Heartless
Bank’s letters to struggling mortgage holders with moving out ‘checklist’ & advice slammed
A “DESPICABLE” move by a bank to send two letters to struggling mortgage holders with moving out advice has been slammed.
The criticism came after Ulster Bank sent a “checklist” advising the couples on how to pack up with “empty cardboard boxes”.
David Hall of the Irish Mortgage Holders Organisation described the move, which also included a €15,000 offer as an “aggressive play”.
He insisted it was demeaning and upsetting for the shocked Dublin couples.
The Ulster Bank letter had a headline of “Checklist for moving home” and suggested “Ask your local shops for some empty cardboard boxes” as well as other advice.
Mr Hall tweeted: “Thought I had seen it all! @Ulsterbank writing to customers in arrears suggesting they surrender their home and giving them notes on how to prepare to move out. Cardboard boxes from the shop. This to a 60-year-old couple.”
He told the Irish Mirror yesterday: “The policy is in circumstances where older people, it seems everyone I’ve come across so far is in their 50s or early 60s where they’ve got no chance of repaying the loan.”
Mr Hall, who said the impacted people might only have seven years left to work added: “They’ll offer you €15,000 to help you sell the house and they’ll give you a list of instructions to tell you what to consider when moving.
“Most of them are in positive equity and have actually paid down their loan and the house is now worth more than the loan.
“So they’re in the most vulnerable position of all, they’re being told they don’t have enough equity to sell and buy a new place but they’re being told you can’t afford your mortgage.
“Their house is bought and it might be worth €270,000 or €280,000 and the loan has been paid down to
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sort of €150,000, €200,000. These are usually people who have paid the loans and would have been up with their payments in such circumstances, actually some of them would now be in positive equity.
“But they’ll never pay down the remaining amount of money.
“And ultimately the Central Bank is corralling the solutions that are given.
“So creative solutions have been prohibited by the Central Bank because they are affectively in cahoots with the banks.”
Ulster Bank were contacted but declined to make any comment.
These are people who have paid loans & kept up with payments DAVID HALL