Matthew Moore
Registered User
- Messages
- 286
With an income for €428 per month, your mortgage is totally unsustainable as you have demonstrated by running up €20k arrears.
A PIA is not suitable because you could not support a reduced mortgage.
My view is that you should agree to sell the house in an orderly manner.
You will then be left with unsecured debt
Bank of Ireland: €220k
Revenue €150k
Business loans €75k
You should then seek a very short - maybe one year - Debt Settlement Arrangement. In this way, you will be debt free after one year.
You could ask Bank of Ireland for their agreement in advance to support the DSA. They might agree to this if you agree to sell the house in an orderly manner. If they do, you won't need to get much more of your creditors to agree to achieve the 65%(?) needed to approve it.
If you don't get the 65%, then go bankrupt.
Brendan
the bank would have to agree to the shortfall from the house being dealt with in a DSA.
If you are completely insolvent, there is no advantage to anyone in the administrative cost and hassle of bankruptcy.
I wonder do they have a policy on this yet.
In any case an arrangment would only work if Pat could get everyone to agree in writing that they would not puruse him in the future.
Eh, no. If 65%(?) of the unsecured creditors agree to a DSA , it is binding on the others. In this case as BoI has €220k, that is well over half the battle won.
pat2.
If pat2 gets Boi on board as per Brendan , Dsa is the way to go.
I would hope BOI would see this Dsa option as worth more to them than Bankruptcy.
To pay pip ,(if Dsa is non runner.)
,Can Pat2 withhold the 500 month on mortgage ,use it to pay the PIP ,as he is going Bankrupt in any event ? .
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