The Bank has a veto…but we have no choice

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Here’s an update on my Circuit Training post… and the beat goes on…

The decision came back last week from our bank on our mortgage proposal that we submitted through the IMHO – the Irish Mortgage Holders Organisation.  We’ve been given a test period of three months where we have to pay the equivalent of our full mortgage payment after which time they’ll consider the long term solution.  It appears there was no consideration to the submitted plan and it also appears that they consider the fact that my husband went from a salary of close to 50K per year down to the Invalidity Pension to still keep us within the ‘affordability’ range.  The Bank rang to ensure I received the Test period letter and the person I spoke with from the legal section in the Bank went through the conditions.  The full amount must be paid within each month, if this doesn’t happen then I “…better have a solicitor, cos it’s going straight back to court…”.  I asked whether they had considered the plan and whether the change in income was a real consideration.  She responded that if I provided that information, then they must have.  I don’t mind telling you, I was completely gutted…to the point of tears at my desk in work.  This person telling me what I had to do to keep the only home my kids have known had no idea who I was, what my case was, why I was in these circumstances.  It was the coldest and most heartless conversation I have had with any one…ever.  I hung up unable to utter another word.

I contacted our rep in the IMHO and I have to admit that they were not in the slightest bit useful.  I explained the Test period letter and the amounts we have been told to pay and they said ok well you just have to cut back and make the payments.  In utter disbelief I pleaded with him asking whether we could appeal the Banks decision.  He said that an appeal in these circumstances only work if we have new information to add or if there’s been a significant change in circumstances.  He said that to appeal would just be saying to the Bank that we don’t accept their ‘proposal’ and we would be back to the courts.  Yet again, I was reduced to tears.  Tears of frustration and fear and anger.  He was quiet and he said to take some time to consider things.  I replied “Consider what?  We have no choice” and for the second time in one day, I hung up on someone.

I know we’re not alone in this trap.  There are other people out there who have been treated the same, are being treated the same.  And it’s wrong.  We don’t want to abandon our responsibilities, we want to work out a solution.  This doesn’t happen when you don’t actually have any say in the negotiations, when you have no voice.  And just so you know, I don’t cry over things I can’t control.  I put those things down to life sorting out the shit from the silver and I know there’s better to come.  My tears are for my family and the distress this could bring upon them – the real people who are affected by the arbitrary decisions of a financial institution.

So… tomorrow I go down the ISI – the Insolvency Service Ireland route.  There has to be more … there has to be options.

I will not be backed into a corner.

Stay tuned.

 

 

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