Lost job as a result of CU getting judgement mortgage on my home

OK so I would like to go insolvent, I've about 100k in boomtown mortgage arrears and a credit union loan combined. Also have a judgement against the mortgage by the credit union. The amount of debt is getting bigger every month with the interest, and now with the judgement I cant recapitalise the mortgage, I've also lost a job because of the judgement, I didn't get any notification about the judgement until my new employer did a background check and got fired because of it, counter productive as it was a good job but its all history now.

So there's no quick fix, so it looks like I won't be in a position ever to pay off this debt although I can pay the mortgage, the judgement is preventing me from working in certain industries for which I have a lot of years experience of working in, plus I'm not getting any younger at 43..

So what are my options, I have the chance of getting an entry level IT job in the UK if I want, big move though, as it would be me moving and the wife and kids at home. Is it possible to keep the house as it would be a major trauma for the kids, all schooled locally, so what are my options.

You will have to provide the following information to get any meaningful answer.

Information required for mortgage arrears and negative equity questions

The key thing for you is to prioritise the payment of your first mortgage on your home.

Brendan

p { margin-bottom: 0.25cm; line-height: 120%; }
Income details
Net monthly varies 3k to 3.5k
Net monthly 630 a month
Amount of child benefit received (380 I think)

Personal circumstances so we can calculate your reasonable living expenses The Insolvency Service has published Guidelines for Reasonable Living Expenses based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.


two adult family
Need cars for work, getting around. Rural setting. travel to dublin for work.

Number of 4 - 11 years old:2
Number of 12 - 18 years old:1
Monthly childcare costs: 320

Home loanLender: KBC
Amount outstanding: 368k
Value of home: 150k
Interest rate: tracker
Monthly repayment 1100
Amount in arrears 55

Summary of discussions and agreements with the bank. Bank tried to work with us but I work as a contractor and therefore at times I could be out of work for 1 month here and there and miss a payment or two, its a vicious circle.


Credit union - 32200

Was engaged with CU about this but they would not accept any payment plans, then they took whatever savings we had, and put them off the loan without any consent from us, and sent it to their legal team. They tried unsuccessfully to apply for a judgement as we wanted to make smaller weekly payments than they wanted, they were looking for 80 euro a week, which they were successful at getting, but we never got notice of it anyway and couldn't afford that kind of payment as I was out of work and living on social welfare.


No more liabilities

Cars are owned by us, worth about 2k each. Huge mileage on both, serviced by me, and have lately cost a fortune to keep on the road.

Please provide the information on any other assets and liabilities, including the credit union loan and judgement.

BrokenRecord said:

I've also lost a job because of the judgement, I didn't get any notification about the judgement until my new employer did a background check and got fired because of it, counter productive as it was a good job but its all history now.

So there's no quick fix, so it looks like I won't be in a position ever to pay off this debt although I can pay the mortgage, the judgement is preventing me from working in certain industries for which I have a lot of years experience of working in, plus I'm not getting any younger at 43

Click to expand...

Are you in the public or private sector?

Private sector.