Age: 37
Spouse’s age: 39
Annual gross income from employment or profession: 0
Annual gross income of spouse: 0
Type of employment:
In general we are: Absolutely driven demented with this, struggling just to get through on SW.
Rough estimate of value of home: 100k
Amount outstanding on your mortgage: 161k (including top up of 30k, however there are arrears - at this stage, I really don't know how much as I have given up looking at the letters. Suffice to say I would be certain that there is an arrears figure of possibly 12-15k.
What interest rate are you paying : Tracker with BOI - 30k top up is at 3.5
Other borrowings:
9k overdraft on husbands personal current account
20k loan
8,500 credit card
2,500 credit card
14k tax bill
30k top up
Do you pay off your full credit card balance each month: No - 100e is paid every month on the 2,500 card. I initally was able to reduce this down, but has since gone back up again.
If not, what is the balance on your credit card: 8,500 plus 2,500 - 8,500 cc was my husbands with MBNA. He is now on the ICB and they have stopped making contact - last we heard from them was approx 8 months ago - bear in mind, that this started over 2 years ago.
Savings : so little pointless even completing this question
Do you have a pension scheme: I have. My employment ensured that there was one in place for me, for when the time comes. I do not pay extra into it. I used to, but I have given up doing that a long time ago. My husband has no pension scheme.
Do you own any investment or other property:
1 2-bed apt
Apt - The exact same apt is for sale currently on Daft for 135k. A similar property not far, but in a much better location recently went for 105k.
House - We are living in my husbands house. We initally were renting but decided to try to cut costs and initally again, this was fine. I paid the mortgage for a good while (this happened long after my original post above). We thought it made sense. So we moved in, I paid the mortgage, but roll on approx 7/8 months we found we were struggling again. I can't actually remember what happened, actually, I do, my daughter needed to be seen by a specialised eye doctor (she has a bad curl in one of her eyes and is severely long sighted) but I remember in April of 2011 I contacted my lenders on the apartment and asked them if I could have a 'break' for that particular months repayment and they kindly agreed. This was the first time in my life I had ever, ever missed any repayment on anything. From then, my arrears seems to just catapult to just unbelievable heights. I believe 'compound interest' was added. Then the tenants in the property left. So I needed to get new tenants, sort the apt out, give the deposit back to the old tenants. At this time, I rang my lenders again for a 'break' and again they agreed, but they then advised me, in a very nice way, that my name would be put on the ICB as I'd missed 2 repayments. I remember getting a little frustrated on the phone with them, asking them, if they were going to now put me on the list what was the point in my making the repayments? There was no answer. So on and off I have been struggling with this mortgage. This sounds bad, and I know it does, but because we have been finding it all so hard financially I have had to dip into the rental income to ensure that we are all ok. I'm sorry to have to admit to that, but it's the truth. My lender wanted me to sign a new agreement with them agreeing to repay a new mortgage amount (this amount on their letter of offer was above the original mortgage amount in the first place and over a longer period, so I advised them I could not do this.
Ages of children: 3 todders - twins, nearly 4 and a 2.5 year old.
Life insurance: We have both cancelled our life insurances and house covers quite a while ago as we cannot service them. Also I no longer pay the maintenance fee on the apartment as again I cannot afford it.
What specific question do you have or what issues are of concern to you?
What does this new insolvency bill do for us? Anything??
Comments:
I'd like to add, that my husband's property is his solely. Currently you could say that I am a tenant, as are our kids. I had paid for a time his mortgage, but now cannot pay that as have been made redundant. He has advised BOI that he is selling it. They have agreed and house has been up for sale but zero takers. What hasn't been agreed is that it is in full and final settlement. Haven't had the strength to fight that particular fight yet.
The apartment is solely my problem. It is now rented out again for 750.00 p/m, but as I said previous,I've been dipping into this, which I know is wrong, but I don't feel I have any other choice. I think if there is nothing in the bill for us,that I have no option left but to either try to sell it and/or hand it back. But if I'm allowed to sell, the shortfall is horrendous, so how could I even hope to pay that back??
Two years ago, I wanted us to go the UK route. My husband was against it - he still is, but I'm not adverse to going across the border and getting myself sorted out as I'm not liable for his side of the debts. Things are very, very hard. I feel very nervous typing all this as I didn't really want the whole sorry truth out there. I'm ashamed, embarrassed and very low about it all. It really is like having this enormous weight on you and no matter what, being unable to shake it off or free yourself of it, so that you feel you can breath properly for a while. I was on anti-depressants for 4 months as I was finding it hard to even want to get up out of bed. I didn't even want to spend time with the kids. The effect of this has taught me MASSIVE lessons. I will never be in this position again, so I'm grateful for that, however the toll that it has caused, emotionally, physically and mentally....that toll has been a hell of a burden.
I'd like to know can the insolvency bill help us in any way? And if not, do you believe that this bill that our government has given the people who need help - is this it?
Thank you for your time,
Coleman