endofourtether
Registered User
- Messages
- 13
Income details
Net monthly €3,500 - PAYE salary
Net monthly income partner/spouse: €4,000 PAYE Salary
Amount of child benefit received €420
Amount of Mortgage Interest Supplement received Nil
Personal circumstances so we can calculate your reasonable living expenses
Two adult family
Do you need a car for work or do you use public transport? Yes 1 car
Number of children 0- 2 years old: 0
Number of 3 years old children: 0
Number of 4 - 11 years old: 1
Number of 12 - 18 years old: 2
Monthly childcare costs: €530
€5,168.58 - From the backontrack.ie calculator
Home loan
Lender: A Vulture Fund
Amount outstanding: €340
Value of home: €600-750k
Interest rate: specify whether tracker or SVR or fixed rate - SVR 4.95%
Monthly repayment €2,200
Amount in arrears €3k - This is a missed payment almost 2 years ago that we didn't realise was missed for a few months - We tended not to open the almost daily letters from the Asset manager.
We have been in discussions (not all meaningful) with the bank since day 1 - They were leaving the country and sent our BTL to receivership after only 5 missed payments - due to void and general nature of the economy at the time 2010. We missed some payments on the PPR but went through MARP and capitalised the arrears and interest, iirc about €35k.
Some History - I was working for myself with just a couple of regular gigs - these were state funded enterprises that lost their funding almost overnight and the trickle down meant that I was no longer affordable. My Income halved overnight, we had small children and big outlays - not a typical Celtic Tiger lifestyle however, modest enough, it just all added up.
My wife works for a state enterprise and the FEMPI and pension payment reduced her take home income by about 35%
BTL was on interest only and even then we had to fill a gap of about €500/month for about 5 years. It was our starter home and we leveraged it to the hilt.
Investment property -
Was sold by a receiver - c.€200k outstanding - They are now talking about a judgement mortgage.
This is my pain point - I literally begged for them not to do this, they ended selling through an Allsop auction for a lot less than would have been done had we sold it ourselves - And then the receivers fees etc.
Credit Union
None
Other loans and creditors -
None
Other savings and investments
Some shares - under €5k
Do you expect any lump sums in the medium term future?
No
How important is retaining the family home to you?
I really want to keep the Family home. At least until the kids have left school - another 9 years.
Any other relevant information
What is your preferred realistic outcome?
We just want to try to get back to normal. We want to get a mortgage with a proper bank but nobody wants us...because of the residual debt on the BTL.
We have been offered an number - I am loath to go into specifics because any asset manager worth their salt will be checking here - but even though it's a decent write off of the residual debt it appears that no banks want to be seen cleaning up the the fallout of the boom that they created.
The number that has been offered would leave us with about 60% LTV.
So, we have good income, a good asset and a massive currently unsecured debt - They say they are going to apply for a judgement mortgage which would secure it.
I was so angry about the sale of the BTL and didn't engage with them constructively for a few years after that.
I want to see what strategy might be useful in order to pay them as little as we can for the outstanding debt.
I don't want to hear opinions on the morality or otherwise of this - As far as I am concerned the VFs are the absolute bottom feeders our dealings with them have been exceptionally unpleasant. I want to find out how to give them as little as I can and to try to safeguard our future.
We have a broker who thinks that they will be able to get us money with no problems, the main reason that we believe this is that everybody else is completely negative.
The other option is to allow them to get a judgement mortgage and then to live forever...
Net monthly €3,500 - PAYE salary
Net monthly income partner/spouse: €4,000 PAYE Salary
Amount of child benefit received €420
Amount of Mortgage Interest Supplement received Nil
Personal circumstances so we can calculate your reasonable living expenses
Two adult family
Do you need a car for work or do you use public transport? Yes 1 car
Number of children 0- 2 years old: 0
Number of 3 years old children: 0
Number of 4 - 11 years old: 1
Number of 12 - 18 years old: 2
Monthly childcare costs: €530
€5,168.58 - From the backontrack.ie calculator
Home loan
Lender: A Vulture Fund
Amount outstanding: €340
Value of home: €600-750k
Interest rate: specify whether tracker or SVR or fixed rate - SVR 4.95%
Monthly repayment €2,200
Amount in arrears €3k - This is a missed payment almost 2 years ago that we didn't realise was missed for a few months - We tended not to open the almost daily letters from the Asset manager.
We have been in discussions (not all meaningful) with the bank since day 1 - They were leaving the country and sent our BTL to receivership after only 5 missed payments - due to void and general nature of the economy at the time 2010. We missed some payments on the PPR but went through MARP and capitalised the arrears and interest, iirc about €35k.
Some History - I was working for myself with just a couple of regular gigs - these were state funded enterprises that lost their funding almost overnight and the trickle down meant that I was no longer affordable. My Income halved overnight, we had small children and big outlays - not a typical Celtic Tiger lifestyle however, modest enough, it just all added up.
My wife works for a state enterprise and the FEMPI and pension payment reduced her take home income by about 35%
BTL was on interest only and even then we had to fill a gap of about €500/month for about 5 years. It was our starter home and we leveraged it to the hilt.
Investment property -
Was sold by a receiver - c.€200k outstanding - They are now talking about a judgement mortgage.
This is my pain point - I literally begged for them not to do this, they ended selling through an Allsop auction for a lot less than would have been done had we sold it ourselves - And then the receivers fees etc.
Credit Union
None
Other loans and creditors -
None
Other savings and investments
Some shares - under €5k
Do you expect any lump sums in the medium term future?
No
How important is retaining the family home to you?
I really want to keep the Family home. At least until the kids have left school - another 9 years.
Any other relevant information
What is your preferred realistic outcome?
We just want to try to get back to normal. We want to get a mortgage with a proper bank but nobody wants us...because of the residual debt on the BTL.
We have been offered an number - I am loath to go into specifics because any asset manager worth their salt will be checking here - but even though it's a decent write off of the residual debt it appears that no banks want to be seen cleaning up the the fallout of the boom that they created.
The number that has been offered would leave us with about 60% LTV.
So, we have good income, a good asset and a massive currently unsecured debt - They say they are going to apply for a judgement mortgage which would secure it.
I was so angry about the sale of the BTL and didn't engage with them constructively for a few years after that.
I want to see what strategy might be useful in order to pay them as little as we can for the outstanding debt.
I don't want to hear opinions on the morality or otherwise of this - As far as I am concerned the VFs are the absolute bottom feeders our dealings with them have been exceptionally unpleasant. I want to find out how to give them as little as I can and to try to safeguard our future.
We have a broker who thinks that they will be able to get us money with no problems, the main reason that we believe this is that everybody else is completely negative.
The other option is to allow them to get a judgement mortgage and then to live forever...