Hi All,
I live up north, but have operated as a sole trader in the republic for over ten years with an Ulster bank account there.
In early 2007 with business booming i bought and renovated a property using €100 k loan facility from the bank costing €740 per month over 20 years.
I also operated an overdraft facility with the same bank.
Late on that same year my 2 year old became very ill with a number of chronic diseases.We had to basically give up everything and concentrate on finding medical professionals to fix her before she would die.My wife gave up her job to manage our child's health , my focus was obviously diverted from my business and over the course of the next 4 years our savings and assets were completely depleted.The one good thing is that our daughter made it through countless operations and her condition is now manageable.
Situation with the bank is that apart from the 100k loan on the house (now 90k) my overdraft has grown over the period to 43k(from 20k) .
Our Branch manager has been generally accommodating over the years and accepted token payments of 500- 700 per month which we have struggled to pay as we got over the ordeal and gradually re-found employment.
Our file has been moved to a "specialised relationship management unit " in Belfast who phoned me last week and told me that their underwriters would only agree to rolling the 2 sums together and paying them back over 10 years at around €1500 per month.
We can afford about half of this at best at the moment, we have five children and have both had to start at the bottom again with salaries after the time out but are optimistic that things will improve with time.
At the moment if the bank sold our property they may get about €60k for it .We want to keep it .
We would appreciate any advice you could give.
I live up north, but have operated as a sole trader in the republic for over ten years with an Ulster bank account there.
In early 2007 with business booming i bought and renovated a property using €100 k loan facility from the bank costing €740 per month over 20 years.
I also operated an overdraft facility with the same bank.
Late on that same year my 2 year old became very ill with a number of chronic diseases.We had to basically give up everything and concentrate on finding medical professionals to fix her before she would die.My wife gave up her job to manage our child's health , my focus was obviously diverted from my business and over the course of the next 4 years our savings and assets were completely depleted.The one good thing is that our daughter made it through countless operations and her condition is now manageable.
Situation with the bank is that apart from the 100k loan on the house (now 90k) my overdraft has grown over the period to 43k(from 20k) .
Our Branch manager has been generally accommodating over the years and accepted token payments of 500- 700 per month which we have struggled to pay as we got over the ordeal and gradually re-found employment.
Our file has been moved to a "specialised relationship management unit " in Belfast who phoned me last week and told me that their underwriters would only agree to rolling the 2 sums together and paying them back over 10 years at around €1500 per month.
We can afford about half of this at best at the moment, we have five children and have both had to start at the bottom again with salaries after the time out but are optimistic that things will improve with time.
At the moment if the bank sold our property they may get about €60k for it .We want to keep it .
We would appreciate any advice you could give.