@nyeung I don’t think anyone here would know, not being smart but it’s best to ask them then trust Reddit. I’d be interested in hearing how you got on, if you can pay an update.
@raphael_bagot Was hoping someone here might themselves or know someone who owed Mars capital X amount but Mars agreed to write of a certain amount in order to get the debt cleared straight away in one go...or indeed be able to tell me that Mars laughed in their face when they asked for some of the debt to be written off despite offer of immediate payment.
@nyeung You seem to be on top of the numbers in your case, very much so. I would think it’s unlikely they’ll write off anything. However I would interested in hearing what happens. Even if you don’t, you still save money on the interest. That’s smart. Best of luck.
@nyeung I've worked for a few of those funds but never mars in particular. It all depends on the portfolio and who the investor is that actually paid for it. In general though they are more open to discounts than the banks. Call them up with your dad and say he can offer 60k as funds raised from family and friends.
@nyeung Fuck these leeches.
Have your dad retire, with a smaller income. Let them know that his circumstances have changed and that he’s not willing to pay their usurious rate of 6.9%.
Offer them 50% of what he owes let them know that it comes from family funds and that is all they are getting. If they try to take him to court they won’t win.
Ask them for the mortgage contract, lots of them have been lost over the past few years and if they can’t find it they can fuck right off.
Offence is the best defence.
@nyeung You can get your dad to ask for a deal with Mars considering his age yet his history suggests he’s paying over and above,.The vulture funds will expect that to continue. The only way to do a deal would be for him to not pay.If you are going gangbusters on overpaying your €33000,would you not pay the minimum for the first 12 months and save up separately the other €7000 over a year and add that to the rest of the debt he owes .This deal is going to get complicated going forward whether you’re father passes away (hopefully not)or you and your brothers circumstances change,is the house left to the 2 of ye or is there more children aswell,.
@nyeung Get rid of the Mars capital debt asap, they’re rats and if he’s behind at all can just take the house out from under him (and do it regularly!)
@seangibbons There are plenty. Without revealing where I work, I come across many cases a week. Once you owe money, they can do it at any time if they please, and they do!
@nyeung You're asking whether mars will accept less than what is owed. Mars like any creditor will make their decision based on the information they have and the information you provide them. There is genuinely no way for anyone here to give you a definitive answer. Make your case and see what they say. Best of luck.
@nyeung Vulture funds don’t do deals, ever, with anyone.
Sadly it makes no difference to them if you pay or don’t pay on time; with the loan-to-value they are guaranteed to get their pound of flesh either way.
This is one of the many reasons why they never should have been permitted to take on home mortgages…they are not banks, they don’t offer mortgages (having no deposits to lend), and they don’t negotiate. Mars et Al. are simply credit servicing firms on behalf of these funds. Getting shot of them is the best thing your family can do.
