herald

Saturday 25 November 2017

Have MABS on side to help sort f5k mortgage demand

ULSTER Bank seem to be at fault in this case and Debby's offer to add the €5,000 due to the Revenue Commissioners to the sum outstanding on the mortgage strikes me as being more than reasonable. Unfortunately, it seems as if Ulster Bank doesn't want to play ball.

So, no more Mr Nice Guy! If Ulster Bank isn't prepared to play its part in sorting out a mess that it largely created then Debby needs to adopt a more robust approach.

With her lender seemingly unwilling to respond to her requests for a meeting, it is vital that she gets some serious firepower on her side.

My advice to Debby would be to contact her local Money Advice and Budgeting Service (MABS) office as soon as possible. It will advise her on her options.

The first thing that almost certainly needs to be done is for either Debby or MABS to write to Ulster Bank as soon as possible demanding a full explanation of how her mortgage interest relief was (mis)calculated over the past three years. Such a letter should also demand to know what steps Ulster Bank proposes to take to rectify its error. Once these questions have been put in writing, Ulster Bank will find it much more difficult to fob Debby off.

Her local MABS office will also advise Debby on how best to deal with her overall financial situation, which judging by her letter, seems pretty precarious. MABS can help her draw up a repayment plan to deal with her debts and will write to her lenders on her behalf detailing this plan.

With the Greek bailout already unravelling, the euro almost certainly has further to fall against the dollar and other currencies. If Brian can afford to do so he should buy his dollars now.

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