We have a relatively small mortgage and are not in negative equity, however due to reduced income and burden of servicing other debt we were granted an interest only arrangment about a year ago. AIB are now insisting we resume full repayment on the mortgage this month. We have submitted a proposal to extend the mortgage term which they say will take 6 weeks to consider. The repayments are so large that we will be unable to meet other debt repayments not to mention utilities etc. Is there anything we can do to stop the bank extracting this money by direct debit?
I could lodge my salary cheque to a deposit account elsewhere but my concern is that this would antagonise the bank thereby compounding our problems.
Any advice on how to proceeed would be greatly appreciated
I could lodge my salary cheque to a deposit account elsewhere but my concern is that this would antagonise the bank thereby compounding our problems.
Any advice on how to proceeed would be greatly appreciated