To veto or not to veto, that is the question…
There is a clear message of ‘veto’ coming from BOI, that has been covered in the press following his comments to the Oireachtas Finance Committee.
‘He said his bank would seek to veto any proposal from Personal Insolvency Practitioners (PIP) featuring mortgage write-down for its customers. Bank of Ireland’s policy is only to write off mortgage debt in cases of bankruptcy or personal insolvency, where the bank is forced to make the move’
Then they email all of the PIP’s the email below which states that they do want to engage, but to do so on a basis outside of formal arrangements and prior to things going that route, which makes sense if their message is that they will veto those anyway.
It is unrealistic to make this request then make a habit of saying ‘no’ twice, if they do all of the debt advisors will realise it’s a ruse and go straight to bankruptcy which will cost the lender, or they will always …