should I pay his mortgage

Does he think he can just declare himself bankrupt and his problems will vanish? He really needs to face up to the problem. Tell him to ring the lender and explain the situation. Just tell him to grow up basically!
 
Yea he is bury his head he has wrote a letter to bank asking for a 6 month holiday but has had no reply so he has now stopped paying his monthly repayments. He says he isn't paying it now and wants to declare himself bankrump.


I would worry about having a child with someone who dealt with problems in this way.
 
niceoneted said:
I would worry about having a child with someone who dealt with problems in this way.
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This is a financial website not a relationship advice or counselling website. You can point out the guy is acting irresponsibly without questioning the OP's relationship.
 
niceoneted said:
I would worry about having a child with someone who dealt with problems in this way.
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Thats a bit harsh, perhaps the enormity of what he is facing is just very hard to accept and he mistakenly thinks that he can declare himself bankrupt to solve the problem.

What he needs is some advice/education as to what his options are and how best to proceed.

OP - has he spoken to MABs and if so what did they say?

Its imperative that he engages with his lender, he cannot just decide not to pay his mortgage - he needs to engage with them (best by letter so there is a record), explaining his situation and detailing his current incoming/outgoings and how much he is able to pay back on his mortgage per month.
 
I know he is acting irresponsibly I wish I could advise him better but when it involves mine and my children (hopefu) there is times I think he could be right in just letting the bank take back the house and try an pay back the difference in a wkly amount to the bank it has been on the market for over 2 years and he can not get it sold..
 
rion said:
Yea he is bury his head he has wrote a letter to bank asking for a 6 month holiday but has had no reply so he has now stopped paying his monthly repayments. He says he isn't paying it now and wants to declare himself bankrump
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Rion -Your fiance is being extremely nieve in fact I think he is behaving very childish. He wrote to the bank got no reply so now he is going to punish them by not making his repayments and declaring himself bankrupt.

You didnt say how much his repayments are but is he making any contribution at all out of his unemployment benefit and has he approached welfare about making an application to get some of his mortgage interest paid?
 
He has been getting mortgage interest help his monthly repayments are 600 he get 30 wk mortgage interest relief. No he hasn't been making any contribution from his unemployment payment since his work finished he has used up all his savings paying the repayment in the hope that he would get work but has had no luck and his savings have run out making the repayments.
 
Rion, if your partners house is only in his name please do not put your savings into it. He should get in touch with MABS for advice. PTSB will argue a restructure on the loan loan for him, as it is a tracker mortgage. He should be entitled to Mortgage Interest Supplement from Community Welfare Officer, as his only means is Social Welfare but he must be currently living in the property, or has the property as his official address. If PTSB do reposess house and sell at a huge loss, your partner will still have the pay the negative part of the loan, which will leave him with a bad credit rating for many years. This is a horrible situation for him, but because its not in your name, you will not be affected legally by any result of any action taken. Keep your savings for the time being, especially with the expense a baby will bring. And when things improve in general, you will have a nice deposit for a house, (only in your name) and if your partner is still out of work you can return full time without child care costs. Best of luck to you both!
 
netz said:
He should be entitled to Mortgage Interest Supplement from Community Welfare Officer, as his only means is Social Welfare but he must be currently living in the property, or has the property as his official address. If PTSB do reposess house and sell at a huge loss, your partner will still have the pay the negative part of the loan, which will leave him with a bad credit rating for many years.
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Just seen post about Mortgage Interest Supplement - ignore this bit!!
 
rion said:
He has been getting mortgage interest help his monthly repayments are 600 he get 30 wk mortgage interest relief. No he hasn't been making any contribution from his unemployment payment since his work finished he has used up all his savings paying the repayment in the hope that he would get work but has had no luck and his savings have run out making the repayments.
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ok he should be getting about €198 euro a week from welfare in addition to the €30 mortgage interest relief, so what is he doing with this money?? That's near €900 euro a month he has coming in.

I don't mean to come across harsh but they are many other people out there in a far worse financial state than your fiance, his repayments are just €600 a month even if you have to help him out a tiny bit he should be able to manage with the €300 he has left over for food and household bills.
 
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Don't put any money into his debts.

With what he owes it will be swallowed up and your savings will be gone.

His mess needs to sorted while you're still unmarried. Marry and you'll have his debt as a halter around your neck too.

With what he owes I reckon he should head off to England and declare himself bankrupt.

When you marry you'll be debt free .... and you then should manage the accounts.

This thread is worth a read:

Will filing bankrupcy in UK clear my Irish debt?
 
I am going to come at this from a slightly different angle. If you are serious about marrying this man and having children together then you also need to solve this problem together.
You are renting your brother's place at €50 a week or just over €200 a month. Between your salary & your bf's unemployment benefit & mortgage interest supplement you could surely afford the repayments of €600 a month? Move in together and start paying the mortgage. In fact start overpaying it. Keep your savings in the best deposit account you can find.
Who knows when you may get pregnant - it could be a while before that happens. And there is nothing to stop you living in an apartment with stairs for a few years even if you have a small baby. Gardens are not important to small children & stairs are manageable. Pay down the mortgage over the next few years and then think about a house. I think you are making things much more complicated than they could be.
 
To add a little extra to Butter's advice.

Do not under any circumstances waste your savings lump sum on this property. Taking the advice, you should be able to cover the repayments via current income, so it should not be necessary to dip into the lump sum.

You will need this lump sum when you eventually buy a house - probably need it more than most as you may not be able to rely on your bf's credit rating to acquire a mortgage and may have to do so in your own name only.

The bankruptcy talk is rubbish - it is not the solution as even if declared bankrupt, your bf will find it impossible to get credit, including a mortgage, anywhere. And do you really want to hide in the UK for a number of years, particularly when you'll need the support of friends and family if you have a new arrival?

Your bf should also be making an effort to find employment. If he cant get any in his field, he should retrain to enhance his prospects.
 
rion said:
Yea he is bury his head he has wrote a letter to bank asking for a 6 month holiday but has had no reply so he has now stopped paying his monthly repayments. He says he isn't paying it now and wants to declare himself bankrump
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Your partner needs to understand that he can't simply declare himself bankrupt in the UK, he must apply to be declared bankrupt. And there in lies the difference, when he makes the application, there will be an examination of his situation to see if he should be declared bankrupt or not. His creditors (the bank) will no doubt be able to argue that €140K is a very manageable sum for someone in their mid 30s, provided they get work. So he may very well find that his application is rejected or that the debt is simply restructured. Either way I doubt that he will be simply able to just walk away from it.

Also NE will have nothing to do with it, they will simply conclude that if he sells the house for say €70K, then the debt becomes even more manageable!


Jim.
 
My advice is to sort yourself out while you can get mortgage on your own - once you are married his financial problems will stop you getting it. Let him sort out his apartment by going selling it and trying to come to an agreement with the bank. Do not take over paying the mortgage in the meantime.
 
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