Dear Brendan,
I would be grateful to have your opinion please.
Thank you very much.
Regards,
Peter
|Mortgage|Value|negative|interest|
Home|€370k|€240k|€130k|€15,800|4.5% * 3.5%
Investment|€125k|€50k|€75k|€2,600|2.1% Rent?
Unsecured loans| €87,000
Car loan|€8,000
Total|€590k|€290k|€300kPersonal and income details
Income self: Self employed carpenter with an income of €2000.00 after tax per month.
Income history: With the downturn in the building sector my salary has decreased.
Income partner/spouse: I am divorced. My ex's name is not on any of my debts or property.
Income history:
number of children: No dependents. All adult children living in their own homes.
Amount of Mortgage Interest Supplement received: None.
Home loan
Amount outstanding: €285,000.00 / Interest rate 4.5 Fixed / arrears 18k
Remortgaged home loan: €40,000.00 / Interest rate 3.5 Fixed/ arrears 3k
Remortgaged home again: €45,000.00 / Interest rate 3.5 Variable/ arrears 4k
Value of home: €240,000.00
Summary of discussions and agreements with bank: The bank doesn't want to know me. I have arranged lots of meetings with them but all meetings are fruitless. Simply a waste of time. I'm in Marp since Jan 2011. Have been on interest only since then. The bank refuse to capitalize arrears or come up with any productive answers. At times I find it difficult to repay the interest and whilst in marp I have missed payments due to the fact I am servicing unsecured debt via a debt management company who have drawn me up a payment plan similar to that of the PIA.
Investment property -
Amount outstanding: €125,000.00
Value of home: €50,000.00 / A similar property in the area was repossessed and they tried to sell it at auction. I believe they only achieved €40,000.00 for it. I have been told by the local auctioneer that he is capable of attracting German buyers but they want realistic prices. I am actively seeking a sale for the cottage but cannot see the bank writing off the NE
Interest rate: 2.1
Monthly repayment €200.00
Amount in arrears €1,200.00
Monthly rent received 290.00
Other loans and creditors - delete those which don't apply to you
Overdraft 70,000.00
Credit Card 16,000.00
Credit Union 1,000.00
Car loan 8,000.00
Any other relevant information
My family are looking to make a financial settlement with my creditors, that way I can then repay my family over a longer period.
What is your preferred realistic outcome?
I honestly don't want to leave Ireland but if push comes to shove I will leave and declare bankruptcy in the UK. My family have offered to make a settlement towards my unsecured debt. I believe I could afford my mortgage if the unsecured debt was dealt with. As regards the investment property I am confident the auctioneer will get a sale but am hesitant whether the bank will accept the offer. None of my unsecured debts or the investment property are with my home loan provider.
Please feel free to ask questions if I have missed out on something.
I would be grateful to have your opinion please.
Thank you very much.
Regards,
Peter
Home|€370k|€240k|€130k|€15,800|4.5% * 3.5%
Investment|€125k|€50k|€75k|€2,600|2.1% Rent?
Unsecured loans| €87,000
Car loan|€8,000
Total|€590k|€290k|€300k
Income self: Self employed carpenter with an income of €2000.00 after tax per month.
Income history: With the downturn in the building sector my salary has decreased.
Income partner/spouse: I am divorced. My ex's name is not on any of my debts or property.
Income history:
number of children: No dependents. All adult children living in their own homes.
Amount of Mortgage Interest Supplement received: None.
Home loan
Amount outstanding: €285,000.00 / Interest rate 4.5 Fixed / arrears 18k
Remortgaged home loan: €40,000.00 / Interest rate 3.5 Fixed/ arrears 3k
Remortgaged home again: €45,000.00 / Interest rate 3.5 Variable/ arrears 4k
Value of home: €240,000.00
Summary of discussions and agreements with bank: The bank doesn't want to know me. I have arranged lots of meetings with them but all meetings are fruitless. Simply a waste of time. I'm in Marp since Jan 2011. Have been on interest only since then. The bank refuse to capitalize arrears or come up with any productive answers. At times I find it difficult to repay the interest and whilst in marp I have missed payments due to the fact I am servicing unsecured debt via a debt management company who have drawn me up a payment plan similar to that of the PIA.
Investment property -
Amount outstanding: €125,000.00
Value of home: €50,000.00 / A similar property in the area was repossessed and they tried to sell it at auction. I believe they only achieved €40,000.00 for it. I have been told by the local auctioneer that he is capable of attracting German buyers but they want realistic prices. I am actively seeking a sale for the cottage but cannot see the bank writing off the NE
Interest rate: 2.1
Monthly repayment €200.00
Amount in arrears €1,200.00
Monthly rent received 290.00
Other loans and creditors - delete those which don't apply to you
Overdraft 70,000.00
Credit Card 16,000.00
Credit Union 1,000.00
Car loan 8,000.00
Any other relevant information
My family are looking to make a financial settlement with my creditors, that way I can then repay my family over a longer period.
What is your preferred realistic outcome?
I honestly don't want to leave Ireland but if push comes to shove I will leave and declare bankruptcy in the UK. My family have offered to make a settlement towards my unsecured debt. I believe I could afford my mortgage if the unsecured debt was dealt with. As regards the investment property I am confident the auctioneer will get a sale but am hesitant whether the bank will accept the offer. None of my unsecured debts or the investment property are with my home loan provider.
Please feel free to ask questions if I have missed out on something.