Hi all,
I have been availing of IO for the last 6 months, due to expire the end of this month. I was speaking to my lender last week and they asked me to submit a new Financial Statement which I did, I then received a letter in the post today explaining my IO period was due to expire etc etc.
I contacted my lender to inquire if our post had crossed paths as I won't be in a position to resume payment of the full amount...it was confirmed that the letter was a standard requirement and that my FS will be assessed within the next couple of weeks.
I am awaiting my MIS claim to be granted, it'll amount to €30 p/m so won't make any dent in my IO payment of €620 however I am also renting my spare room but this rental income combined with MIS will still leave a shortfall of approx. €150. For the past 2 months I have paid €300 each month towards my IO payment, up until last month I was managing the full €620. I was then asked to put in writing my proposal to them as to how I intend to proceed?!
I wouldn't like to admit what was actually on the tip of my tongue in response to this question
....in one way I should probably be thankful that they are not pushing me into a decision I may not be able to maintain however I am concerned about the decision being left totally to me due the implications of any decision made. I was hoping my lender would advise me with the various options open to me rather than give me a blank page so to speak!
I am currently just about surviving on my JA and rental income; remaining balance on mortgage is €224,000 approx. (33 yrs reamining) and I also have unsecured debt (loan and CC) amounting to approx. €15,000 of which €100 is paid off each month respectively. I am currently in arrears on the mortgage amounting to approx. €2,800 and have already been advised by my lender to prioritise my mortgage....or else! These words weren't uttered specifically however the sentiment was very much communicated in our telephone conversation last week.
I am going to contact MABS tomorrow to see if they have any suggestions but would also appreciate any advice any of you might have.
Many thanks,
FTB1975
I have been availing of IO for the last 6 months, due to expire the end of this month. I was speaking to my lender last week and they asked me to submit a new Financial Statement which I did, I then received a letter in the post today explaining my IO period was due to expire etc etc.
I contacted my lender to inquire if our post had crossed paths as I won't be in a position to resume payment of the full amount...it was confirmed that the letter was a standard requirement and that my FS will be assessed within the next couple of weeks.
I am awaiting my MIS claim to be granted, it'll amount to €30 p/m so won't make any dent in my IO payment of €620 however I am also renting my spare room but this rental income combined with MIS will still leave a shortfall of approx. €150. For the past 2 months I have paid €300 each month towards my IO payment, up until last month I was managing the full €620. I was then asked to put in writing my proposal to them as to how I intend to proceed?!
I wouldn't like to admit what was actually on the tip of my tongue in response to this question
....in one way I should probably be thankful that they are not pushing me into a decision I may not be able to maintain however I am concerned about the decision being left totally to me due the implications of any decision made. I was hoping my lender would advise me with the various options open to me rather than give me a blank page so to speak!I am currently just about surviving on my JA and rental income; remaining balance on mortgage is €224,000 approx. (33 yrs reamining) and I also have unsecured debt (loan and CC) amounting to approx. €15,000 of which €100 is paid off each month respectively. I am currently in arrears on the mortgage amounting to approx. €2,800 and have already been advised by my lender to prioritise my mortgage....or else! These words weren't uttered specifically however the sentiment was very much communicated in our telephone conversation last week.
I am going to contact MABS tomorrow to see if they have any suggestions but would also appreciate any advice any of you might have.
Many thanks,
FTB1975