breadandjam
Registered User
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- 28
Hold on a second you never said you were in the UK.I guess you're all right: I made my bed, now I have to lie in it. I've already got the paperwork all signed and ready to go back to the bank, I just thought I see if that was really my only option! My partner and I have been going through this for about 3 years and this will mean it is finally over: we've moved to the UK, sold our house and everything we have to get back to zero and paid all we could.
I just wanted to say this forum was the only place I felt I was getting real, authoritative, unbiased and sympathetic advice so to all of you who contribute here a big THANK YOU
Thanks Bronte. It is a Letter of Agreement. Which states I will pay off the balance owed on two mortgage accounts. 30k or so it at 5.1% interest and the 20k is at 1.1. It is actually to be paid off over 10 years. I asked for that despite the higher ultimate repayment cost because I wanted to reduce our monthly outgoings. After bills (and this £450 or so a month) we have £1500 or so left. Much more than many people, but I wanted to try and stop it being even less. In the end, we're paying off more like €60k because of interest.
We are permanently out of the country. I've work here etc. We go back to visit friends/family, but we want to put the last 3 years behind us. Ireland just brings it all back up again.
The bank's attitude is we can pay it all, so we must. I don't content that we owe it, I just feel the deal is very bad. We can't ever save, have no safety net, and what about sending the kids to college when they're older? How do we pay for that? We've no credit rating over here yet and I'd never want to borrow again.
It is a Letter of Agreement. Which states I will pay off the balance owed on two mortgage accounts. 30k or so it at 5.1% interest and the 20k is at 1.1.
I don't want the stigma of that if I can avoid it. My other half has had to do it, it wasn't bad at all actually, but that's because I can earn and keep the family going.Go bankrupt so.
I do agree with you paying it back. But I would negotiate hard on the 5.1%. I'd write back and tell them that you will agree to pay it back if you pay zero interest on both loans. You tell them you're broke, that you've had a look at your finances and no way can you pay it they way they suggested. You need to be tough and play hard ball with them.
No need for this at all. We are really quite warm & cuddly creatures (bankers)!!! Your looking at a 50k shortfall so it would be well worth your while to get an intermediary to negotiate with the bank on your behalf. Extremes like paying the full amount demanded plus interest or going bankrupt are rarely necessary. However, you need someone on your side who knows what will wash and can cut a deal for you. Try to get a recommendation as given that you are outside the jurisdiction they will have difficulties in taking any action against you in the UK!!Frankly I'm scared of them.
No need for this at all. We are really quite warm & cuddly creatures (bankers)!!! Your looking at a 50k shortfall so it would be well worth your while to get an intermediary to negotiate with the bank on your behalf. Extremes like paying the full amount demanded plus interest or going bankrupt are rarely necessary. However, you need someone on your side who knows what will wash and can cut a deal for you. Try to get a recommendation as given that you are outside the jurisdiction they will have difficulties in taking any action against you in the UK!!
You might be, or maybe you're being ironic because the ones I've been dealing with act like demanding, sulky, irrational toddlers who cause you an agony of daily stress and sleepless nights and aren't even aware they do it, all they care about it demanding what they want. Actually, they are like dealing with kids in the terrible twos!
I'll get in touch with Steve Thatcher, he's helped us before. Thanks everyone!
Well done you, don't be afraid of them, all the stress is making you act irrationally, no more SFS, do as Steve has told you,and banker 44b has as good as told you you might even be able to negotiate paying less than the full amount never mind interest.
You original post is important for other posters, time and again posters don't give us the full story, it was exceedingly important your omission of being in the uk, and just now another omission, the fact you can go bankrupt - you are in the driving seat, you can dictate to the bank, get tough.
Why not post us up a draft of your letter and we'll see if you are strong enough.
Those nasty letters from the bank, they're copy paste threats.
I don't agree with this. You are giving in far too easily and I know this from being on the other side of the table. Call their bluff and let them do their worst. This is unsecured Irish debt and you are outside the jurisdiction.I really don't think they care how strong the letter is, it's all about power, they have it, I don't.
I don't agree with this. You are giving in far too easily and I know this from being on the other side of the table. Call their bluff and let them do their worst. This is unsecured Irish debt and you are outside the jurisdiction.
Obviously the decision on how to react is up to you but There is plenty of scope for doing a deal here. Put the 500 payments aside and build up a small fund to eventually facilitate a lump sum offer should circumstances require.
Ideally look at borrowing 25k from friends/relatives/bank and offer this lump sum as a F&F settlement. Take your time about making this offer. Let them stew for a while. use a 3rd party also to make the offer.
Well done you, don't be afraid of them, all the stress is making you act irrationally, no more SFS, do as Steve has told you,and banker 44b has as good as told you you might even be able to negotiate paying less than the full amount never mind interest.
You original post is important for other posters, time and again posters don't give us the full story, it was exceedingly important your omission of being in the uk, and just now another omission, the fact you can go bankrupt - you are in the driving seat, you can dictate to the bank, get tough.
Why not post us up a draft of your letter and we'll see if you are strong enough.
Those nasty letters from the bank, they're copy paste threats.
Yet you state that you can afford to pay them back 50k plus interest over 7 years!!! You are considering bankruptcy which in my view is totally unnecessary. before taking any action against you in the UK they will need to get an Irish judgment. In my view a 25k offer would be very attractive and you should look more closely at this option before dismissing it. i.e. Borrow some from bank and look to friends relations if possible. I would also tend to stick to this lump sum and ignore any threats as 25k on an unsecured debt of 50k would be a good return for them. Find a good advisor who can put more time into your case than Steve Thatcher appears to have (no reflection on Steve but you need someone who will take full responsibility from you and give you the right advice & encouragement.)but there's no-where I could get 25k unfortunately.
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