P
PiedPiper
Guest
Hi
I have 2 loans a home loan and one other. When these were set up various things were supposed to happen within 2 years that would have cleared one loan and greatly reduced the other.
The rental income was only ever sufficient to cover interest only.
In the interim the economy has collapsed the expected rentals and sales etc all fell through.
I am left with 2 capital and interest repayments far in excess of my income, some property on the market and so on.
I got exhaustive paid for advice and put a proposal to the bank that was very reasonable and fair. The bank appeared to accept the proposal at the meeting.
They then sent me out more facility letters that were financial suicide for me for a short interest only break, I would have been mad to sign them.
I continue to pay interest only without agreement but none the less arrears of the capital part are building up. If selling something would help I would of course sell but that is not the case.
Any suggestions or comments welcome
I have 2 loans a home loan and one other. When these were set up various things were supposed to happen within 2 years that would have cleared one loan and greatly reduced the other.
The rental income was only ever sufficient to cover interest only.
In the interim the economy has collapsed the expected rentals and sales etc all fell through.
I am left with 2 capital and interest repayments far in excess of my income, some property on the market and so on.
I got exhaustive paid for advice and put a proposal to the bank that was very reasonable and fair. The bank appeared to accept the proposal at the meeting.
They then sent me out more facility letters that were financial suicide for me for a short interest only break, I would have been mad to sign them.
I continue to pay interest only without agreement but none the less arrears of the capital part are building up. If selling something would help I would of course sell but that is not the case.
Any suggestions or comments welcome
