Please copy and paste this post into a new thread. If you give comprehensive information, it will maximise your chances of getting comprehensive and useful results.
Income details
Net monthly (i.e. after tax) Income self: nature of income e.g. self-employed/public servant etc €2,800 net no spouse or children
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 or two adult family. One adult
Do you need a car for work or do you use public transport? Yes need a Car
Number of children 0- 2 years old: No Children
Home loan €250,000
Lender: INBS/IBRC
Amount outstanding: €225,000
Value of home: €140,000
Interest rate: SVR about 3% I think
Monthly repayment €1,095
Amount in arrears €1,900
23 years left
Summary of discussions and agreements with the bank
Partner left and then stopped paying anything towards both houses.Bank allowed interest only on PPR for about 12 months. Interest only ended in January 2013 bank would not renew any further and I fell into arrears. Rented a room finally in April 2013 {€320 p/m) and have been able to make full payments since.
Investment property
Lender: INBS/IBRC Interest Only
Amount outstanding: €235,000
Value of home: €90,000
Interest rate: 3.5
Monthly repayment €1,135
Amount in arrears €3,1500
Monthly rent received €670
7 years left
Making full repayments now since April 2013. Loss of tenant for a number of months caused arrears.
Credit Union
Amount of shares
Amount of loan outstanding
Monthly repayment
Term left
Other loans and creditors - delete those which don't apply to you
Credit Card - amount outstanding €2,690
Credit Card - monthly amount you are paying €100
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?
I would like if possible to retain the home as I know I will never get another mortgage and this is my only chance now to have a home of my own
Which of the following best describes your situation?
I really want to keep the family home even if it means having a large mortgage and negative equity for years to come.
Any other relevant information
These mortgages where taken out with my then partner. The investment property, which was our former home is in my name but with my ex partner as guarantor. The PPR is in joint names. Partner as not paid a penny since 2011. He wants the PPR sold but I cannot meet the shortfall and he only works part time and has health issues so I know he could also not meet any shortfall either. If sold I believe I would be left being responsible for entire shortfall and also no home. Ex Partner has demanded to come off the deeds of PPR but bank has refused.Ex Partner now will not engage with bank and so I couldn't get the capitalisation of arrears they offered. Bank has now issued letter for repossession on Investment property.
What is your preferred realistic outcome
To rid myself of the bad investment property, without it i could easily make payments on the ppr. It is an old house and is costing alot in maintenance, It is an interest only loan and when it falls due 7 years from now I will have no way of repaying shortfall. Do I surrender it now or keep trying to make all the payments .