total approx monthly income is €2120.Spouse : currently €188 back to education per wk
Amount of child benefit received:€260
Total: 2120 + 814 + 260 = 3194
Expensses
1 car ???
Bus @ €40 per week. 180 monthly
Afterschool @ the moment is €240 per month.
Full time creche is €817 per month
Home loan Monthly repayment €844
Credit Union Monthly repayment . €360
Total: 2441
Bank of Ireland is likely to veto a Personal Insolvency Arrangement as you have a cheap tracker and they have offered you a fair deal. I certainly would not be wasting money applying for this now. Wait a few months to see if Bank of Ireland is doing such deals. They certainly won't wipe out your negative equity and leave you on a cheap tracker. They might reduce the negative equity in exchange for putting you on a standard variable rate. So your repayments would still be at least €800 per month. You might be able to negotiate this without paying €7,000 to an Insolvency Practitioner.I believe you should ... go down the personal insolvency route. This should have the effect of wiping out your arrears and wiping out some of the negative equity on your mortgage, thus making the capital repayments more sustainable.
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