Loan arrears, Bank applying pressure, Cant take PIA

If you are paying €160,why not pay €165 and have the bank off your back?Am I missing something?
You have already realised that the bankruptcy route won't work for you.
Is the company overdraft guaranteed by the directors?
 
Dave102 said:
Our Mortgage is €1450 per mth (different bank, no arrears, no equity)
We also have a joint personal loan with mortgage lender of €500 per mth (no arrears)
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I see the bank's point of view. You are making them take all the pain, and not attempting to reschedule the loans with the other lenders. They froze the interest for two years and you continued to pay the other bank in full? I don't blame the bank for coming the heavy.

You need to sit down with your mortgage lender and reschedule the mortgage. Of the €1,450 per month, there is probably €400 or so capital you are repaying. There is no point in repaying capital on a mortgage costing 4% when you are paying maybe 15% on the other loan.

In this situation, you must prioritise the lender which can do you most damage, and that is the lender which can close your business by withdrawing the overdraft. You should make this a priority over your other unsecured debts and your mortgage.

The banks were supposed to set up a group called StepChange which would manage people's debts from multiple lenders. Not sure if it's up and running yet.

https://www.google.ie/url?sa=t&rct=...sJToBA&usg=AFQjCNG-9T_gQge9moOxwz4VF_cdTRMjtQ

Brendan
 
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