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If your business is viable then go to the bank with a business plan and borrow the money to set it up.
Use a small amount of your redundancy to pay what you owe. Keep the rest as 'rainy day' money to cover emergencies and paying either mortgage for a period if required.
Hi day
You came here looking for advice, and then you were abusive to people who gave you that advice. We deleted your abusive posts.
You made a speculative investment. It hasn't worked out for you. You must face the consequences. You can't just magic them away.
You have €55k in cash. You don't need any advice here. It's very clear. You are able to pay your debts as they fall due and you should do so.
How on earth can you justify withholding payment of the management charge on the apartment?
There are many people in huge financial difficulty who face losing their home. You are looking for some magic solution. It's not there.
If you continue to mess the banks around, you might well lose your home and your tracker mortgage.
You have enough money to clear all your arrears and you should do so. You may get a deal from the bank which allows you to sell the investment property. You should use what is left of your €55k to reduce the shortfall. They will then put any remaining shortfall on your home.
The way you are going, you are in danger of losing your tracker mortgage.
Hi Brendan,
You're correct, I did come looking for advice but all I got initially was moral judgement, not much use to me, I'm afraid. Sorry if you felt I was abusive, I don't think I was and now no one else will be able to decide as you deleted them...I appreciate your response to my situation but feel that its heavily influenced by your own personnel opinions and therefore not very good as opposed to being objective which is really what I'm looking for...I'm not going to be a fool and use redundancy money to pay off debt and then be left with no income, no capital to start a business and still in debt, to address your points.. I am in arrangement with management company paying 150e monthly as are 90% of apartment owners in this development. I am aware that there are lots of people in financial difficulty as I would see myself as one of them who is trying to get take control and turn things around "You have enough money to clear all your arrears and you should do so. You may get a deal from the bank which allows you to sell the investment property. You should use what is left of your €55k to reduce the shortfall. They will then put any remaining shortfall on your home." What then Brendan? I'm looking for good, independent & longterm financial advice...this is not it. you obviously have a problem with people who bought a second proerty when it seemed like a good idea and your advice is clouded by this...no doubt you'll delete this for being abusive!! it must be great to be king!
would it not be better to use my redundancy to start a business with a view to employing 2 or 3 people.
They are a lot of businesses out there that are successful and I believe that mine will be one of them.
If you read a previous post, you would know that 90% of the owners including myself have an agreement with the management company to pay 150e per month, this arrangement has being in existence for 2 years and has another year to go.
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