Invalidity Pnsion Vs Disability Allce:Need to repay a balance of 18K loan and a 5K OD

[JEON50]

I was awarded Disability allowance in May 2009.

I am just out off hospital again, and both the Cardio and stroke Consultants, have stated that I will never work again. At 51, I find this difficult to deal with. I am fighting with the banks to repay a balance of 18K loan and a 5K OD.

The Social worker and both Consultants want me to transfer to Invality Pension. CI and MABS say they will approach the lender for me, which is a bank, which will be bailed out by NAMA

Question : Is Invality pension better than Disibitity allowance?

Question : Do the banks take sickness, into account ? so far all I get is demanding letters. None of my borrowings are secured, but they want to take the house now as part security. I have no mortgage (Thank God) and are then prepared to discuss payment extensions from 4 years to 14 years

 

[gipimann]

Re: Invalidity Pnsion Vs Disability Allce:Need to repay a balance of 18K loan and a 5

The differences between DA and Inv Pension are:

Invalidity Pension isn't means-tested, as it's based on PRSI contributions.
Disability Allowance is means-tested.

The rate of payment for Inv Pension is slightly higher than Disability Allowance (196.00 personal rate DA vs 201.50 personal rate Inv Pen, qualified adult rates higher for Inv Pen too).

 

[gimp]

I would think the last thing you need to do is give the banks security over anything you own. They have no right to this from what I can see from your post.
Tell them you will arrrange to repay them whatever amount on a regular basis and set this in place with them. Give them no security on your house.