Financiers say greed is not only good, but that it is necessary
Published 01/08/2015 | 02:30
The solicitor's letter comes in a crisp white envelope marked 'strictly confidential'. On opening it you are drawn to the stark formality - the title, reference and account numbers, and to the bold letters announcing: Our client - Permanent TSB.
The letter proclaims you are in default on your mortgage payments and that the bank now demands IMMEDIATE payment of €357,543.23 (or whatever amount applies), in default of which you are REQUIRED to surrender your home to the bank within seven days of the date hereof.
After that, it is gobbledygook - talk of court proceedings, breach of contractual duties, legal costs of thousands of euro, immediate action and so on, and so forth.