lender and we agreed a plan.

Last Monday I got a letter from them confirming my arrears were absorbed into my loan, all "charges" (€3211.02) were deducted and in order to help me further I could stay on Interest only for 2 years providing I "deposited" an additional €100 minimum per month into mortgage account.

My bank played ball with me on my mortgage because I kept up with an agreed programme of repayments over past 6 months. My total arrears were almost €20k. The interest rate for my mortgage is 2.875% currently.

Needless to say this was a huge weight off my shoulders and goes to prove, as much as I hate hate hate the banks for helping kill my business, they did in all fairness save my home. Incidentally its a UK lender with lending facilities in Ireland.

Point of post: It pays to reach agreement with mortgage lender. I can sleep at night now!
 


DeputyEdo

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Aug 9, 2010
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3,449
Fair play to you.
Although, you do realise it's in their best interests to reach an agreement as well....otherwise they'd be turfing people out and get left with a ton of property that they can't sell.
 

Inda Kenny

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Apr 6, 2010
Messages
516
Have to say my Bank were also very helpful when I lost my job.
Allowed us to pay the interest plus a little on top for 12 months.
The key is going to them early so you do not appear on their radar as being in arrears.
Know your facts and figures going into them
 

Skypeme

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May 19, 2010
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1,914
My business collapsed 17 months ago, having struggled the previous 7 once the credit crunch hit. Foolishly I tried to keep business afloat as it was my only income and started to miss mortgage payments and run up arrears :-(

When I closed down business and went on welfare and had a small secondary income, I met with my lender and we agreed a plan.

Last Monday I got a letter from them confirming my arrears were absorbed into my loan, all "charges" (€3211.02) were deducted and in order to help me further I could stay on Interest only for 2 years providing I "deposited" an additional €100 minimum per month into mortgage account.

My bank played ball with me on my mortgage because I kept up with an agreed programme of repayments over past 6 months. My total arrears were almost €20k. The interest rate for my mortgage is 2.875% currently.

Needless to say this was a huge weight off my shoulders and goes to prove, as much as I hate hate hate the banks for helping kill my business, they did in all fairness save my home. Incidentally its a UK lender with lending facilities in Ireland.

Point of post: It pays to reach agreement with mortgage lender. I can sleep at night now!
Disgraceful! This thread should be deleted! This site has no room for a good news story of any kind.
 

Cassandra Syndrome

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Aug 23, 2009
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*some of the above were given a gratuity in this advertisement
 

fizzgig

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Jul 8, 2010
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359
Have to say the same, contacted my mortgage company as soon as possible and had no problem reaching a deal with them.
 

Cassandra Syndrome

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Aug 23, 2009
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Think about it. Does a bank do this out of

A. The kindness of their "heart"

or

B. To avoid being stuck with a herd of white elephants that accrues compound interest on a daily basis if it is not serviced and maintained by one of the serfs.
 

Skypeme

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Joined
May 19, 2010
Messages
1,914
Have to say the same, contacted my mortgage company as soon as possible and had no problem reaching a deal with them.
Stop! Stop! Stop! This kind of thing could become infectious; have you not read Prof. Kelly's predictions? Do you not know you should not do this kind of thing, I mean if people got up off their a*rses like you and took control of their own lives we just might get out of this mess!

Now that would not be well received by the naysayer and their doom laden forecast of our imminent demise and they would not write nice things about you on P.ie.

And heaven forbid, but if people refused to believe the light was not an oncoming train, it just might mean FF could squeeze out a new coalition - and you would be responsible. :oops: :eek:

No, the glass really is half empty; just keep repeating that mantra and you will get over this bout of optimism!
 


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