hi hoping someone can help ! 2k arrears with ebs and have been paying just over interest only for a year. They say they will extend interest only for 24 months BUT only if I put house up for sale and pay off arrears within 1 month of acceptance of “agreement” . Have engaged with everything they asked am separated almost 2 years and have 3 kids. Dad is completely missing . Received nothing from him for over 6 months and he’s now on dole so no point in chasing him. I work and bring in approx 2k per month . Have borrowed from friends and family to keep our home . If I did sell I wouldn’t have anywhere to go and not enough to buy. It’s all looking a bit hopeless .
2k arrears with EBs
- Thread starter Motherhen
- Start date
Brendan Burgess
Founder
- Messages
- 52,091
To get some suggestions, you need to provide all the information.
Information required for mortgage arrears and negative equity questions
Information required for mortgage arrears and negative equity questions
Income details
Net monthly
Net monthly
income partner/spouse: 0
Me : 2000
Income history: have worked for HSE for 10 yrs x 19 hours per week
Amount of child benefit received 260 pm
Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published Guidelines for Reasonable Living Expenses based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.
One adult family
Do you need a car for work or do you use public transport? Car
Number of children 0- 2 years old:0
Number of 3 years old children:
Number of 4 - 11 years old: 1
Number of 12 - 18 years old: 1
One 18 year old doing apprenticeship
Monthly childcare costs: 100
Montly spend on special circumstances: e.g. exceptional healthcare costs
Home loan
Lender: EBS
Amount outstanding: 191,000
Value of home: 350,000
Interest rate:
Monthly repayment: 580 interest only if I accept deal on offer , 1200 if I don’t
Amount in arrears: 2200
Summary of discussions and agreements with the bank
Have been on interest only since I advised them of separating. Have been paying just over interest only as agreed with them but the year was up a couple of months ago and I advised them situation had gotten worse as ex no longer lives with us and hasn’t paid anything to me or off mortgage since Xmas 2017. They sent a letter saying I could keep interest only for 24 months but had to immediately clear arrears and put house up for sale. If I could clear arrears I would just do that and not put house up for sale but I can’t afford full repayment which is 1200 pm and unlikely to be able to for the foreseeable so it feels like a rock and hard place. Take the deal but risk homelessness or don’t take deal and risk them repossessing ?
Credit Union
Amount of shares 1000
Amount of loan outstanding 8000
Monthly repayment 250
Term left 4 years
Other loans and creditors -
Family loan - 5000
Family loan - repaid nothing so far
Other savings and investments none
Do you expect any lump sums in the medium term future?
Redundancy, inheritances, injuries awards.
No
How important is retaining the family home to you?
Which of the following best describes your situation?
Most important, otherwise we are homeless . I could use surplus of sale of house to private rent but it wouldn’t last long , my ex would come after his half and I still have the family loan and credit union loan to pay
Any other relevant information
What is your preferred realistic outcome?
Agree a realistic repayment with the bank where we don’t have to sell up
Net monthly
Net monthly
income partner/spouse: 0
Me : 2000
Income history: have worked for HSE for 10 yrs x 19 hours per week
Amount of child benefit received 260 pm
Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published Guidelines for Reasonable Living Expenses based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.
One adult family
Do you need a car for work or do you use public transport? Car
Number of children 0- 2 years old:0
Number of 3 years old children:
Number of 4 - 11 years old: 1
Number of 12 - 18 years old: 1
One 18 year old doing apprenticeship
Monthly childcare costs: 100
Montly spend on special circumstances: e.g. exceptional healthcare costs
Home loan
Lender: EBS
Amount outstanding: 191,000
Value of home: 350,000
Interest rate:
Monthly repayment: 580 interest only if I accept deal on offer , 1200 if I don’t
Amount in arrears: 2200
Summary of discussions and agreements with the bank
Have been on interest only since I advised them of separating. Have been paying just over interest only as agreed with them but the year was up a couple of months ago and I advised them situation had gotten worse as ex no longer lives with us and hasn’t paid anything to me or off mortgage since Xmas 2017. They sent a letter saying I could keep interest only for 24 months but had to immediately clear arrears and put house up for sale. If I could clear arrears I would just do that and not put house up for sale but I can’t afford full repayment which is 1200 pm and unlikely to be able to for the foreseeable so it feels like a rock and hard place. Take the deal but risk homelessness or don’t take deal and risk them repossessing ?
Credit Union
Amount of shares 1000
Amount of loan outstanding 8000
Monthly repayment 250
Term left 4 years
Other loans and creditors -
Family loan - 5000
Family loan - repaid nothing so far
Other savings and investments none
Do you expect any lump sums in the medium term future?
Redundancy, inheritances, injuries awards.
No
How important is retaining the family home to you?
Which of the following best describes your situation?
Most important, otherwise we are homeless . I could use surplus of sale of house to private rent but it wouldn’t last long , my ex would come after his half and I still have the family loan and credit union loan to pay
Any other relevant information
What is your preferred realistic outcome?
Agree a realistic repayment with the bank where we don’t have to sell up
Brendan Burgess
Founder
- Messages
- 52,091
What interest rate are you paying? It looks like 3.6% from the figures you have given.
When did you first get into difficulties?
Can you not get full-time work or, at least, more hours?
What is the income of the children's father? Have you a maintenance order against him?
Brendan
When did you first get into difficulties?
Can you not get full-time work or, at least, more hours?
What is the income of the children's father? Have you a maintenance order against him?
Brendan
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Income Net monthly € 2000 for 10 yrs x 19 hours per week
Child benefit received 260 pm
Total €2260
One adult family with car
Children 3, one under 11, one under 18, one 18 year old doing apprenticeship
Monthly childcare costs: 100
Home loan
Lender: EBS
Amount outstanding: 191,000
Value of home: 350,000
Interest rate: ???????????
Monthly repayment: 580 interest only, 1200 capital and interest
Amount in arrears: 2200
Term remaining: ????????????
Equity: 350K - 191 - 2 = 157K 45%
Summary of discussions and agreements with the bank
Interest only for one year was agreed and is now finished.
Option 1
Allowed interest only for 24 months but had to immediately clear arrears and put house up for sale.
Option 2
Clear arrears, keep house, but I can’t afford full repayment
Credit Union
Amount of shares 1000
Amount of loan outstanding 8000
Monthly repayment 250
Term left 4 years
Other loans and creditors -
Family loan - 5000- no repayments
How important is retaining the family home to you?
Most important, otherwise we are homeless.
What is your preferred realistic outcome?
Agree a realistic repayment with the bank where we don’t have to sell up
Questions:
What is your age, what is the mortgage term remaining, does the 18 year old have income, how many bedrooms in your house. Are you rural or in a large town or city. What is your interest rate. Can you increase your hours.
When you answer all questions advise will follow.
Child benefit received 260 pm
Total €2260
One adult family with car
Children 3, one under 11, one under 18, one 18 year old doing apprenticeship
Monthly childcare costs: 100
Home loan
Lender: EBS
Amount outstanding: 191,000
Value of home: 350,000
Interest rate: ???????????
Monthly repayment: 580 interest only, 1200 capital and interest
Amount in arrears: 2200
Term remaining: ????????????
Equity: 350K - 191 - 2 = 157K 45%
Summary of discussions and agreements with the bank
Interest only for one year was agreed and is now finished.
Option 1
Allowed interest only for 24 months but had to immediately clear arrears and put house up for sale.
Option 2
Clear arrears, keep house, but I can’t afford full repayment
Credit Union
Amount of shares 1000
Amount of loan outstanding 8000
Monthly repayment 250
Term left 4 years
Other loans and creditors -
Family loan - 5000- no repayments
How important is retaining the family home to you?
Most important, otherwise we are homeless.
What is your preferred realistic outcome?
Agree a realistic repayment with the bank where we don’t have to sell up
Questions:
What is your age, what is the mortgage term remaining, does the 18 year old have income, how many bedrooms in your house. Are you rural or in a large town or city. What is your interest rate. Can you increase your hours.
When you answer all questions advise will follow.
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Husband is on the dole so he's lost the family home, and has low income. No point wasting time on that.
Brendan Burgess
Founder
- Messages
- 52,091
Thank you both for your replies
To answer your questions Brendan
I am 43 years old
Term remaining is 195 months - in the “offer” letter they further said that they won’t extend the term so if house isn’t selling and interest only expires , I will have to pay even more than 1281 per month to make up the time
Interest rate is 3.7% variable
3 bed semi in suburban Dublin
Eldest is 1st year apprentice he starts at 5am on other side of the city it almost costs him to do the apprenticeship he gives me €20 per week when he’s here but he has to stay mostly with friends and family who are nearer transport links and a chance of a lift to work
I couldn’t get more hours in my job. I’d have to change jobs and with additional childcare , emotional stress on kids at the moment and absolute fear of what’s happening I don’t feel in a position to start looking for a job
To answer your questions Brendan
I am 43 years old
Term remaining is 195 months - in the “offer” letter they further said that they won’t extend the term so if house isn’t selling and interest only expires , I will have to pay even more than 1281 per month to make up the time
Interest rate is 3.7% variable
3 bed semi in suburban Dublin
Eldest is 1st year apprentice he starts at 5am on other side of the city it almost costs him to do the apprenticeship he gives me €20 per week when he’s here but he has to stay mostly with friends and family who are nearer transport links and a chance of a lift to work
I couldn’t get more hours in my job. I’d have to change jobs and with additional childcare , emotional stress on kids at the moment and absolute fear of what’s happening I don’t feel in a position to start looking for a job
Why can you not get more hours in your job?
Can the eldest not move in with family, which is apparently close to his job for now and get in a lodger? I'm guessing you've two doubles and a single, you move into a single and two or three kids into the double and rent the other room. How much would a double room earn in Dublin anybody?
I don't understand why the bank won't increase the term. You need to go and see Mabs. Are you entitled to any state allowance/extra income, have you looked into this. Try citizen's advise.
How much does the apprenticeship pay?
5 am is a very early start. How many hours does he have to work?
Can the eldest not move in with family, which is apparently close to his job for now and get in a lodger? I'm guessing you've two doubles and a single, you move into a single and two or three kids into the double and rent the other room. How much would a double room earn in Dublin anybody?
I don't understand why the bank won't increase the term. You need to go and see Mabs. Are you entitled to any state allowance/extra income, have you looked into this. Try citizen's advise.
How much does the apprenticeship pay?
5 am is a very early start. How many hours does he have to work?
I think you’ve missed the point . Even if I could pay the mortgage interest only and the arrears (which I can’t without borrowing more money) the current options are
1) pay arrears in full now and put up house for sale immediately
2) ignore the offer and risk repossession
Bronte
sorry , I have the WPF payment replacement for Fis , they give me €50 per week as they based it on my ex wage and maintenance (not a penny from him since Xmas) It’s up for renewal in December and I might get more then
dereko1969
Registered User
- Messages
- 3,046
Sounds to me like EBS are not adhering to the code. I would think, if you keep engaging with them and keep paying interest and a bit more there is absolutely no chance that you will be forced to sell, particularly given the equity in the house.
They would be laughed out of court if they tried to force a sale, that's if they even had their paperwork in order which given Brendan's court reports would seem to be unlikely particularly as it is EBS.
Try and keep calm in this difficult scenario. You will not be forced into a sale unless you ignore them.
They would be laughed out of court if they tried to force a sale, that's if they even had their paperwork in order which given Brendan's court reports would seem to be unlikely particularly as it is EBS.
Try and keep calm in this difficult scenario. You will not be forced into a sale unless you ignore them.
dereko1969
Registered User
- Messages
- 3,046
Have a look here
http://www.citizensinformation.ie/e...er_protection_codes_and_mortgages.html#l6ce63
and check to see that they are following procedures correctly.
The main thing you need to remember is that they will not successfully force a sale on you if you continue to make interest only payments.
Sorry for 2k arrears they will not even go to court.
http://www.citizensinformation.ie/e...er_protection_codes_and_mortgages.html#l6ce63
and check to see that they are following procedures correctly.
The main thing you need to remember is that they will not successfully force a sale on you if you continue to make interest only payments.
Sorry for 2k arrears they will not even go to court.
It's very important that you engage with the bank to keep the protection of the code mentioned above. Then they will have to offer other options.
Otherwise, they can treat you as non co-operating.
By the way, you should have the option of fixing interest rate at 3%, which would reduce interest cost by 110 per month.
Otherwise, they can treat you as non co-operating.
By the way, you should have the option of fixing interest rate at 3%, which would reduce interest cost by 110 per month.
Does that mean an extra 50 X 4 income, or is that included in the 2K. You need to answer all questions, we cannot give you suggestions unless we have the full picture. If you're not receiving maintenance and your WPF (?) is based on it can you not ask for a review now?
But I agree with Dereko that if you pay interest only then they're unlikely to get possession. Burgess is more of an expert on this as he's seen a lot of court cases. There are many threads on this.
And no I'm not missing the fact that you can't right now pay the arrears, instead we are trying to see if there is a way that you can pay more than just interest only. So a response on renting a room, on your son's income etc would be helpful.
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No I was suggesting you counter offer, and think how you could make the offer more attractive. Good luck. I feel for you.
"on the dole so he's lost the family home, and has low income"
He is still obliged to support his children.
With a court order for Child Maintenance, father can claim SW for dependent children and this at least could be paid for their support.
It will also be easier to apply for a variation when he does get a job. Judges have been known in the past to order parents to get a job and support their children.
Assuming he is an adult and is otherwise in good health; I believe anyone not working is choosing to be unemployed.
Edit to add: its not clear if you have a Judicial Separation in place or if you are divorced.
Until either of those are done, he can still make a claim against the family home.
He is still obliged to support his children.
With a court order for Child Maintenance, father can claim SW for dependent children and this at least could be paid for their support.
It will also be easier to apply for a variation when he does get a job. Judges have been known in the past to order parents to get a job and support their children.
Assuming he is an adult and is otherwise in good health; I believe anyone not working is choosing to be unemployed.
Edit to add: its not clear if you have a Judicial Separation in place or if you are divorced.
Until either of those are done, he can still make a claim against the family home.
Difficult situation between job and kids and probably not feasible to do more work as it will require more childcare.
A definite option is renting a room - Sunday evening to Friday morning "digs"
Most third level students are quiet and respectful and you'd easily get €500/month tax free for a room.
As for EBS - I'd be playing for time and saying that as soon as the youngest gets into secondary school , full time work would be an option resulting in far greater income. Hence a two year interest only plan is both warranted and suitable.
I'd also try and switch to a fixed rate of 3%.
I'd also check if you by any chance could be in the scope of the current tracker dispute with EBS - see other threads .
But definitely start by looking to take in a student. Its free money for little inconvenience.
A definite option is renting a room - Sunday evening to Friday morning "digs"
Most third level students are quiet and respectful and you'd easily get €500/month tax free for a room.
As for EBS - I'd be playing for time and saying that as soon as the youngest gets into secondary school , full time work would be an option resulting in far greater income. Hence a two year interest only plan is both warranted and suitable.
I'd also try and switch to a fixed rate of 3%.
I'd also check if you by any chance could be in the scope of the current tracker dispute with EBS - see other threads .
But definitely start by looking to take in a student. Its free money for little inconvenience.
Going after the father of the kids is very easily said, but can be a long stressful process and will not help in the short term.
That's for after the current situation is sorted out.
They've agreed in principle to the 2 years interest only - you just have to negotiate the conditions attached and suggesting full time employment in the health service in 2 years is your ace.
And get rate to 3%
That's for after the current situation is sorted out.
They've agreed in principle to the 2 years interest only - you just have to negotiate the conditions attached and suggesting full time employment in the health service in 2 years is your ace.
And get rate to 3%