and_e_says
Registered User
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I owe a bank €210,000 on a failed property investment which is empty & in need of refurbishment (which I can't yet afford) & worth about €120,000-140,000 on the open market, if I'm lucky.
So, now after much arguing & 4 years of interest only, they have decided the debt will go to "bank recovery" regardless of any possible solutions I have presented.
My wife & I both signed as a partnership, so no company exists.
I'm currently working self employed in a food business which is just about keeping our family bills paid. My wife doesn't get much time off from keeping a home & looking after our 4 kids but does help out in the business regularly.
We have no other cash/investments except for shy of €20,000 in 2 inactive pension plans not maturing till 2035 and a 170,000 home mortgage (market value probably 180k), with a different bank, which I'm just managing to keep fully paid up to date.
We have just about enough to keep things going at the minute but any more pressure financially will send everything spiraling out of control.
They have notified us that they will this month, pass the case over to the bank debt recovery unit, thus I presume they will sell the property to the highest bidder leaving a shortfall on the full €210,000 debt.
I have a heap of unanswered questions, including...
What procedures will they use & what will the implications be on my current situation?
Can/will they come after my home for any balance due?
What are my options to keep the bank at arms length while dealing with the debt?
Who should I talk to? solicitor? accountant? God?
I talked to mabs & they said maybe a PIP was the way to go but the fact that I have a commercial mortgage is a contract different to that of a household mortgage, plus its just the bank & me, not a list of creditors so seemingly the bank won't entertain a PIA if its just one on one. Is this correct?
What are the PIP fees likely to be 100's ? 1000's??
Essentially, I'm very concerned about what they can do to me financially & what I should/can do to protect my home & family.
Any info/advice greatly appreciated
So, now after much arguing & 4 years of interest only, they have decided the debt will go to "bank recovery" regardless of any possible solutions I have presented.
My wife & I both signed as a partnership, so no company exists.
I'm currently working self employed in a food business which is just about keeping our family bills paid. My wife doesn't get much time off from keeping a home & looking after our 4 kids but does help out in the business regularly.
We have no other cash/investments except for shy of €20,000 in 2 inactive pension plans not maturing till 2035 and a 170,000 home mortgage (market value probably 180k), with a different bank, which I'm just managing to keep fully paid up to date.
We have just about enough to keep things going at the minute but any more pressure financially will send everything spiraling out of control.
They have notified us that they will this month, pass the case over to the bank debt recovery unit, thus I presume they will sell the property to the highest bidder leaving a shortfall on the full €210,000 debt.
I have a heap of unanswered questions, including...
What procedures will they use & what will the implications be on my current situation?
Can/will they come after my home for any balance due?
What are my options to keep the bank at arms length while dealing with the debt?
Who should I talk to? solicitor? accountant? God?
I talked to mabs & they said maybe a PIP was the way to go but the fact that I have a commercial mortgage is a contract different to that of a household mortgage, plus its just the bank & me, not a list of creditors so seemingly the bank won't entertain a PIA if its just one on one. Is this correct?
What are the PIP fees likely to be 100's ? 1000's??
Essentially, I'm very concerned about what they can do to me financially & what I should/can do to protect my home & family.
Any info/advice greatly appreciated