call out official ?

S

spankypat

Guest
hi all,
i have a pretty typical situation and im just looking for advice or info. im about 9000 euros in arrears to my mortgage provider im struggling to pay. i sometimes make full payments but the last few months ive only been making 70 percent of the monthly amount roughly.
ive received a letter informing me a call out official is on the way out to visit me.
has anyone been in a similar situation and can give me advice what to do say or do should i give a full disclosure or be economic with the truth. what kind of person will i be dealing with will it be a bank staff member or a debt collection agency. the bank are iib now kbc and im in kerry.

many thanks

p.s.
to make matters worse the letter is dated the 5th he was due to call the 12th and i only received it today 13th
 
First off, dont worry too much about who the person is, it will be a person working for the bank and not a debt collector. Also this person will try and help you, they are not there to make matters worse.
You should be completely honest, as any lie will only delay the situation. They may offer you to go Interest only, if you look at this site http://www.drcalculator.com/mortgage/ you will be able to work out how much of your repayments are made up of capital. Depending on your mortgage term, its possible that less than 70% is interest, so your repayments might drop to what you have been putting in. (it does mean you mortgage balance does not drop, but it can be good in times of need)
They could also offer you to increase your mortgage term, or maybe take a payment break for a few months (unlikely seen you are making some payments).

I would recommend you give MABS a call before you get this visit, they will offer you better advice than you will ever get on a forum.

http://www.mabs.ie/
 
Don't, whatever else you do, be economic with the truth. You are, to some extent, at their mercy. They are likely to see a record of your doing your best (which I infer from what you said) and if you give an honest explanation of your difficulties, then they will probably try to work out some arrangement with you. Banks don't want to drag people into courts, and they don't want to take your house; they want you to succeed in paying your mortgage.

Treat it as an opportunity to work out an approach that you can work with.

And MABS, did I mention MABS? Talk to them.

[Edit: Senna types faster than I do. Similar message!]
 
meeting went well, he advised me to apply for interest only for 12 months make sure i can meet those repayments and try to start attacking the arrears.
does anybody know if interest only would reduce my mortgage relief payment
 
No, it won't Pat. The mortgage relief is based on the interest you pay. You will be paying the interest so should still get your full mortgage interest relief.
 
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