Personal details
Income self: Self employed €1,200 net income per month.
Wife's Income: €900.00 net per month
We are both named owners on both properties.
Home loan
Lender: Foreign institution based in Ireland
Amount outstanding: €350,000
Value of home: €190,000 approx. Though houses have sold for less.
Interest rate: Fixed rate 4.5%.
Monthly repayment: I'm currently paying €600 per month but should be paying €1,600 each month.
Amount in arrears: €30,000 approx
Non stop communication with bank. Always inform them of situation and never leave them out of the loop. Constantly coming up with solutions how to clear the debt but they do not seem interested and keep kicking the can further down the road. I have also been berated for constantly making contact with them. Mortgage got into difficulty in 2010. I was placed on interest and part capital only.
I asked them would it be possible to have a mortgage break i.e. make no payment for a period of one year. They declined and our situation got worse. I was then put on interest only. Situation declined further and I was contacted by telephone by the manager who asked me to name a figure we could afford each month. I said €600 and he agreed. I was placed in MARP in January 2012.
Investment property -
Lender: Irish institution
Amount outstanding: €100,000
Value of home: €40,000
Interest rate: Tracker 2.1%
Monthly repayment €200.00
Amount in arrears €200.00
Monthly rent received €300.00
Other loans and creditors -
Overdraft €100,000
Other savings and investments
Any savings we had have now been cleared out as we were using them to pay our mortgage.
Income self: Self employed €1,200 net income per month.
Wife's Income: €900.00 net per month
We are both named owners on both properties.
Home loan
Lender: Foreign institution based in Ireland
Amount outstanding: €350,000
Value of home: €190,000 approx. Though houses have sold for less.
Interest rate: Fixed rate 4.5%.
Monthly repayment: I'm currently paying €600 per month but should be paying €1,600 each month.
Amount in arrears: €30,000 approx
Non stop communication with bank. Always inform them of situation and never leave them out of the loop. Constantly coming up with solutions how to clear the debt but they do not seem interested and keep kicking the can further down the road. I have also been berated for constantly making contact with them. Mortgage got into difficulty in 2010. I was placed on interest and part capital only.
I asked them would it be possible to have a mortgage break i.e. make no payment for a period of one year. They declined and our situation got worse. I was then put on interest only. Situation declined further and I was contacted by telephone by the manager who asked me to name a figure we could afford each month. I said €600 and he agreed. I was placed in MARP in January 2012.
Investment property -
Lender: Irish institution
Amount outstanding: €100,000
Value of home: €40,000
Interest rate: Tracker 2.1%
Monthly repayment €200.00
Amount in arrears €200.00
Monthly rent received €300.00
Other loans and creditors -
Overdraft €100,000
Other savings and investments
Any savings we had have now been cleared out as we were using them to pay our mortgage.