krattapopov
Registered User
- Messages
- 18
Hi folks, am looking for and appreciate opinions on the situation my wife and myself have found ourselves in.
Some background: I am in full time, good & secure employment, bringing in 3500 Net a month. My wife was made redundant 2 and a half years ago and we have just had a child, so she will not be going back to work for a year (and that's even if she can get a job then). We have cut back spending in a big way and we are doing our best to get out of the debt that we currently have.
We have been in constant communication with lenders about repayments etc and have never missed an agreed payment with them.
We have a mortgage that we took out in 2007, that for the last 18 months has been on interest only, €1000 a month, the balance is huge. Which works out at roughly €18,000 we have spent on that. We have a loan with the same bank that costs €450 a month, capital and interest the balance is €19,000. We also have a Credit Union loan which is approx €350 a month, capital and interest with a balance of €9000 (loan - shares).
So servicing our debt at the moment works out as follows:
1000+450+350 = 1800
I have applied for a top of of 9000 to our loan with the bank, which would bring the balance up to 28,000 over a term of 7 years, with a repayment of 475 a month. The current loan term was 7 years, of which there are 5 and a half left.
Our normal mortgage repayment would be 1400 a month, so 1400 and 475 would be 1875 a month, 75 quid more in the difference.
Our application has been denied by the bank. It is very frustrating, they have recommended going to the credit union to get smaller payments, but that won't help, it will only cost more interest. The bank have offered us a further 12 months interest only. Which I feel, would be a wasted 12k on our behalf.
We are doing our very best to pay everything back, have never thought about not paying this money back, have never looked for a handout but I feel like we are being taken advantage of in someway, because they know we can repay the interest only no problem!!
Has anybody got any suggestions that could help me out here? Anything at all?!?!
Some background: I am in full time, good & secure employment, bringing in 3500 Net a month. My wife was made redundant 2 and a half years ago and we have just had a child, so she will not be going back to work for a year (and that's even if she can get a job then). We have cut back spending in a big way and we are doing our best to get out of the debt that we currently have.
We have been in constant communication with lenders about repayments etc and have never missed an agreed payment with them.
We have a mortgage that we took out in 2007, that for the last 18 months has been on interest only, €1000 a month, the balance is huge. Which works out at roughly €18,000 we have spent on that. We have a loan with the same bank that costs €450 a month, capital and interest the balance is €19,000. We also have a Credit Union loan which is approx €350 a month, capital and interest with a balance of €9000 (loan - shares).
So servicing our debt at the moment works out as follows:
1000+450+350 = 1800
I have applied for a top of of 9000 to our loan with the bank, which would bring the balance up to 28,000 over a term of 7 years, with a repayment of 475 a month. The current loan term was 7 years, of which there are 5 and a half left.
Our normal mortgage repayment would be 1400 a month, so 1400 and 475 would be 1875 a month, 75 quid more in the difference.
Our application has been denied by the bank. It is very frustrating, they have recommended going to the credit union to get smaller payments, but that won't help, it will only cost more interest. The bank have offered us a further 12 months interest only. Which I feel, would be a wasted 12k on our behalf.
We are doing our very best to pay everything back, have never thought about not paying this money back, have never looked for a handout but I feel like we are being taken advantage of in someway, because they know we can repay the interest only no problem!!
Has anybody got any suggestions that could help me out here? Anything at all?!?!