If you are an Ulster Bank or a KBC Client, and you are wondering what do I do now….?
1. If you have a performing mortgage i.e., a mortgage that is not in arrears and you are making your payments. This mortgage will be sold to a new owner and you will be notified of who and what date by post. We know Bank of Ireland are looking at buying the KBC performing loan books., You do not have to do anything and new payments details to be issued to you.
2. If you have a non-performing loan i.e., you have mortgage arrears, Even if you are in a ARA (Alternative Repayment Arrangement) these are not long term solutions therefore you should get advice as your loan will be sold to a fund and, where possible a formal restructure should be agreed with Ulster bank or KBC prior to the sale if possible. You need to speak to an Insolvency Practitioner as soon as possible.
3. If you have a current account, this will not be sold, you should start looking for a new current account as soon as possible and shop around.
4. If you have a savings account, this will not be sold, so you will be asked to move your monies by a certain date. You should get financial advice as a pension or a long-term investment might yield a better return.
It is important to get advice as soon as possible, R Hendy can advise you on your Insolvency options and you will receive a Voucher from abhaile for this.
R Hendy also have qualified financial advisors who can advise you on your saving and pensions plans also.