Getting through the heavy lifting of debt mediation, one result at a time

We had another successful outcome with a lender and thought that it might be worth describing in terms of how it came about and how it worked out.

This time it was Bank of Ireland who many say (in the past ourselves included) are notoriously difficult to deal with, while they are not easy (as none of them are) we have noticed a definite thaw in recent months in how they deal with negotiators which is a positive development.

The client in question has a job in the public sector (many in mortgage arrears do), but has faced various reductions in income and tax increases which resulted in payments being missed.

They engaged with the bank to no avail, spoke to another firm who they heard offer debt mediation for free but then got a quote and that kind of annoyed them so they called us. We suggested that if they wanted free service they go back to the provider who they spoke to first, that provider sent out a standard financial statement reminding them it would cost upwards …

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How to approach your bank about a mortgage problem

There are plenty of people having money related problems of late, often it is not the ‘rate’ but the ‘weight’ of the general debt that is getting them. Simply put, they have borrowed too much, sometimes its on credit cards, other times it’s a single huge mortgage or many of them. What matters is that the situation is untenable and they need to talk to a lender.

What I can say is that having a plan in place before going and speaking to the bank is a great idea, if you go along and let them control the game you will only get offered the solutions they see as being fit for you. On the other hand, if you go with a well made out plan and several options you are likely to have a higher success rate, this isn’t just my opinion, it is also something that has been said to me by several senior credit controllers across a few banks.

So have a good file with all of the necessary information, make sure that you have a plan …

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