Income details
Net (after tax) Income Husband: 3,022 per month, PAYE employee.
Net income Wife: 2,000 per month, PAYE Worker
Child benefit received : 665 (4 children)
Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published Guidlines ...based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.
2 adult family
My wife needs the car for work.
Number of 4 - 11 years old: 4
Guideline for reasonable living expenses, I calculated at: 2287
Monthly childcare costs: 600
Home loan
Lender: BOS
Amount outstanding: 430,000
Value of home: 360,000
Tracker 1.35% (Tracker)
Monthly repayment : 1,206,00
Amount in arrears : None
Interest and capital payments.
32 years left of a 40 year mortgage.
Investment property #1
Lender: Ulster Bank
Amount outstanding: 209,000
Value of home: 100,000
Interest rate: 1.35%
Monthly repayment :235 interest only
Amount in arrears :None
Monthly rent received :591
27 years left on 35 year mortgage.
Investment property RIP
Lender: PTSB
Amount outstanding: 252,000
Value of home 100,000
Interest rate: 5.85% RIP
Monthly repayment: 1257 interest only
Amount in arrears :2700
Monthly rent received :561
I am open to options but I think I should try and split this with PTSB.
Credit Union Husband
Amount of shares: 6600
Amount of loan outstanding :7000
Monthly repayment 200 per month.
Term left : I’m thinking of paying this off when my shares equal the loan amount in two months time.
Husband
Other loans and creditors -
Term loan #1 AIB Amount outstanding : 6500
Term loan term left : 4.5 years
Term loan - monthly repayment: 153 per month
Term loan - interest rate 12.9%
Term Loan #2 Ulster Bank amount outstanding : 12,000
Term loan term left : 3.3 years
Term loan - monthly repayment: 270
Credit Card outstanding : 13,000
This is now a loan and not a credit card facility.
Credit Card monthly loan repayment : 210 (interest free, I did a deal with MBNA now Advent Card)
Credit card loan term remaining 4.7 years
Wife/Spouse
Credit Union
Amount of shares :4000
Amount of loan outstanding :15500
Monthly repayment : 500
Term left : completed Nov 2016
Credit Card
Amount outstanding :3800
Amount paid each month 160
Other savings and investments :
None
How important is retaining the family home to you?
I want to keep the family home.
I don’t mind losing the other 2 houses.
Any other relevant information
What is your preferred realistic outcome?
Option 1
I’d like to get the PTSB investment rip restructured its very high at 5.85% fixed for another 3 years and I’m only paying interest, rent is less than half of the mortgage.
I was thinking of approaching PTSB with the following Split mortgage deal.
Outstanding amount 252,000, I will suggest PTSB warehouse 100,000 and I pay capital and interest on the remaining 152,000 @ 4% fixed over 17 years (remainder of the loan term) = 1028 Per Month. This would save me 229 a month and in 17 years time or earlier I could either pay off the 100,000 with the sale of the house.
I have a meeting with PTSB next week and I’ll put this to them unless anybody has any ideas? Maybe they won’t entertain me as it’s a RIP.
Option 2
I’d be willing to take any deal via PIA as both houses (PTSB and UB) are deep in negative equity and I’m not paying any principle although the UB mortgage is a low tracker at 1.35%
We currently have no money left at the end of the month for birthdays/swimming lessons/holidays living in general.
Do we meet the criteria to enter insolvency?
Positives On the other hand
I can pay off the credit Union loan with my shares and this can free up 200 Euro a month – is this wise right now?
I’ll be coming out of an Ulster bank loan in 3.3 years time and this will save 270 per month.
Rents are on the increase I can maybe expect an extra 50 Euro a month from next year on rents, although trackers will also rise eventually.
I could receive a pay increase early next year.
My Wife has the ability to work extra shifts but this in turn incurs extra childcare.
I’m confused and appreciate any advise I know people are in a worse situation than me but I'd like to know what my options are.
Net (after tax) Income Husband: 3,022 per month, PAYE employee.
Net income Wife: 2,000 per month, PAYE Worker
Child benefit received : 665 (4 children)
Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published Guidlines ...based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.
2 adult family
My wife needs the car for work.
Number of 4 - 11 years old: 4
Guideline for reasonable living expenses, I calculated at: 2287
Monthly childcare costs: 600
Home loan
Lender: BOS
Amount outstanding: 430,000
Value of home: 360,000
Tracker 1.35% (Tracker)
Monthly repayment : 1,206,00
Amount in arrears : None
Interest and capital payments.
32 years left of a 40 year mortgage.
Investment property #1
Lender: Ulster Bank
Amount outstanding: 209,000
Value of home: 100,000
Interest rate: 1.35%
Monthly repayment :235 interest only
Amount in arrears :None
Monthly rent received :591
27 years left on 35 year mortgage.
Investment property RIP
Lender: PTSB
Amount outstanding: 252,000
Value of home 100,000
Interest rate: 5.85% RIP
Monthly repayment: 1257 interest only
Amount in arrears :2700
Monthly rent received :561
I am open to options but I think I should try and split this with PTSB.
Credit Union Husband
Amount of shares: 6600
Amount of loan outstanding :7000
Monthly repayment 200 per month.
Term left : I’m thinking of paying this off when my shares equal the loan amount in two months time.
Husband
Other loans and creditors -
Term loan #1 AIB Amount outstanding : 6500
Term loan term left : 4.5 years
Term loan - monthly repayment: 153 per month
Term loan - interest rate 12.9%
Term Loan #2 Ulster Bank amount outstanding : 12,000
Term loan term left : 3.3 years
Term loan - monthly repayment: 270
Credit Card outstanding : 13,000
This is now a loan and not a credit card facility.
Credit Card monthly loan repayment : 210 (interest free, I did a deal with MBNA now Advent Card)
Credit card loan term remaining 4.7 years
Wife/Spouse
Credit Union
Amount of shares :4000
Amount of loan outstanding :15500
Monthly repayment : 500
Term left : completed Nov 2016
Credit Card
Amount outstanding :3800
Amount paid each month 160
Other savings and investments :
None
How important is retaining the family home to you?
I want to keep the family home.
I don’t mind losing the other 2 houses.
Any other relevant information
What is your preferred realistic outcome?
Option 1
I’d like to get the PTSB investment rip restructured its very high at 5.85% fixed for another 3 years and I’m only paying interest, rent is less than half of the mortgage.
I was thinking of approaching PTSB with the following Split mortgage deal.
Outstanding amount 252,000, I will suggest PTSB warehouse 100,000 and I pay capital and interest on the remaining 152,000 @ 4% fixed over 17 years (remainder of the loan term) = 1028 Per Month. This would save me 229 a month and in 17 years time or earlier I could either pay off the 100,000 with the sale of the house.
I have a meeting with PTSB next week and I’ll put this to them unless anybody has any ideas? Maybe they won’t entertain me as it’s a RIP.
Option 2
I’d be willing to take any deal via PIA as both houses (PTSB and UB) are deep in negative equity and I’m not paying any principle although the UB mortgage is a low tracker at 1.35%
We currently have no money left at the end of the month for birthdays/swimming lessons/holidays living in general.
Do we meet the criteria to enter insolvency?
Positives On the other hand
I can pay off the credit Union loan with my shares and this can free up 200 Euro a month – is this wise right now?
I’ll be coming out of an Ulster bank loan in 3.3 years time and this will save 270 per month.
Rents are on the increase I can maybe expect an extra 50 Euro a month from next year on rents, although trackers will also rise eventually.
I could receive a pay increase early next year.
My Wife has the ability to work extra shifts but this in turn incurs extra childcare.
I’m confused and appreciate any advise I know people are in a worse situation than me but I'd like to know what my options are.