HI Brendan,
Thanks for your reply ( even though its not the best of news ). Below I have included the information you asked for.
Income details
Net monthly €1500 pm social Welfare
Income history:
Self employed to 2010 and started a back to work scheme in Aug. 2013
Net monthly income of spouse €0
Income history:
Amount of child benefit received €130
Amount of Mortgage Interest Supplement received €0
Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published Guidelines for reasonable living expenses based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.
One adult family or two adult family = 2 adult family
Do you need a car for work or do you use public transport? Yes
Number of 12 - 18 years old: 1
Monthly spend on special circumstances: e.g. exceptional healthcare costs €35 pm
Home loan
Lender: BOI
Amount outstanding: €40,000
Value of home: €275,000
Interest rate: specify whether tracker or SVR or fixed rate SVR
Monthly repayment €176 ( interest )
Amount in arrears €43,000
Summary of discussions and agreements with the bank
After a period of burrowing my head in the sand I was on interest only and made most but not all payments while on Marp. They have now said that they have decided not to offer me an ARA because my loan is not sustainable.
Investment property - Delete if not applicable
Lender: BOI
Amount outstanding: €80,000
Value of home: €150,000
Interest rate: SVR
Monthly repayment. Not sure as I am resigned to losing this and have not been making payments lately.
Amount in arrears €50,000
Monthly rent received €700
Other loans and creditors - delete those which don't apply to you
Credit Card - amount outstanding €5000
Credit Card - monthly amount you are paying €0
Term loan Amount outstanding €50,000 (frozen)
Term loan term left: The legality of this loan has been brought into question as we are claiming that this loan is an unsecured business loan and the bank acted unjustly in getting a judgement mortgage on it.
Judgement Mortgage; €30,000 (rental of warehouse)
How important is retaining the family home to you?
I would like to keep it, but will get rid of it if it means I can get rid of the mortgage associated with it.
Any other relevant information
What is your preferred realistic outcome?
1. Sell the investment property.
2. In the short to medium term I would try to pay interest only on my home loan. Hopefully in the longer term I would be able to pay some capital as well.