Hi,
Met with PIP recently. Our outgoings (based on ISI minimum guidelines) are more than our income so we cannot propose a monthly payment for 6 years to our lender to deal with some of residual balance on forced sale of BTL. Furthermore, we wouldn't be able to get our hands on more than a few grand from family to offer as a lump-sum one-off payment. The residual balance after sale will be around 130-140k. Here are my questions:
-in the above scenario, what can we do/what can lender do? (our PPR is 90k in negative equity so we were told they probably won't put a charge on that)
If we do enter a PIA:
-if my wife gets a pay increase at work, is it true the lender will take 50% of any net increase? i read somewhere that this is based on an increase of over 250 euro per month. Is this correct?
-I am currently unemployed with no social welfare or any other income. If i get a job in 6 year PIA period, how much can lender take after childcare costs/travel to work costs are taken into account?
In other words is there any motivation to my wife getting a promotion or me even looking for a job for the next six years?!
-if you enter a PIA, are you on a public register? Or can you only be found, as I've read, if someone is specifically looking for you?
-if you enter a PIA, are you basically unable to holiday for six years? We've a close relative's wedding overseas next year which our family of five would have to attend somehow....could this be vetoed?
Thanks in advance.