Comments

  1. Karl,
    I have just published a book with http://www.orpenpress.com as over the last year I have come to believe that the missing ingredient in the conversation is the borrower.
    Maybe this is due to people being intimidated by the process or the Banks. Maybe they are still hoping for some general solution. Your plan has a logical approach and provides a model for borrowers when looking to a solution. The case by case approach being taken by the banks means that borrowers in arrears need to be active in making their individual deal.

    The book is called Making A Deal With Your Bank – An Insiders Guide to Managing Your Mortgage Debt. It’s a non jargon guide to the MARP, MARS , Insolvency and the Bankruptcy processes and answers many of the questions surrounding these processes. It also includes chapters on how to negotiate with your bank and reassessing your Buy to Let Properties.

    Borrowers need to assess which process is right for their situation and seek to achieve this by direct negotiation preferably using an adviser. As I point out in the book knowing your figures is crucial to getting the right deal as you only get one chance at Insolvency. My article in the Irish Independent today has other tips.
    http://www.independent.ie/business/personal-finance/time-to-do-your-homework-on-the-options-pitfalls-and-solutions-for-salvation-29236735.html

    • Karl Deeter

      Hi Fran,

      Thanks for dropping by, I haven’t seen your book? If you’d like to send a copy I’d be delighted to review it on this blog for you and offer it as a reader prize in the Sun newspaper. I think the idea I mentioned is pragmatic and could work, but it is ultimately unworkable because of the inherent double standard which is being adhered to in banking policy, the real point being made (and probably lost) is that if banks were to apply their own standards to themselves the world would be very different. Guess we’ll keep waiting for now!
      thanks
      karl

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