Monday, July 10, 2017

Folks against the bank

There is some good news in the housing sector.
Visit the HUB and ask for advice with your property loans.
Banks have been treating the ordinary people very badly,
banks on the other side deserve a good kick in the backside.
They gave 110% loans to buy houses then they gave them loans to buy new cars as well.
Nothing was ever stress tested...How could anyone on an income ever pay back the money?
My dad threw a fit when I borrowed £600 to buy a car once.
How much did you borrow?
What was the interest rate 6% ?
So you are paying back X per month over 3 years...That works out at 40%
Go back down to the bank and tell them that they are wrong.

So that kind bank manager explained that £600 +£228 interest divided by 36 gives you X per month for 36 months.
No I said. From day one I don't owe you three years interest, then when I make a payment I don't owe the balance of £600. The interest should be on the balance and calculated monthly.

What will you do about it?
I'll phone Gay Byrne and write into the Anglo Celt.

Bingo! He said I'll give you a term loan.... A big difference.

Another big thing which is coming home to roost is the "Seniors Money" They gave granny a loan on the equity on her house, off she went on a cruise, she lived well and then the banks finished up owning the house...Compound interest is a tough one. Someone should have given her money on a written agreement that the family inherit the home on her death.

So if you can live within your means.

Click on this

Then the Garda will deny your basic rights

But visit the Hub and they will explain your rights to you.
The freedom of information means that the bank must produce their figures on your loan.
One business man in Kerry was facing repossesion for a €30,000 outstanding on his loan
He got the banks figures under the freedom of information act and in court he pointed out to the judge how the banks had massaged his interest up and down through the term of the loan.
Fair play to the judge he calculated that the bank had swindled the man out of at least €30,000
So he awarded the man €90,000 in compensation

You and I have paid off the debts of the banks to the tune of billions.
No one went to jail for 40 years.
I leave you with this Limerick man in Canada from long ago.

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