IBRC mortgage payment warning

Mortgage holders who missed payments due to the liquidation of IBRC will have to check their accounts are up to date by the end of April or else their credit rating will be affected.

IBRC contacted mortgage holders by letter in the last few days, despite the letter carrying a date line of Feb 27. The letter told borrowers how to go about making missed payments.

Customers can make a payment to an AIB account that has been set up the liquidator in the bank’s Dame St branch.

They can use borrowers’ fund transfer, Giro, cheque, or debit card, but failure to do so by Apr 30 will be treated as a missed payment.

The special liquidators, Kieran Wallace and Eamonn Richardson, wrote to mortgage holders telling them how to make the payment and the consequences of failing to do so.

“Assuming we receive your additional mortgage loan payment by 30 Apr 2013, your credit rating will not be affected,” they wrote.

“However, if we do not receive your additional mortgage loan payment by 30 Apr 2013, and we have not agreed to an alternative payment plan, you will be considered to have failed to meet your February monthly commitment and this may affect your credit rating.”

If borrowers, who missed their February payment due to the liquidation, fail to pay it by Apr 30, it will be added to the remaining term of their mortgage and they will be charged interest on the missed payment.

Future payments will be taken from borrowers’ accounts when they are due.

Mortgage holders will not have to contact their banks or make new payment arrangements. The liquidators have already made arrangements with borrowers’ banks to allow the payments go though without any input from account holders.

The liquidator confirmed AIB had not bought IBRC’s residential mortgage loan book and were only processing the payments.