Kenny1964
The debt outstanding if you where not on the mortgage with PTSB is nothing to do with you as an individual
DO NOT ..DO NOT .. include your salary or assets in any disclosure to PTSB, its none of their business
Of course advise and help your wife but stay at arms length with regard your income
Its not how much you contribute its only your wife's income + expenditure is of any of PTSB busines
Is you wife earning any income
Have no real worries about this Kenny! given that your wife is on a low salary and she owns no property there is no real risk of any legal action being effective against her. I recommend that she sends back a brief outline of her current financial circumstances (excluding your income etc) to PTSB together with some copy wages slips and state that she has no ability to contribute to the shortfall. They are likely to huff & puff for a while but it is doubtful that they will progress to Legal action given the financial circumstances of your wife. Even if they did it would be no big deal if her earnings are very low!
Unfortunately that's not the way a bank does business Bronte! realistically it would make no sense for any creditor not to try their utmost to get some kind of settlement from a debtor. Even those who ostensibly have nothing to give can often get a relative to put together some funds to settle an outstanding debt.
Thanks again for all your advice.We may be in a position to offer a small payment per month but only approx 100-150euro Max which would be our limit before struggling to live.Would an amount of this be thrown back,or if accepted how long would this payment last for.In these cases PTSB usually look for a standard financial statement every 12 months to see if there is a possibility of payment. If the person is under the RLEs they just write to them again in 12 months
We may be in a position to offer a small payment per month but only approx 100-150euro Max which would be our limit before struggling to live.Would an amount of this be thrown back,or if accepted how long would this payment last for.
Unfortunately that's not the way a bank does business Bronte! realistically it would make no sense for any creditor not to try their utmost to get some kind of settlement from a debtor. Even those who ostensibly have nothing to give can often get a relative to put together some funds to settle an outstanding debt.
Please note the above advice Kenny. You should not utilize your own funds to fund a debt that is unsustainable. As a previous poster said the bank will take your money but it will have no impact on the amount due. Affordability of your wife based on her income/outgoings is the main issue here. If she has no affordability then advise her to take the above advice and resist the urge to make some token payments which will have no ultimate effect on the debt.Have no real worries about this Kenny! given that your wife is on a low salary and she owns no property there is no real risk of any legal action being effective against her. I recommend that she sends back a brief outline of her current financial circumstances (excluding your income etc) to PTSB together with some copy wages slips and state that she has no ability to contribute to the shortfall. They are likely to huff & puff for a while but it is doubtful that they will progress to Legal action given the financial circumstances of your wife. Even if they did it would be no big deal if her earnings are very low!
Please note the above advice Kenny. You should not utilize your own funds to fund a debt that is unsustainable. As a previous poster said the bank will take your money but it will have no impact on the amount due. Affordability of your wife based on her income/outgoings is the main issue here. If she has no affordability then advise her to take the above advice and resist the urge to make some token payments which will have no ultimate effect on the debt.[/QUOTE
Maybe a silly question but-
What do i answer if the PTSB etc ask,do i contribute to the household each month?surely it will not look right if i say no.
Thanks again for advice.I will wait till christmas is over then contact the PTSB to tell them the situation,and await there reply.Depending on there response i will keep you informed of my actions.It's not their business whether you contribute or not. Just tell them you are unemployed.
Frankly, it is appalling that many posters advise someone not to pay off a debt.
While it may not be the debt of the OP, his wife has incurred a debt and should pay this off. She has not been declared bankrupt and still owes €60000.
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