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BFCSA: Irish Bankers used Trickery, Collusion and sharp practices along with other Global Bankers

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Irrevocable Power of Attorney!!!!…….More sharp practice???????

A friend has asked me for my view on Irrevocable Power of Attorney, which is granted to a Lender in the Mortgage Charge as standard in Ireland.  I have, over the past several years, asked many, many borrowers if they were aware that they had granted an “Irrevocable Power of Attorney” to their Bank as part of the transaction that was buying their home, without fail, every single one said that they had no idea that they had given this “Irrevocable” power away to the Bank.

The vast majority were quite horrified when they realised this fact. One person said ” I wouldn’t give power of attorney to my mother, why would I give it to a Bank”.  Again, it appears to me that this was an issue better not brought to the Borrowers attention by the Bank but, one would have expected that an issue as serious as this would have been brought you your attention by “your” Solicitor, the professional who is supposed to have your interests and only your interests at heart.

Strike 1

The least skeptical minds could be excused for being cynical when we see that the actual “Power of Attorney” granted is hidden within the Mortgage Charge document.  Why is this? when there is clear, unambiguous Legislation in relation to granting any type of Power of Attorney, see it here:

The forms are very transparent, there is no way, I believe, that a person could sign on of these documents without knowing what they were signing, the same cannot be said of the Mortgage Charge Document.

Strike 2

Remember, the Mortgage Charge document is the same document that the Bank used to state that they “might” securitise your loan, not that they would just that they “might”.  They then went on to ignore the Codes Of Practice from the Central Bank on Transferring/Selling Mortgage Loans, instead relying on the clause in the Mortgage Charge that said the “might” securitise the loan as implicit consent from the Borrower.

Now we see why the Mortgage Charge which is registered against your property in the Property Registration Authority, is such an important document for the Bank.  Essentially, the Bank has ignored the LAW and Central Bank Regulations and instead written a Contract for their own purposes entirely, which is seriously prejudicial to you, the borrower, were not made aware of and the Bank will now seek to enforce those conditions against you to get possession of your home if you are in difficulties.

I say that this proposition is not acceptable, every Borrower should now write to their Bank and revoke the “Irrevocable” Power of Attorney on the grounds that it was obtained by deceit and at the very least in the absence of full disclosure.  What effect this action will have on matters remains to be seen but it is certainly an argument I look forward to having either in or out of a Courtroom at some point in the future.

We now know that secrecy, collusion and at the very least sharp practice was the norm in conveyancing and mortgage arrangement transactions, how does this affect the Contract that exists between you and your Bank?  I would say that the effect could well be catastrophic with the result of either voiding or impacting the contract terminally.  Do your homework folks, study and learn this stuff, the answers may well be there in front of your but nobody is going to do it for you.  I hope this is of assistance to all.

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Guest Sunday, 25 October 2020