Case study Single guy with home in Ireland and UK investment property

W

Wishes

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Personal details
Income self: €1600 take home per month = €19,200 per annum
number of children No dependents

Home loan
Amount outstanding: 378k
Value of home: 210k
Interest rate: fixed rate @ 4.5%
Monthly repayment
Amount in arrears 20k

I'm in Marp since Jan 2011. Have been on interest only since then.

Investment property in the UK -
Amount outstanding: 80K
Value of home: 55k
Monthly repayment 250.00
Amount in arrears no arrears
Monthly rent received 420.00

Other loans and creditors -
Overdraft 30k
Credit Card 30k
Credit Union 20k

Other savings and investments
3k in shares Any other relevant information

What is your preferred realistic outcome?
I had hoped that maybe I would be able to sell the property to a housing charity but it seems to be impossible for somebody living on their own with more than one bedroom in their home.
 
I had hoped that maybe I would be able to sell the property to a housing charity but it seems to be impossible for somebody living on their own with more than one bedroom in their home.
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It wouldn't make any sense for the taxpayer to finance this. There is a long housing list. You are the lowest on the list as a single guy with no children. If they were to buy your house from you, it would be depriving a family with children who have been on the list for some time.
 
Wishes said:
. Wages is per week rather than per month - my mistake.
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Are you telling me that your gross pay is €150,000 per annum?

I presume it's €1,600 per month or €19,200 net per annum or around €22,000 gross?

The figures for the UK property look a bit odd. What is the interest rate? If it's interest only, you are paying a rate of 3.75%

Is the loan in the UK in sterling with a UK mortgage provider?

How many rooms in your home? Have you rented out a room or rooms?

Please edit the original post with this information.
 
Hi Brendan,

Thank you for looking over the above.

To answer some of your questions, I take home a wage of €1,600 per month.

The UK mortgage is with a UK provider. It is in sterling and the full amount is being paid each month.

My home is a 3 bed. I am currently looking for tenants but to no avail. The house is in need of updating so I am presuming this is putting people off. It's an old house, nearly 100 year old.

I have decided to go to the UK and file bankruptcy.

Thanks,

Wishes
 
Hi Wishes

You are probably right, but before you go, you should ask your creditors to do a deal to write off or write down your debts.

If any of them refuse, then off you go.

Brendan
 
Thanks guys. Will avoid London Steve.

I made my first steps yesterday in executing the bankruptcy. I got to speak to an accountant who envisages thousands of debtors will go across the water.

Without sounding stupid how would I approach my creditors to write a debt off or make a deal?
 
Wishes said:
Thanks guys. Will avoid London Steve.

I made my first steps yesterday in executing the bankruptcy. I got to speak to an accountant who envisages thousands of debtors will go across the water.

Without sounding stupid how would I approach my creditors to write a debt off or make a deal?
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You simply write stating what you owe everybody, tell them what you can afford, split the sum pari pasu between your creditors and wait for them to decide. also ask them to accept these payments for a maximum of five years. This will be akin to a DSA, if they reject it, they would have rejected your Irish solution.

agree many thousands will move to UK. that is why I am opening a Dublin office!
 
cashier said:
Steve - What will be athe address of your Dublin Office? I am sure it will be of great interest to many posters on here who are currently in financial distress.
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Hi cashier I would love to post it but Brendan would ban me for advertising. I will make it clear from the website where I can be tracked down. I am also sorting an Irish number for my site as Brendan points out you cannot access my free phone number from Ireland

Steve Thatcher www.helpwithdebtuk.com
 
That is great Steve. Will you be offering debt management payment plans or primarily bankruptcy or both?

Have you ever known of a bank to write a debt off, if the debtor proves they have no way in paying them back?

Sorry about all the questions.
 
Wishes said:
That is great Steve. Will you be offering debt management payment plans or primarily bankruptcy or both?

Have you ever known of a bank to write a debt off, if the debtor proves they have no way in paying them back?

Sorry about all the questions.
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The intention is to help people set up COMi in the UK and then try to persuade a write off when we have forced a sale of property. If not then client goes bankrupt.

We will attempt write off like New Beginnings

We will offer DM

we will seek to be appointed at one of the new Personal Insolvency Practitioners so we can offer the DSA and the PIA where appropriate.

All in all something for everyone. Our intention is to try to find a solution whatever the level of problem

Steve Thatcher
 
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