A financial advisory company that specializes in dealing with personal and professional insolvency is warning how a state bank’s decision to sell off troublesome and underperforming loans could result in thousands of people losing their home.
Bell and Company are keen to alert homeowners in the North that are likely to be affected by Permanent TSB’s decision to put under-performing mortgages up for sale as part of Project Glas.
Terry Bell, Bell & Company Principle, said: “This decision by Permanent TSB is going to have lasting and damaging effects for those who own properties in certain regions. We are currently working with a number of clients that we know will be put out by this decision.
“The bank is 75% owned by the state and is planning on selling a loan book worth €4 billion to vulture funds. It’s important to recognize though that in some circumstances, not all of the customers who are going to be affected by this are underpaying or are guilty of not engaging with the bank and their financial responsibilities.”
“Often in these kinds of circumstances, customers who have engaged with their bank and have established financial arrangements are still classed as “non-performing”, despite their clear intentions of paying off their loans.”
“This sale will undoubtedly “stoke the fire”, of the many homeowners and investors who have been able to avail of extremely low tracker-rate mortgages, and the lender will definitely come under pressure from the new owner.”
“We are now urging anyone that is concerned about the implications of this proposal to get in touch with us today and allow one of our specialized financial advisors to help you find the best possible outcome for your problems. We are experts when it comes to providing strategies for people keen to overcome property debt.”
Those facing these property problems should also be aware that attempting to negotiate with vulture funds can be hazardous, especially when it comes to restructuring mortgages.
Terry continues: “With figures revealing that the amount of mortgages in arrears held by private investment funds has risen and home possession is also rising, perhaps it is time for politicians and parties to stand up against the damaging effects that vulture funds can have on ordinary families.”