L
lilred1
Guest
Has anyone had the experience of having gone down the MABS route of writing to your bank advising them that you can no longer meet mortgage repayments due to changed circumstances, and will contact them with a payment proposal once you have determined how much you can actually afford to pay once you've reviewed your financial situation?
I am asking this question specifically in relation to Bank of Ireland and would be grateful if anyone could share their experience, as I am actually terrified at the moment.
Some background context: my husband and I have been in and out of work for the past 2 years (me due to ill health and husband due to the economic meltdown) and we have been really struggling to keep up our repayments to:
BOI Mortgage
GE Personal Loan
BOI Personal Loan
Halifax Credit Card (x 2 - one each)
BOI Credit Card
AIB Credit Card
However, we have managed till now by making changes to our lives and by keeping to a tight budget, by using our savings to make up the deficit each month and by ensuring to claim entitlements etc. We have not missed any payments to anyone yet - but by the end of this month we will not be in a position to pay everyone. We are now both existing solely on Social Welfare and have nearly exhausted all our other resources.
We are meeting MABS in just under a month from now, there is a backlog of appointments and this is the soonest they can see us. Meantime we are using their extremely helpful booklet and are planning to write to each of the above creditors advising them of our circumstances and asking them to hold off until we submit a proposal to pay them - albeit much less and over a longer period.
Anyone with direct experience of this route? Did it work, how did the creditors behave etc?
Very important question: did it affect your credit rating? We are a young(ish!) couple with no family as yet but we do hope to start a family once our situation improves so we will need to maintain the best record that we can. We have never ever defaulted on any payment and have no intention of not dealing with our debts no matter how long it takes.
Would be grateful for any info.
I am asking this question specifically in relation to Bank of Ireland and would be grateful if anyone could share their experience, as I am actually terrified at the moment.
Some background context: my husband and I have been in and out of work for the past 2 years (me due to ill health and husband due to the economic meltdown) and we have been really struggling to keep up our repayments to:
BOI Mortgage
GE Personal Loan
BOI Personal Loan
Halifax Credit Card (x 2 - one each)
BOI Credit Card
AIB Credit Card
However, we have managed till now by making changes to our lives and by keeping to a tight budget, by using our savings to make up the deficit each month and by ensuring to claim entitlements etc. We have not missed any payments to anyone yet - but by the end of this month we will not be in a position to pay everyone. We are now both existing solely on Social Welfare and have nearly exhausted all our other resources.
We are meeting MABS in just under a month from now, there is a backlog of appointments and this is the soonest they can see us. Meantime we are using their extremely helpful booklet and are planning to write to each of the above creditors advising them of our circumstances and asking them to hold off until we submit a proposal to pay them - albeit much less and over a longer period.
Anyone with direct experience of this route? Did it work, how did the creditors behave etc?
Very important question: did it affect your credit rating? We are a young(ish!) couple with no family as yet but we do hope to start a family once our situation improves so we will need to maintain the best record that we can. We have never ever defaulted on any payment and have no intention of not dealing with our debts no matter how long it takes.
Would be grateful for any info.