Hi everyone.
Just looking into the in's and out's of insolvency.
I'm starting from scratch trying to learn ad much as possible about it.
My parents along with many other over borrowed in 2005/6 and got destroyed in 2008. Banks sold properties. They engaged with a PIA 2 years ago, got a successful/favourable write down and have a mortgage with ptsb of about 120k which includes the family home and previous mortgages. I think they were discharged after 12 months (does this sound right?) I will ask them for the contract so I can look myself. I'll also ask for the mortgage contract.
They're happy and relieved with the outcome and paying 1000pcm on a small income.
I'm lucky to be in a position where in 3 years time I could knock maybe 50k off that for them.
I have absolutely no clue about term's and conditions of personal insolvency in general so I was looking for some advise on it.
Are they allowed to do that?
Are they allowed to have savings?
Is there clawbacks?
Basically I'm wondering is there any general pitfalls to look out for?.
Thanks for any advice.
Just looking into the in's and out's of insolvency.
I'm starting from scratch trying to learn ad much as possible about it.
My parents along with many other over borrowed in 2005/6 and got destroyed in 2008. Banks sold properties. They engaged with a PIA 2 years ago, got a successful/favourable write down and have a mortgage with ptsb of about 120k which includes the family home and previous mortgages. I think they were discharged after 12 months (does this sound right?) I will ask them for the contract so I can look myself. I'll also ask for the mortgage contract.
They're happy and relieved with the outcome and paying 1000pcm on a small income.
I'm lucky to be in a position where in 3 years time I could knock maybe 50k off that for them.
I have absolutely no clue about term's and conditions of personal insolvency in general so I was looking for some advise on it.
Are they allowed to do that?
Are they allowed to have savings?
Is there clawbacks?
Basically I'm wondering is there any general pitfalls to look out for?.
Thanks for any advice.