Case study Mortgage arrears looking for write down
- Thread starter muskey
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Brendan Burgess
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I don't understand why you are annoyed?
You have a cheap tracker on an investment portfolio.
You are in arrears because you are not able to make your full repayments, You made a commercial decision and it has backfired on you.
They won't write off part of your debt. Why should they?
Have you other assets, e.g. the family home, which you could sell to help you make the repayments?
Your best option may be to apply for a Personal Insolvency Arrangement when it comes into force. The PIP will require you to sell the investment properties and spend 6 years paying as much as possible to pay off your unsecured creditors.
If you stick to the agreement, the unsecured debt would be written off at the end of that period.
Ptsb can veto the PIA and would probably do so. In which case, you should sell the properties and then go bankrupt, either here or in the UK.
You have a cheap tracker on an investment portfolio.
You are in arrears because you are not able to make your full repayments, You made a commercial decision and it has backfired on you.
They won't write off part of your debt. Why should they?
Have you other assets, e.g. the family home, which you could sell to help you make the repayments?
Your best option may be to apply for a Personal Insolvency Arrangement when it comes into force. The PIP will require you to sell the investment properties and spend 6 years paying as much as possible to pay off your unsecured creditors.
If you stick to the agreement, the unsecured debt would be written off at the end of that period.
Ptsb can veto the PIA and would probably do so. In which case, you should sell the properties and then go bankrupt, either here or in the UK.
muskey - I am having the same problem with EBS where they only had me on 6 month interest only a few years ago, and since then charged me the full capital repayment and my monthly arrears are stacking up. My emails and letters and even financial statement have elicited no response at all and every month I fall deeper. Its a residential mortgage - but when I called Frost (debt solution company recommended on AAM) and talked through all my options, the lawyer felt that perhaps it was because I had admitted that I had a tenant in there and they are treating it now like a BTL mortgage and less inclined to cooperate as its no longer my "family home" Its very frustrating as they are making barely sustainable loans tip into the unsustainable range
Very disappointed lads, over 200 people have viewed my situation, only 2 replies, forget me, the country is going down the tubes. Its time for the people to fight, and stand up to the banks, their trying to cripple the small man, what did our fathers and grandfathers fight for, what type of country do you want your kids to grow up in, whats the answer everyone go bankrupt in uk and start again, we are now a well educated country, but have lost our spirit, surely there is a few more feel the same.
I spent 2 nights this week delivering leaflets against property tax(average age 50 -70)
Lads Im not militant but I am up for the fight, come on WAKE UP
I spent 2 nights this week delivering leaflets against property tax(average age 50 -70)
Lads Im not militant but I am up for the fight, come on WAKE UP
Hi there
Its not easy these days, I think its best to inform them you are back (preferably in the house) and let them know you are struggling with the repayments and let them know you are in difficult times ( opens the door to negotiation), hope things work out , stay in touch Muskey
Brendan Burgess
Founder
- Messages
- 52,118
There really isn't that much for anyone to say.
You are a property investor and your investment has gone wrong. You want the taxpayer to pay for your losses. I don't think you will have many reasonable people manning the barricades on your behalf.
Brendan
Agree with Brendan. Do you know how unreasonable your comments sound to the thousands of struggling people out there who are struggling to make ends meet and hold onto their own house? And you with a 'portfolio' of houses valued at 1.5 million having borrowed over 2.2 million. Get real please.
Consider yourself lucky that the banks don't put you into bankruptcy and that certus seem willing to help you. You should go to the ends of the earth to bite their hand off for a deal on interest only.
As for a write off, sure we'ld all love a write off. But the country doesn't have the money to do that for everyone. The limited resources should be directed to those who really need and frankly your case is nowhere near a priority in my view.
Consider yourself lucky that the banks don't put you into bankruptcy and that certus seem willing to help you. You should go to the ends of the earth to bite their hand off for a deal on interest only.
As for a write off, sure we'ld all love a write off. But the country doesn't have the money to do that for everyone. The limited resources should be directed to those who really need and frankly your case is nowhere near a priority in my view.
Last edited:
a-tax-payer
Registered User
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- 15
Also agree with Brendan here,
Why should I, a tax payer have to poney up and dig you out for your poor decisions.
I live a modest lifestyle, I dont borrow more that I can afford to pay back, I am facing tax hikes and the property taxes - but I agree with them as the country is in a terrible state regarding current day to day finances and as a country we need to cut back spending.
Having to Dig you out of the hole you made for yourself is not where I want my taxes to go. And piggybacking with the small band of people who oppose of the property tax isnt going to get you anywhere.
The country is gone down the tubes exactly because of people like you who made foolish decisions.
Why should I, a tax payer have to poney up and dig you out for your poor decisions.
I live a modest lifestyle, I dont borrow more that I can afford to pay back, I am facing tax hikes and the property taxes - but I agree with them as the country is in a terrible state regarding current day to day finances and as a country we need to cut back spending.
Having to Dig you out of the hole you made for yourself is not where I want my taxes to go. And piggybacking with the small band of people who oppose of the property tax isnt going to get you anywhere.
The country is gone down the tubes exactly because of people like you who made foolish decisions.
This is a public forum, people can read, but there is obligation on a reader to offer advice.
Now, if you want assistance or advice you would do well to list out your full financial situation far clearer than the vague and hard to follow manner you have done-ie. in true case study fashion. Look at others and you will see how its done.
You mention both ptsb and certus, but only say that certus are pushing for capitalisation. What about ptsb? What is their position?
Is there a family home? What is the status of this?
Providing this information may allow people comment more-but I fear your attack on everyone that contributes to this forum, may have silenced them.