Income details
Net monthly I am a part-time employee and monthly net is 1800 (this has increased since last year as I had been 1600 (due to health insurance payment
Net monthly spouse: Full time employee 2,400
Income history: working solidly 2 years, unemployed in twice in 2010 and 2014
Amount of child benefit received 130.00
Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published Guidelines for Reasonable Living Expenses 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.
two adult family
Do you need a car for work or do you use public transport? Yes:
Number of 4 - 11 years old:1
Monthly childcare costs: 80.00
Monthly spend on special circumstances: e.g. exceptional healthcare costs
Home loan
Lender: PTSB
Amount outstanding: 370,000.00
Value of home: 225,000.00
Interest rate: 4.3% fixed
Monthly repayment 1200.00 what we have been giving (the full repayment to pay off the loan would be 1900)
Amount in arrears 5,000
Summary of discussions and agreements with the banke.g. in Marp since Jan 2011 . Have been on interest only since then. Since 2016 we have received some assistance from a third party consultant who has been writing to the bank on our behalf. This has taken some stress away as we had been receiving weekly phone calls from the bank harassing us. This has since stopped. We seem to have reached an impasse and although we are able now due to salary increases to pay the amount requested of 1400 by the bank it still doesn’t address the main issue which is that the mortgage is unsustainable and we will never be able to see this coming down as the payments on a 100% mortgage will never be met with our salaries even allowing for possible promotion. The value of the house will also never be 373,000.
Credit Union
Amount of shares
Amount of loan outstanding
Monthly repayment 160.00
Term left
Other loans and creditors –
Credit Card - amount outstanding 3000.00
How important is retaining the family home to you?
I would like to keep it but desperate to be able to start paying off the loan. There is so much maintenance work to do on our house but we are afraid of committing to any of it in case it is a waste of money if we cant remain in our home.
Any other relevant information
What is your preferred realistic outcome?
We were given a 100% mortgage with PTSB on small house for 373,000 in 2006 and as of this year, the mortgage after 13 years is only at 370,000. We have never been in a position to pay the full monthly mortgage payments. We had been paying what was the amount with the TRS. But once that stopped the mortgage payments jumped up to 1900. My husband had two periods of unemployment and has now been working full time in the same company the last two years. The bank has asked that we pay 1450 which up until now haven’t been able to afford so we have been paying 1200 a month. After 13 years of a mortgage we have only paid off 3,000 and we are desperate to get a more sustainable mortgage in place with the bank. We will never be able to afford 1900 per month. We have been in discussion with the bank since 2014 since the TRS stopped and the I am looking for advice on how can we get the bank to adjust our mortgage payments to the value of the house. We are exhausted with living like this all these years. We feel saddened that we are paying each month but it makes no difference as it doesn’t even impact the actual loan of the property we are only paying the interest. Would anyone please be able to recommend a professional that could help our case.
Net monthly I am a part-time employee and monthly net is 1800 (this has increased since last year as I had been 1600 (due to health insurance payment
Net monthly spouse: Full time employee 2,400
Income history: working solidly 2 years, unemployed in twice in 2010 and 2014
Amount of child benefit received 130.00
Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published Guidelines for Reasonable Living Expenses 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.
two adult family
Do you need a car for work or do you use public transport? Yes:
Number of 4 - 11 years old:1
Monthly childcare costs: 80.00
Monthly spend on special circumstances: e.g. exceptional healthcare costs
Home loan
Lender: PTSB
Amount outstanding: 370,000.00
Value of home: 225,000.00
Interest rate: 4.3% fixed
Monthly repayment 1200.00 what we have been giving (the full repayment to pay off the loan would be 1900)
Amount in arrears 5,000
Summary of discussions and agreements with the banke.g. in Marp since Jan 2011 . Have been on interest only since then. Since 2016 we have received some assistance from a third party consultant who has been writing to the bank on our behalf. This has taken some stress away as we had been receiving weekly phone calls from the bank harassing us. This has since stopped. We seem to have reached an impasse and although we are able now due to salary increases to pay the amount requested of 1400 by the bank it still doesn’t address the main issue which is that the mortgage is unsustainable and we will never be able to see this coming down as the payments on a 100% mortgage will never be met with our salaries even allowing for possible promotion. The value of the house will also never be 373,000.
Credit Union
Amount of shares
Amount of loan outstanding
Monthly repayment 160.00
Term left
Other loans and creditors –
Credit Card - amount outstanding 3000.00
How important is retaining the family home to you?
I would like to keep it but desperate to be able to start paying off the loan. There is so much maintenance work to do on our house but we are afraid of committing to any of it in case it is a waste of money if we cant remain in our home.
Any other relevant information
What is your preferred realistic outcome?
We were given a 100% mortgage with PTSB on small house for 373,000 in 2006 and as of this year, the mortgage after 13 years is only at 370,000. We have never been in a position to pay the full monthly mortgage payments. We had been paying what was the amount with the TRS. But once that stopped the mortgage payments jumped up to 1900. My husband had two periods of unemployment and has now been working full time in the same company the last two years. The bank has asked that we pay 1450 which up until now haven’t been able to afford so we have been paying 1200 a month. After 13 years of a mortgage we have only paid off 3,000 and we are desperate to get a more sustainable mortgage in place with the bank. We will never be able to afford 1900 per month. We have been in discussion with the bank since 2014 since the TRS stopped and the I am looking for advice on how can we get the bank to adjust our mortgage payments to the value of the house. We are exhausted with living like this all these years. We feel saddened that we are paying each month but it makes no difference as it doesn’t even impact the actual loan of the property we are only paying the interest. Would anyone please be able to recommend a professional that could help our case.