Hi all - BOSI putting pressure on us to go up to full payments History as follows
Family home full mortgage owed: 188K
Value of house: 110K
Variable mortgage should be €830 per month
Actually paying interest plus a bit €500 per month - increased to €520 from this month.
24 years left on mortgage.
1 wage plus 1 social welfare total approx. €480 per week.
2 school going children.
Loads of other debts, on debt plans and reducing balances significantly. - Short term debt completely gone in 29 more months, when we will be able to afford full payments again.
I know our situation is not nearly as bad as some I have been reading, but we really want to keep our home.
BOSI now want us to provide all non secured debt arrangements as we cannot keep on lower payments for unsecured debt, while paying reduced amount on secured debts. Information was sent to them, and reply was to stop paying unsecured debt and go back to full payments, or basically risk our home being repossessed.
We are in MARP process for 2 years, and actually managing to reduce all our debts significantly, but if BOSI insist we do this, we will be back to square one as we have managed to get all interest and charges frozen for 5 years with short term debt. We have been totally co-operative with Certus, and actually were beginning to see the light at the end of the tunnel.
Any advice appreciated - Should we stop paying short term debt and go up to full mortgage payments, or keep going as we are?
And will MARP protect us in this situation?
Family home full mortgage owed: 188K
Value of house: 110K
Variable mortgage should be €830 per month
Actually paying interest plus a bit €500 per month - increased to €520 from this month.
24 years left on mortgage.
1 wage plus 1 social welfare total approx. €480 per week.
2 school going children.
Loads of other debts, on debt plans and reducing balances significantly. - Short term debt completely gone in 29 more months, when we will be able to afford full payments again.
I know our situation is not nearly as bad as some I have been reading, but we really want to keep our home.
BOSI now want us to provide all non secured debt arrangements as we cannot keep on lower payments for unsecured debt, while paying reduced amount on secured debts. Information was sent to them, and reply was to stop paying unsecured debt and go back to full payments, or basically risk our home being repossessed.
We are in MARP process for 2 years, and actually managing to reduce all our debts significantly, but if BOSI insist we do this, we will be back to square one as we have managed to get all interest and charges frozen for 5 years with short term debt. We have been totally co-operative with Certus, and actually were beginning to see the light at the end of the tunnel.
Any advice appreciated - Should we stop paying short term debt and go up to full mortgage payments, or keep going as we are?
And will MARP protect us in this situation?