Friday 9 December 2016

Financiers say greed is not only good, but that it is necessary

Ross Maguire

Published 01/08/2015 | 02:30

The surprise of the PTSB case is that it was accepted by the Ombudsman and the courts
The surprise of the PTSB case is that it was accepted by the Ombudsman and the courts

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.

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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.

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