need help dealing with AIB want to apply for a break on our mortgage

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Income details
Net monthly €1345 civil servant
Income history: I work Monday - Thursday with a weekend job earing €100-€150 per weekend
Net monthly €2600 Husband
Income history: recently just started a new job on contract for 18 months
Amount of child benefit received: €130 per month
Amount of Mortgage Interest Supplement received (MIS is the social welfare payment to unemployed people, don't confuse with TRS)

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
Do you need a car for work? Yes one car I drop my husband and child off before I head to work
Number of children 0- 2 years old: 1 child

Monthly childcare costs: €715.00
Monthly spend on special circumstances: n/a


Home loan
Lender: AIB
Amount outstanding: €291,380.83
Value of home: €200,000.00
Interest rate: tracker
Monthly repayment :€1012.00
Amount in arrears : 2 MONTHS IN ARREARS

We have only recently made contact with the bank as we were scraping by before now.

My Credit Union loan student loan and wedding
Amount of shares €2600.00
Amount of loan outstanding €12,000.00
Monthly repayment €240.00
Term left 4 years

My Husbands Credit Union Loan old student loan
Amount of shares €1600.00
Amount of loan outstanding: €16,000.00
Monthly repayment €240.00
Term left 5 years


Other loans and creditors - delete those which don't apply to you

Credit Card - €500.00

Credit Card - €80.00

Large AIB loan Amount outstanding :€21,000.00
Term loan term left 2.5 years
Term loan - monthly repayment €777.00 per month

Other savings and investments I wish

Do you expect any lump sums in the medium term future? no

How important is retaining the family home to you?

This is our first home we are dreaming of moving to a bigger home once we get back on our feet and pay off our loans so the most important thing for us is that in the future we will be able to get another mortgage when we are in a better position financially

Any other relevant information

What is your preferred realistic outcome?
we want to take a break from our mortgage or just pay the interest only for a year to try and clear our large AIB loan

You have a mortgage of €291,000, on a very cheap tracker rate, where the monthly repayments are €1,000 a month.

Your other loans are


I can see from your point of view why you would like to take a payment break on your lowest cost loan.

But does it not strike you as odd that your repayments on your unsecured loans are more than the repayments on your mortgage, when the amount of your mortgage is 6 times what you owe on your other loans?

The big problem is your unsecured AIB loan. You should apply to AIB to reschedule this. You should also ask the Credit Unions to set the shares of against the loan balance and then extend the terms of the loans.

You probably won't need to reschedule your mortgage.

the most important thing for us is that in the future we will be able to get another mortgage when we are in a better position financially

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As you are in arrears on your mortgage and deep negative equity, this will have to remain a dream for some time. You need to repair your ICB record as quickly as possible. You can start this by rescheduling your loans.

Brendan

Can you go back to working a 5-day week or would it not make sense with the childcare costs?