Hi all, does anyone know what CU might do with regards our 30k unsecured loan?
We are negotiating with mortgage company for a possible 3 year interest only deal and applying for MIS and house is for sale and just hoping we get a decent offer in the next 12 months or so. On basis that this all works out, our mortgage will be OK for the short term.
However there is nothing left to pay CU loan. Should be paying €350 pm and arrears and interest racking up daily.
They have agreed that there is no affordability to repay at moment but how long might they allow this before taking us to court?
If not long, if we were to pay even €20 a month would that give us say 12 months?
If we sell house at asking price, we could pay off the mortgage and CU loan. Probably unlikely to get asking price but we want to give it 12 months before considering other options such as insolvency procedures if still no work, if we can.
Any thoughts?
We are negotiating with mortgage company for a possible 3 year interest only deal and applying for MIS and house is for sale and just hoping we get a decent offer in the next 12 months or so. On basis that this all works out, our mortgage will be OK for the short term.
However there is nothing left to pay CU loan. Should be paying €350 pm and arrears and interest racking up daily.
They have agreed that there is no affordability to repay at moment but how long might they allow this before taking us to court?
If not long, if we were to pay even €20 a month would that give us say 12 months?
If we sell house at asking price, we could pay off the mortgage and CU loan. Probably unlikely to get asking price but we want to give it 12 months before considering other options such as insolvency procedures if still no work, if we can.
Any thoughts?