I can't see a PIA being successful when they own a second property outright, in other words, with no mortgage on it.If they cant afford the mortgage payment it seems like a good case for a PIA. Dealing with a different unit in Pepper in Personal Insolvency its rather easy case. Dealing with normal restructuring unit in Pepper tends to be more difficult.
Apologies for the delay. Yes, this financial picture is correct. Rental income will remain under 14k per year as one tenant will be gone for 3 months in summer which suits re the threshold (tenants working locally during school term). So annual rent is €13,800. Irish property equity is 400k.Is the rental income under Rent a Room?
I'm confused about income. Is it :
Rent €1300
Pension €1200
2nd person's pension or income €1200
Private pension €1200
What is the equity in the Irish property?
It's very difficult to give advise without a proper financial picture.
In terms of quality of life, the mortgage repayment has been suffocating for a long time but particularly with the increased rate in recent years. In retirement it will be harder as income falls, but the tenants help of course.If they cant afford the mortgage payment it seems like a good case for a PIA. Dealing with a different unit in Pepper in Personal Insolvency its rather easy case. Dealing with normal restructuring unit in Pepper tends to be more difficult.
So income is:Apologies for the delay. Yes, this financial picture is correct. Rental income will remain under 14k per year as one tenant will be gone for 3 months in summer which suits re the threshold (tenants working locally during school term). So annual rent is €13,800. Irish property equity is 400k.
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