Accountant/tax advisor, need PIA?

[BrokeGuy]

Hi there,

I wont bore you with my tale of woe but essentially it reads something like this; 4 properties, 2 rented and all in negative equity and now all on interest only but no arrears.

3 loans with BOS (€440k) and another with AIB (€195K). Some are in my name, some in joint, some in my partner's name... a basketcase.

Anyway I am doing the honourable thing, unlike many I hear, of paying down as much as I can with rent being declared of course. I am hopefully honestly is the best policy here, etc, etc.

Anyway, I don't like the prospect of being first in with a PIA so we are holding back but I was thinking is there any real need to use a PIA.

I work in an accountany firm, I am seeing deals every day so should someone like me try and deal with the banks themselves or is it a bit unrealistic? In my case I am willing to forego all the properties bar my home but when the rented ones go I will actually be down cash meaning the mortgage on the home is unsustainable so not only will the negative equity on the rentals have to be quashed, but some deal will have to happen on the family home or all is lost

 

[44brendan]

There is no obligation for you to seek the services of a PIP, as you are prepared to deal directly with the banks rather than seek an insolvency solution at this stage. You seem to have a thin grasp of insolvency legislation for someone who works in an accountancy practise. Why would you not seek some assistance from one of the experienced accountants in the practise, before approaching the banks?

 

[BrokeGuy]

Hi there, I would and I partially had but it will lead to providing personal information which is awkward in a work scenerio.

 

[44brendan]

You are under water on all 4 houses. You are currently meeting IO on the loans so inference is that you have a minimum capacity to increase your repayments. Level of negative equity is not apparent from your post. Are we taking serious levels of negative equity? You really need to get good financial advice before approaching the banks. If you go in with your hands hanging and ask for a deal you are unlikely to meet with any success. Advisor does not have to be a PIP, but it will pay you to get advice from an experienced bank negotiator. Why not ask for a reference from someone in your own firm that you can trust?