Banking / Baincéireacht
The most important document in respect of your loan and mortgage is the Letter of Offer. It sets out all the terms and conditions of your loan or mortgage. All loans and mortgages should include the following terms and conditions;
- Term i.e. 10 year loan, 20 year mortgage
- Amount of Credit advanced
- Interest rate
- Installment type
- Other conditions
During the boom many people invested in various financial products on the advice of their Bank, Accountant, Broker or other Financial Advisor.In accordance with the law there are many obligations and duties imposed on financial advisors and financial institutions engaged in recommending and selling financial products.
Points to Note:
Interest Rate: The interest rate must be specific. i.e. 1.25% over 3 monthly Euribor
We have reviewed many Letters of Offer where the interest rate has not been specific. Where the interest rate is not specific or is open to interpretation then by law the customer gets the most beneficial interpretation. A complaint can be taken to the Financial Ombudsman or the Courts depending on the circumstances.
Installment Type: Some loan agreements provide for an interest only repayment period for a fixed term. However we have come across instances where the loan agreement has made no provision for capital repayment. In other instances the loan agreement specifies that the loan becomes payable on the occurrence of a particular event such as the sale of a house. There are many other terms and conditions which must be incorporated into loan agreements before the Lending Institution can bring enforcement proceedings to recover the debt.We have successfully represented many clients in respect of their loans and mortgages with various financial institutions.
The most important document in any dispute with your financial Institution is the Letter of Offer. We will review your letter of Offer and provide you with a written legal opinion for the sum of €200 plus VAT.
If you are in arrears with your financial Institution and or would like to renegotiate the terms of your loan or mortgage with your Bank please contact us. We have a successful track record in this area.
Points to Note:
- The investment recommended must be suitable for the person’s needs and circumstances
- In order to establish your needs and circumstances the financial advisor is obliged to complete a “FindFact”. This essentially is ascertaining your financial circumstances.
- The Financial Advisor must disclose all the risks associated with the investment product.
We have represented many clients in respect of miselling of financial investments. In many instances the Financial Advisor failed to comply with their obligations as provided by law and or did not disclose all the risks associated with the investment.
In other instances we have discovered gross misrepresentations, breach of contract and conflict of interest.
Over the past number of years Swaine Solicitors have acted for many people with unsustainable property debts. We have a proven track record in achieving positive outcomes for our clients.
Borrowers should obtain legal and financial advice when negotiating with banks.