Personal and income details
Income self: Salary €98k P.A. before tax €52,936 after
Income history: e.g.Working in same company since 1990 full time
Income partner/spouse: €6240 after tax per annum
Income history: self employed
number of children 3 €390 per month child allowance
Amount of Mortgage Interest Supplement received none
Home loan €518,000 was on interest only 28 years left was paying interest up till December but can only afford €1800, due to bills, food etc.
Lender: EBS
Amount outstanding: €521,000
Value of home: €230,000
Interest rate: specify whether tracker or SVR or fixed rate:- SVR 4.33%
Monthly repayment €2908 can only pay €1800 @ present
Amount in arrears €3500 in arrears since December 2012
Summary of discussions and agreements: we have been on interest only for the last 4 years since a business we were involved in failed, we were left with debts totaling approx €60,000 we pay €50 per month towards this, we have been in touch on numerous associations but haven't heard what way they want to deal with us over this yet
Investment property
Lender: Irish Permanent
Amount outstanding: €380,000
Value of home: 200,000
Interest rate: 2.53% buy to let interest only
Monthly repayment €870
Amount in arrears €787 since tax return
Monthly rent received €1150
Other loans and creditors - delete those which don't apply to you
Credit Union loan €9661 left on a €45k loan taken out to keep failed business going should have this cleared in approx 18 months
Credit Card €1302 should have it cleared soon
Car loan e.g. None
Family loan None
Other savings and investments
€4000 in credit union
€4950 in savings account rainy day money
Invested €100k in a land deal in Poland 6 years ago recieved €28k back
still chasing balance still might get something hopefully.
Invested in land in Caribbean €100k could be few years before get anything back
How important is retaining the family home to you?
Very, really dont want to drag us all through the trauma of loosing our home kids are still very young
Which of the following best describes your situation?
if we can pay off the credit union we will have apprx €600 extra per month on top of the €1800 we are currently paying this is still short of the €2908 @ present
Any other relevant information
Am in constant contact with the EBS but was told recently we are in their professional opinion we are definitely going to loose our family house, I asked for a split mortgage but they wont wear it they are looking for me to sell the buy to let and look for a write down from the Permo, this would leave us with approx €180k left to pay the permo if we sold up, have been in touch with MARP and New Era on friday so I'd say it will be a few weeks before I hear anything back, I wish I hadent got the buy to let but Ive made my bed.
What is your preferred realistic outcome? Dont know really my wife in looking for full time employment but with 3 small kids the part time is all that suits and we couldnt afford childcare, We are looking at taking in a lodger to make up more money and we have a big garden, we could build a small 1 bed Apartment if we cleared the credit union and rent it out for approx €600 per month which could pay more off the mortgage. When the kids get older my wife could working full time
For example: "I will never be in a position to repay the home loan. So I want to sell the house and deal with the shortfall"
Income self: Salary €98k P.A. before tax €52,936 after
Income history: e.g.Working in same company since 1990 full time
Income partner/spouse: €6240 after tax per annum
Income history: self employed
number of children 3 €390 per month child allowance
Amount of Mortgage Interest Supplement received none
Home loan €518,000 was on interest only 28 years left was paying interest up till December but can only afford €1800, due to bills, food etc.
Lender: EBS
Amount outstanding: €521,000
Value of home: €230,000
Interest rate: specify whether tracker or SVR or fixed rate:- SVR 4.33%
Monthly repayment €2908 can only pay €1800 @ present
Amount in arrears €3500 in arrears since December 2012
Summary of discussions and agreements: we have been on interest only for the last 4 years since a business we were involved in failed, we were left with debts totaling approx €60,000 we pay €50 per month towards this, we have been in touch on numerous associations but haven't heard what way they want to deal with us over this yet
Investment property
Lender: Irish Permanent
Amount outstanding: €380,000
Value of home: 200,000
Interest rate: 2.53% buy to let interest only
Monthly repayment €870
Amount in arrears €787 since tax return
Monthly rent received €1150
Other loans and creditors - delete those which don't apply to you
Credit Union loan €9661 left on a €45k loan taken out to keep failed business going should have this cleared in approx 18 months
Credit Card €1302 should have it cleared soon
Car loan e.g. None
Family loan None
Other savings and investments
€4000 in credit union
€4950 in savings account rainy day money
Invested €100k in a land deal in Poland 6 years ago recieved €28k back
still chasing balance still might get something hopefully.
Invested in land in Caribbean €100k could be few years before get anything back
How important is retaining the family home to you?
Very, really dont want to drag us all through the trauma of loosing our home kids are still very young
Which of the following best describes your situation?
if we can pay off the credit union we will have apprx €600 extra per month on top of the €1800 we are currently paying this is still short of the €2908 @ present
Any other relevant information
Am in constant contact with the EBS but was told recently we are in their professional opinion we are definitely going to loose our family house, I asked for a split mortgage but they wont wear it they are looking for me to sell the buy to let and look for a write down from the Permo, this would leave us with approx €180k left to pay the permo if we sold up, have been in touch with MARP and New Era on friday so I'd say it will be a few weeks before I hear anything back, I wish I hadent got the buy to let but Ive made my bed.
What is your preferred realistic outcome? Dont know really my wife in looking for full time employment but with 3 small kids the part time is all that suits and we couldnt afford childcare, We are looking at taking in a lodger to make up more money and we have a big garden, we could build a small 1 bed Apartment if we cleared the credit union and rent it out for approx €600 per month which could pay more off the mortgage. When the kids get older my wife could working full time
For example: "I will never be in a position to repay the home loan. So I want to sell the house and deal with the shortfall"