Hi there,
Long time reader - first time poster.
I am having difficulties meeting my mortgage repayments I require some opinions on the below.
I have got professional advice on my options but I am looking for posters experience using either of the below:
My options
1). Apply for a Personal insolvency
2). Seek bankruptcy here or in the UK.
Below are my details.
Single male
Gross Salary €36k (2,300 Nett per month)
22 years remaining on Mortgage
Monthly repayments €947
No Mortgage arrears
Mortgage remaining approx 225k
Tracker mortgage
No other outstanding debt
I don’t live in the house during the week as I work in Dublin, so I also pay €650 p/m in rent.
During times of unemployment I have exhausted all my personal savings €25-30k and put these into the mortgage paying the full amount, I have had 6 months of interest only, 6 months of part capital part interest, I applied to the bank seeking a long term solution and I was offered a repayment all the interest and part capital totalling €400 p/m for 15 months if my circumstances don’t change the bank will begin proceedings to re-posses the property.
At present irrespective of what decision I take, I feel I am really screwed. There is no chance of gaining employment in that part of the country where the house is located, so I will have to pay both the mortgage and rent on a very modest salary for the foreseeable future.
I am in debt and the banks only solution thus far is to push me further and further into debt.
So if anybody has experience of using either option or any advice I would appreciate it.
Thanks in advance.
Long time reader - first time poster.
I am having difficulties meeting my mortgage repayments I require some opinions on the below.
I have got professional advice on my options but I am looking for posters experience using either of the below:
My options
1). Apply for a Personal insolvency
2). Seek bankruptcy here or in the UK.
Below are my details.
Single male
Gross Salary €36k (2,300 Nett per month)
22 years remaining on Mortgage
Monthly repayments €947
No Mortgage arrears
Mortgage remaining approx 225k
Tracker mortgage
No other outstanding debt
I don’t live in the house during the week as I work in Dublin, so I also pay €650 p/m in rent.
During times of unemployment I have exhausted all my personal savings €25-30k and put these into the mortgage paying the full amount, I have had 6 months of interest only, 6 months of part capital part interest, I applied to the bank seeking a long term solution and I was offered a repayment all the interest and part capital totalling €400 p/m for 15 months if my circumstances don’t change the bank will begin proceedings to re-posses the property.
At present irrespective of what decision I take, I feel I am really screwed. There is no chance of gaining employment in that part of the country where the house is located, so I will have to pay both the mortgage and rent on a very modest salary for the foreseeable future.
I am in debt and the banks only solution thus far is to push me further and further into debt.
So if anybody has experience of using either option or any advice I would appreciate it.
Thanks in advance.