Irish Taxi Forum
Public Area => Taxi Talk => Topic started by: john m on February 25, 2018, 11:33:07 am
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I was considering going back to work for wages and a mate was getting me an interview with a vulture fund as a debt restructuring agent .He was explaining the Job .
You took out a Mortgage 1n 2000 and during the term of the loan say 2010 you are struggling and you contact the lender to rearrange your Mortgage or bank loan you never missed a single payment just restructured the load .Technically that loan is in default .Now some of those vulture funds who bought your GOOD loan even though it was a performing loan might or can contact you and tell you to pay up or try to find another lender .This is the scam .
Ulster Bank ,AIB ,Bank of Ireland have that loan on their books but technically it is in default as the original terms were altered to assist payment so they bundle them up with loans who just dont pay and sell them off to a vulture fund .The vulture fund then contact you and put you under pressure you go to the TSB or Bank of Ireland and remortgage your gaff .Now the bank that use to own your mortgage but had it on their books as a default now have it on their books as a good loan .Why does this matter to the Bank ? If they have good loans they can borrow more money from other banks to loan out if they have bad loans they must hold on to money that they cant loan to cover any default .
I turned down the interview .Its disgusting to think that just to suit some banks interpretation of what is a good or a bad loan even though it is not one or never was one cent in arrears they would put you under pressure to pay up get a new lender or get out .Paggo says he cant stop the banks from selling on your debt even though we the people own the banks and Paggo is the biggest shareholder .
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Good luck with the interview... but you won't like working for a living once the novelty wears off, wouldn't wish it on my worst enemy.
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Just to explain what the job I was going for was .To identify performing loans ie borrowers that were repaying and contacting them and putting them under pressure to move their loan from the fund into a main street bank as that way the fund recouped their money quicker so they could reinvest those funds elsewhere . The Fund probably paid 70% of the value of the loan so getting it back into a bank and getting full book value would mean a 30% return on investment The banks pay the funds a commission for the business as well .Then what are left is cant pay or wont pay loans and the fund go to court and evict you and sell on the property .Now it even gets nastier the vulture funds mainly Goldman Sacks operate reit funds which are big funds that own lots of appartment blocks long term so they want to force you out of your home especially if they know you have an income and into one of the appartments owned by the reit >you couldnt make this shit up they want to make you homeless so they can rehome you. They lock up drug dealers for less .
Our kid the youngest one is always going on about the Illuminati and the all seeing eye and other conspiracies .I usually cast my eyes to heaven and think she is nuts .But after listening to my mate and what these bastards do for a job im beginning to think she might be right . ::rant ::rant ::rant
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Good luck with the interview... but you won't like working for a living once the novelty wears off, wouldn't wish it on my worst enemy.
Turned it down Rodent 45K basic plus sales commission strange use of the word sales .There is a sort of dignity in driving a taxi ,its honest work I couldnt enjoy me pint knowing I fucking destroyed somebodies life for a few quid .Even Jesus fucked the moneylenders out of the temple while saving the Whore Mary Magdaline from a stoning .We seem to go the other way Jail the Toms and reward the bankers .
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It takes a special kind of cunt to do that job!!
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Yeah good luck with the interview Ermy..
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It takes a special kind of cunt to do that job!!
You bet it does .My mate was getting a recruiters fee if I took the job and stayed for 6 months .He was telling me staff retention is a big problem .They want Irish accents to work the Irish (MARKET )but most Irish workers cant stomach the task plenty of young graduates jump at the opportunity for a first job starting salary 28K but lose the plot when the CLIENT (victim) starts crying down the phone .He was telling me that when you contact the CLIENT you dont use your own name the company give you a contact alias to use as you are not involved in THE FINAL SOLUTION heard that expression somewhere before .That is looked after by the legal team.
When I say My Mate its a term I apply loosely .Makes you wonder what other snipers are out there just waiting to pounce .
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Yeah good luck with the interview Ermy..
Not for Me Merc
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It takes a special kind of cunt to do that job!!
You bet it does .My mate was getting a recruiters fee if I took the job and stayed for 6 months .
Not a chance in hell.
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It takes a special kind of cunt to do that job!!
You bet it does .My mate was getting a recruiters fee if I took the job and stayed for 6 months .
Not a chance in hell.
You know my dedication to work Rodent I wouldnt even make a second cup of coffee Six months work sure that could take me years to achieve .
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I saw a bit of Pat Kenny show during the week,the section about the PTSB mortgage shite,a chap (Paul) was repaying his debt (to a vulture fund) but as soon (just recently) as his gaff was worth more than he owed they wanted to repossess it,
Thank god my mattress is comfy!!
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If there was work on the couch you'd lie on the floor, erm.
There's plenty of "home owners" the banks were happy to string along while they were in negative equity, Hal. Now that (in most cases) they can get their money back by repossessing it's a different ballgame.
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Indeed,but at the height of a homeless crisis it's strange...although predictable...that Govt allow this sort of shite to happen...in saying that there are apparently plenty of strategic defaulters...i hope they have comfy mattresses aswell.
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True enough. No matter how clever people think they are or how clever they thought they were being the most sensible option is to simply keep on top of your debts... or, never a borrower or a lender be. The latter, of course, is not really an option given that we have been programmed to believe that we must be "home owners" in order to keep the developers and bankers in the style to which they've become accustomed.
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There was a fucking sneaky underhanded scheme .You were struggling in arrears and the bank contacted you with a smashing offer to restructure your load to help you with reduced repayments and ease your burden (Their risk of default )by agreeing you were agreeing to default on your original agreement so the new agreement is a default agreement not in fact a separate stand alone agreement it is just an addendum to the original agreement .The real thing to do was not to change the original agreement but agree to make extra payments to cover the arrears that way the original loan agreement remained in place and never defaulted although it fell into arrears .The best example of this fuckology was people they cajoled into giving up trackers for reduced payments .The recession might seem to be over but the slaughter of the innocents is about to begin .If the Gay Foreigner dosent roll the dice in the next two months FG will get slaughtered in the election .His bullett proof border agreement is a bottle of smoke and the Vultures will start repossessions .People of my generation never got exercised by what was happening as we bought homes when they were dirt cheap but now our kids are back living with us or never left and they are here for good (BAD)
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I always think of people who were cajoled into debt consolidation by lenders,car loans,mortgage etc,imagine paying for a car for 25 yrs....the good times were never gonna end!!
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People are attracted by the fact that the interest rate is lower - only works if you pay off each component within it's original term. Of course, a lot of folk will convince themselves that they will do that... but they won't.
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We were one of those Irish Nationwide customers,who then became part of IBRC,we were small fry cos we owed fukall,BOI bought our loan a couple of years back,we recently changed from the variable rate to a five year fixed at 3.20%,lowering our monthly repayment by only a tenner,we've six yrs left on our mortgage,hopefully interest rates won't be sky high in 2022/2023!!
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Before I done this job I was a partner in a maintainance firm.Dont know how many new houses we done new wooden floors ,tiling curtain poles .Spot lights front and back ,side gates .Front gates all paid for out of adding a few grand to the original mortgage and possibly buying furniture that would be long replaced before it was ever paid for .In 1988 the Millennium year they were selling corpo houses in Clondalkin for around 11K I bought mine but had to convince others it was a great deal as the mortgage was a few quid more than rent the big put off at the time was most of the windows were crap if you stayed with the corpo they would change them and fit heating if you bought you had to look after that yourself .Anyhoo a pal of mine bought for 11,400 waited for about 7 years sold for about 50 moved to Lucan bought for 80 .he paid off his corpo loan put down 10k deposit on the new gaff and spent the other 20k on new floors furniture and upgraded the car a few years later he sold Lucan for 290K moved to Celbridge 460K put down 60K deposit paid of the original loan put bought an appartment in Portugal done up his gaff changed the car .He is now seperated living back in the mothers the wife is getting the hap they lost everything .I met him at a funerala few years ago he said "Jasus John you were right I had a Gaff for nothing why move .?" Then I opened my big mouth but I told the truth .I said "Clondalkin wasent good enough for you when you thought you were paying for it not renting it .You only moved across the road I could hit your new house from my front garden with a golf ball using a Wood and Im a crap golfer .You thought Clondalkin wasent good enough for you but what difference did moving make .You still worked the same job your bird still shopped in Tesco your kids still went to the same schools played for the same team had the same mates .How was it a better area when the likes of you lived there .I swear he looked at me with tears on the inside and said It was her ,Her sister lived in Lucan so she wanted to live there and when the sister went to Celbridge she wanted to move .A lot of people moved without ever understanding they were not buying a house they were buying a Mortgage the house is not yours its the banks until the last cent that is owed is paid .
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The beauty of credit - You never appreciate the value of a pound that you haven't earned.
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Was down with the bro in law last year(Ballina/Killaloe)my missus told him that i never borrow for anything...he couldn't get over this,i'm convinced looking at our own neighbours and jobs they have that they must be up to their bollox in hock!!
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The beauty of credit - You never appreciate the value of a pound that you haven't earned.
Rodent I fear for Future Punters .I stopped betting on a CC or Debit card if the bet is worth having its worth getting off the sofa and going to the bookies .Hitting the digits on a websit is easier than rooting in your pocket for a Ton in Bronze and placing it on the counter .I see drunk lads in the Pub betting in running on the Football its hard enough to for some of them to not piss on their shoes but still they are hitting digits .Much harder to spend your own hard earned than virtual future earnings which is what credit card spending really is .