Hi, and thanks for reading what is my first post. Im not at all financially savvy, which you will see from reading my story! Ill try to make it brief as possible...
Had a rental property along with our family home, both mortgaged with KBC. Husband sole earner. About 11 years ago he was unable to work for a number of months due to health issue, and we fell into arrears on rental property . Used up all our savings to keep paying mortgage on family home. Entered personal insolvency. Personally, im not sure that helped us really. Yes, the rental was repossessed, and our 20,000 cu loan was wiped, but our home mortgage term was restructured so that now my husband will be in his mid 70s before the term is finished. We were told by our pip that our home mortgage repayments would be about 800 pm from then on, which foolishly we thought would remain so. We didnt even realise the extension of the term until it had all been finalised ! I remember the paperwork advised us to get legal advice - but our heads were fried from health worry and financial stress. We could barely afford to live week to week and cudnt afford to pay for legal help. It was citizens advice who sent us to pip, so we had no reason to doubt that everything would be done in our interest. And perhaps it was, but it really didnt feel like we were one bit better situated after the insolvency.
Anyways that went through in 2015, but the next thing was that kbc left the market and our home mortgage was transferred to Pepper. Although we did go through the personal insolvency, this mortgage was never in arrears - dont really know why they extended the term by about 8 years but we stupidly accepted it. It was a terrible time of health anxiety and money worry. We certainly weren't thinking clearly enough to question things. Anyways. He we are now 10 years later..
Mortgage of about 120,000
Property value at least double
No idea of the BER rating but its definitely very bad, as house is terribly cold but no funds to insulate.
Husband now healthy, though l have had a diagnosis and am having treatment .
We have a mortgage protection policy term assurance which was matched to our original mortgage end date, so im guessing this will expire 8 or more years before our new mortgage term ends!
Its all a crazy mess, to which we are now paying nearly double on our repayments to what the pip told us we originally would be doing!
But, being in our sixties now, and instead of coming to the end of our mortgage we are looking at another 8 years or so left. Is there any light at the end of what seems a never ending long tunnel right now?
Thanks for any advice, or insight. Sorry its all a bit vague in financial detail but just stumbled onto this site and dont have documents with me to be more precise. Thanks.
Had a rental property along with our family home, both mortgaged with KBC. Husband sole earner. About 11 years ago he was unable to work for a number of months due to health issue, and we fell into arrears on rental property . Used up all our savings to keep paying mortgage on family home. Entered personal insolvency. Personally, im not sure that helped us really. Yes, the rental was repossessed, and our 20,000 cu loan was wiped, but our home mortgage term was restructured so that now my husband will be in his mid 70s before the term is finished. We were told by our pip that our home mortgage repayments would be about 800 pm from then on, which foolishly we thought would remain so. We didnt even realise the extension of the term until it had all been finalised ! I remember the paperwork advised us to get legal advice - but our heads were fried from health worry and financial stress. We could barely afford to live week to week and cudnt afford to pay for legal help. It was citizens advice who sent us to pip, so we had no reason to doubt that everything would be done in our interest. And perhaps it was, but it really didnt feel like we were one bit better situated after the insolvency.
Anyways that went through in 2015, but the next thing was that kbc left the market and our home mortgage was transferred to Pepper. Although we did go through the personal insolvency, this mortgage was never in arrears - dont really know why they extended the term by about 8 years but we stupidly accepted it. It was a terrible time of health anxiety and money worry. We certainly weren't thinking clearly enough to question things. Anyways. He we are now 10 years later..
Mortgage of about 120,000
Property value at least double
No idea of the BER rating but its definitely very bad, as house is terribly cold but no funds to insulate.
Husband now healthy, though l have had a diagnosis and am having treatment .
We have a mortgage protection policy term assurance which was matched to our original mortgage end date, so im guessing this will expire 8 or more years before our new mortgage term ends!
Its all a crazy mess, to which we are now paying nearly double on our repayments to what the pip told us we originally would be doing!
But, being in our sixties now, and instead of coming to the end of our mortgage we are looking at another 8 years or so left. Is there any light at the end of what seems a never ending long tunnel right now?
Thanks for any advice, or insight. Sorry its all a bit vague in financial detail but just stumbled onto this site and dont have documents with me to be more precise. Thanks.