Hi, I wonder if somebody can help with some advice ... I have a similar situation to this one that ellenb talks about here, (it won't let me add a link to ellenb's thread, but it's entitled "Hopelessly insolvent and looking for advice on two choices to consider" & the last post was on the 9th May), but it's not identical & I didn't want to hijack her thread ...
We are in massive negative equity with our house and debt to our mortgage company, AIB (Our mortgage balance, including arrears, is €299,115.22, the house is worth about half that !!!). We haven't been paying anything towards our mortgage for months, probably well over a year, and prior to that we have only been making token payments. We also have other debts to Credit Card companies & BOI, all run up during my 4 years of unemployment, but these are all under control with regard to agreed monthly payments. We currently just about get by on my Job Seeker's Allowance & my wife's monthly Child Benefit.
We are resigned to losing the house, there is no way that we could ever be in a situation to pay this debt off, and as I am British (we have lived in Ireland for 12 years and have 4 dependent children, 3 of whom were born here), we may end up going back to the UK and seeking bankruptcy, however, there is a lot to consider before that happens, the main ones being my employment (I work in IT and there a lot more jobs in the UK than here in Ireland), the childrens' schooling (so we would like to be decided by August) & somewhere to live, which is obviously the most important one and what I am looking to resolve.
After a phone conversation with AIB last week, we have now received some documentation regarding the "Voluntary Sale For Less Scheme". As far as I can see, this scheme sees me homeless and yet still in massive debt to the bank, and I have been told by the council here (Tullamore) that I need to be "made" homeless, not "choose to become" homeless if I have any chance of getting housed in council accommodation. Whilst getting a council house is not my actual intention, I need whatever help I can get either to get a council house or to live in rented accommodation, I am new to this situation of having to have help to have a roof over my head, I am 54 and have never, until this all went wrong 4 years ago, needed this kind of help or advice !!!
If I refuse this scheme, will the bank then take legal action to have the house repossessed and if so, what sort of timescale would we be talking about ? I see from the other thread that people advise "forcing the bank's hand", but I don't want to be in the position where it looks like I have engineered a repossession, as I am worried that that may affect my chances of help from the council !!! What, for instance is an "unsustainability letter", should I be trying to get the bank to send me one of these ? Should I be trying to get them to send me a repossession order ? I really don't understand the options or the timescales !!!
I have no savings, we survive, just, from week to week, I don't care if I have to be declared bankrupt & I have every intention of getting back to work (either here, which will have to be in Dublin, or in the UK), but I have to do something, my wife is ill with worry and I'm not sure we can carry on like this much longer !!!
Thanks in advance for any help and/or anybody can give me ...
We are in massive negative equity with our house and debt to our mortgage company, AIB (Our mortgage balance, including arrears, is €299,115.22, the house is worth about half that !!!). We haven't been paying anything towards our mortgage for months, probably well over a year, and prior to that we have only been making token payments. We also have other debts to Credit Card companies & BOI, all run up during my 4 years of unemployment, but these are all under control with regard to agreed monthly payments. We currently just about get by on my Job Seeker's Allowance & my wife's monthly Child Benefit.
We are resigned to losing the house, there is no way that we could ever be in a situation to pay this debt off, and as I am British (we have lived in Ireland for 12 years and have 4 dependent children, 3 of whom were born here), we may end up going back to the UK and seeking bankruptcy, however, there is a lot to consider before that happens, the main ones being my employment (I work in IT and there a lot more jobs in the UK than here in Ireland), the childrens' schooling (so we would like to be decided by August) & somewhere to live, which is obviously the most important one and what I am looking to resolve.
After a phone conversation with AIB last week, we have now received some documentation regarding the "Voluntary Sale For Less Scheme". As far as I can see, this scheme sees me homeless and yet still in massive debt to the bank, and I have been told by the council here (Tullamore) that I need to be "made" homeless, not "choose to become" homeless if I have any chance of getting housed in council accommodation. Whilst getting a council house is not my actual intention, I need whatever help I can get either to get a council house or to live in rented accommodation, I am new to this situation of having to have help to have a roof over my head, I am 54 and have never, until this all went wrong 4 years ago, needed this kind of help or advice !!!
If I refuse this scheme, will the bank then take legal action to have the house repossessed and if so, what sort of timescale would we be talking about ? I see from the other thread that people advise "forcing the bank's hand", but I don't want to be in the position where it looks like I have engineered a repossession, as I am worried that that may affect my chances of help from the council !!! What, for instance is an "unsustainability letter", should I be trying to get the bank to send me one of these ? Should I be trying to get them to send me a repossession order ? I really don't understand the options or the timescales !!!
I have no savings, we survive, just, from week to week, I don't care if I have to be declared bankrupt & I have every intention of getting back to work (either here, which will have to be in Dublin, or in the UK), but I have to do something, my wife is ill with worry and I'm not sure we can carry on like this much longer !!!
Thanks in advance for any help and/or anybody can give me ...