Hoping you can give me some advice about dealing with my banks.
I have a mortgage with KBC, in negative equity and struggling to pay the full mortgage due to wage cuts etc. I went interest only 12 months ago which was a godsend for the last 12 months and to be fair KBC could not have been more helpful.
I also have a bank loan with PTSB which has about 30 months left on it and a balance of 14k at the moment. The loan repayments are the same as the mortgage repayments at the moment. I did contact the bank before I opted to go interest only on the mortgage about restructuring and to say they were unhelpful is an understatement. They suggested I reapply for the loan and pay it over a longer time period which would have resulted in €100 less per month but over an additional 24 months. Obviously this did not make financial sense so I didn't take the option.
Roll forward 12 months and the interest only arrangement is up for renewal. I resubmitted my SFS and suggested I would rather pay something off the capital this year so some sort of arrangement of which was not just interest only would be better. I outlined that my intention was to clear the short term debt (the loan) as fast as possible so that I could revert to paying my full mortgage. I feel I was very proactive and could not have offered more.
KBC rang me yesterday to discuss the SFS and basically said they would put the application to their credit control dept but they are clamping down on any short term debt, they have a different attitude this year and I need to get the bank to restructure so that I am paying back 20% of the repayment amount every month and can afford to pay more off my mortgage. I could have cried. I really just want to clear the loan and have it gone because it has been hanging over me for the last 4.5 years as it is.
I told them I would explore it with the bank but basically they will only approve a temporary arrangement in the meantime.
Any advice? I understand that their debt is their priority obviously but for me the priority is to clear one thing so I can breathe again. How should I revert to them?
I have a mortgage with KBC, in negative equity and struggling to pay the full mortgage due to wage cuts etc. I went interest only 12 months ago which was a godsend for the last 12 months and to be fair KBC could not have been more helpful.
I also have a bank loan with PTSB which has about 30 months left on it and a balance of 14k at the moment. The loan repayments are the same as the mortgage repayments at the moment. I did contact the bank before I opted to go interest only on the mortgage about restructuring and to say they were unhelpful is an understatement. They suggested I reapply for the loan and pay it over a longer time period which would have resulted in €100 less per month but over an additional 24 months. Obviously this did not make financial sense so I didn't take the option.
Roll forward 12 months and the interest only arrangement is up for renewal. I resubmitted my SFS and suggested I would rather pay something off the capital this year so some sort of arrangement of which was not just interest only would be better. I outlined that my intention was to clear the short term debt (the loan) as fast as possible so that I could revert to paying my full mortgage. I feel I was very proactive and could not have offered more.
KBC rang me yesterday to discuss the SFS and basically said they would put the application to their credit control dept but they are clamping down on any short term debt, they have a different attitude this year and I need to get the bank to restructure so that I am paying back 20% of the repayment amount every month and can afford to pay more off my mortgage. I could have cried. I really just want to clear the loan and have it gone because it has been hanging over me for the last 4.5 years as it is.
I told them I would explore it with the bank but basically they will only approve a temporary arrangement in the meantime.
Any advice? I understand that their debt is their priority obviously but for me the priority is to clear one thing so I can breathe again. How should I revert to them?
