We were pleased to cover the topic of Debt Forgiveness with Angela Keegan, MD of MyHome.ie on ‘The Morning Show, with Sybil & Martin’ on TV3.
Also filed in Accountancy, Advisors.ie In the Press, Financial Advice, Mortgages
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Tagged angela keegan, debt forgiveness, debt management, debt restructure, debt write off, karl deeter, martin king, sybil mulcahy, the morning show
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We were mentioned in an article by Charlie Weston in the Irish Independent about Ulsterbank. They have decided to jack up their variable interest rate by 0.6%, our response is below: Karl Deeter, director of operations at Irish Mortgage Brokers, said the move by Ulster Bank meant it now had one of the highest variable rates in the market. “This increase means there is no safe haven for borrowers if you do not have an existing fixed rate or a tracker,” he said. This accurately reflects our sentiments on the matter, there are effectively no ways for consumers to protect themselves.
Also filed in Accountancy, Advisors.ie In the Press, Mortgages
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Tagged change in rates, financial advice, mortgage advice, mortgage help, mortgage hike, mortgage rates, rate hike, ulster bank, ulsterbank, variable rates
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When a bank holds a loan worth €200,000 it is an asset valued at that figure. Even if the security for the loan is a property that has fallen in value to €100,000.
So it is no surprise that banks will do whatever it takes in order to avoid turning their asset into a 50 per cent loss. In fact, even if the loan getting into trouble it doesn’t get written down to €100,000 -that only happens after the asset value has been realised. This is in part why we have three repossessions per 100,000 mortgages, while Britain has 65 times more, at about 200 per 100,000. At the same time, there has been huge political pressure via politicians and the Central Bank (formerly the Financial Regulator), via the thrice reworked Code of Conduct on Mortgage Arrears to ensure that we don’t allow people to get their homes repossessed as long as they engage’ with the lender.
Also filed in Accountancy, Accountant, Advisors.ie In the Press, Banking, Economics, Financial Advice, Mortgages
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Tagged debt forgiveness, distressed debt, distressed mortgage, distressed seller, imb, mortgages, problem loans, provision for bad debt, writedowns
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THE saying “Give a man fish and you feed him for a day, teach a man to fish and you feed him for life” is a useful way to look at personal finances. After all, there are plenty of people who can tell you what to do, or give you advice to get you through the next day/week/month, but it isn’t nearly as powerful as being able to take control of your own cash.
Also filed in Accountancy, Advisors.ie In the Press, Financial Advice, News of the World
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Tagged budgeting, financial statement, household budget, how to set up a budget, irish money saving, irish money tips, money saving tips, personal finance, saving money
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Can I release equity in my home under age 55? Question: Can you tell me if it’s possible to release equity in my home prior to reaching the age of 55? I own my home outright and have no family to pass it on to when I die. I bought my house last October but it needs a great deal of upgrading which I have very little prospect of being able to afford any time soon.
Also filed in Accountancy, Advisors.ie In the Press, Financial Advice, Mortgages
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Tagged age mortgage, how old can you mortgage, irish times, karl deeter, ltv, mortgage advice, mortgage questions, mortgage rates, remortgage
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Wednesday’s Today with Pat Kenny (RTÉ Radio 1, weekdays) provided a more less heartening illustration of contemporary mores. The economist Jim Power and the mortgage broker Karl Deeter were in the studio to discuss AIB’s tentative debt-forgiveness proposals for distressed mortgage holders.
Also filed in Accountancy, Advisors.ie In the Press, Banking, Economics, Financial Advice, Mortgages
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Tagged acca, accountants, debt forgiveness, dublin accountancy, financial, irish mortgages, jim power, karl deeter, pat kenny, pat kenny show, provision for bad debt
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