refused 2nd yr of interest only with EBS

R

roisinmurphy

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I am so worried what the future lies for me and my family. I lost my job March last yr and have been on interest only since I was lucky enough to get another job but only pays min wage and I only get 30 hrs. Between my husband and myself we bring in 660 per week for ourselves and 14yr and 9yr old.It probably sounds like a lot to some but not easy to manage even with interest only at 825 per mth but noway can we pay full 1450. The bank have just told us nothing we can do but we will just have to go into arrears!I by the way dont get paid from my job when school is closed!I have not slept since mon I am so afraid as to what may happen.Anyone in similar position, any advice would be great, thanks.
 
Pleasde look at FLAC.IE for full details on what to do in your situation. The Free Legal Advice Centre outlines exactly what you should do.

Don't panic -as long as you clearly outline to the lender your situation and state that you will continue to pay the interest on the loan then there is nothing they can do that affects your home. Nor should they bother you for a long long time.

However, don't take my word for it - read the info and contact FLAC ;they are very useful and helpful.
 
Make sure that you put everything in writing to the lender. Make it very clear in the intial letter that you are only willing to communicate in writing so that there is a full record of all discussion/agreements. This letter should also include an income and outgoings sheet that shows the inability to pay the full amount.
 
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