unsustainble
Registered User
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- 3
Hi everybody..
I'm so confused about what to do. I have received differing advice depending on who I ask. Here is my situation.
Started 4 years ago. I was a first year student (have just this year completed an hons degree). In that time my marriage broke down and as a result we sold our family home and although we lost our pants on it we broke even to the tune of having literally ten euros left after all was done & dusted.
We have a buy to let worth 85k with a mortgage of 240k on it. Ex husband emigrated, leaving me to deal with that. I went into arrears 2 years ago. I decided to continue with my studies so I had no claim to entitlements. Family have been supporting me since. I graduated in May and have self employed myself having unsuccessfully looked for employment. I'm not making much, I managed to make 1500 in July, and while I hope to improve on that my business does not guarantee that as an income. HOW do I explain this on the SFS I have here in front of me??
I am now 27k in arrears and to this point the bank have refused any negotiation attempts I've made, including re structuring and VS. Last contact they made with me was Feb. I attempted in March and April to communicate but 'couldn't be facilitated until I start making payments'. I had a tenant in there for some of the period but there was work to be done which I couldn't afford and I used rent to fix all the problems with the apt. Subsequently lost tenant in Feb but have secured another with RAS, starting Aug for 795pm x 4 years.
My repayments are 1,200 pm.
So.. I'm renting myself at the moment and with that and bills etc, I can barely pay my way but can't subsidize mortgage, never mind save or progress. 200pm on management co fees means 595pm available to service a 240k mortgage plus 27k arrears. Madness.
Now I'm looking into emigrating with my partner.. so what do I do now that I'm about to approach the bank again.
I'm weary of a spilt mortgage offer as I feel I would be pinned to the collar, but maybe that would work? Doing the math I'm not sure. I doubt they'll be open to VS or sale as they rejected that before. Ex husband out of the picture and there'll be no co-operation there so how can I reach any agreement with them on my own? Can I?
Sorry bout the length of this.
P.S.. this is the only debt I have.
I'm so confused about what to do. I have received differing advice depending on who I ask. Here is my situation.
Started 4 years ago. I was a first year student (have just this year completed an hons degree). In that time my marriage broke down and as a result we sold our family home and although we lost our pants on it we broke even to the tune of having literally ten euros left after all was done & dusted.
We have a buy to let worth 85k with a mortgage of 240k on it. Ex husband emigrated, leaving me to deal with that. I went into arrears 2 years ago. I decided to continue with my studies so I had no claim to entitlements. Family have been supporting me since. I graduated in May and have self employed myself having unsuccessfully looked for employment. I'm not making much, I managed to make 1500 in July, and while I hope to improve on that my business does not guarantee that as an income. HOW do I explain this on the SFS I have here in front of me??
I am now 27k in arrears and to this point the bank have refused any negotiation attempts I've made, including re structuring and VS. Last contact they made with me was Feb. I attempted in March and April to communicate but 'couldn't be facilitated until I start making payments'. I had a tenant in there for some of the period but there was work to be done which I couldn't afford and I used rent to fix all the problems with the apt. Subsequently lost tenant in Feb but have secured another with RAS, starting Aug for 795pm x 4 years.
My repayments are 1,200 pm.
So.. I'm renting myself at the moment and with that and bills etc, I can barely pay my way but can't subsidize mortgage, never mind save or progress. 200pm on management co fees means 595pm available to service a 240k mortgage plus 27k arrears. Madness.
Now I'm looking into emigrating with my partner.. so what do I do now that I'm about to approach the bank again.
I'm weary of a spilt mortgage offer as I feel I would be pinned to the collar, but maybe that would work? Doing the math I'm not sure. I doubt they'll be open to VS or sale as they rejected that before. Ex husband out of the picture and there'll be no co-operation there so how can I reach any agreement with them on my own? Can I?
Sorry bout the length of this.
P.S.. this is the only debt I have.