I am going to put my query in bullet points for easier reading because my case is a bit complicated. Thanks for your patience
Our situation:
· My husband and I are Irish passport holders and live in Northern Ireland
· We are 2 normal PAYE employees
· Had a property portfolio pre-2008 – rental properties, small houses
· We got into severe difficulties post 2008 with over extended business loans resulting in a lot of hardship and eventual bankruptcy in 2014
· We also had 2 buy to let (holiday lets) in Co Donegal
· These were bought for 152,000 and 138,000 Euros each. Mortgages were with AIB
· We initially had a 5 year reduced interest rate but when the 5 years finished we were already in difficulty in the North with our other properties and started falling into arrears
· Current Arrears are 30,000 and 20,000 Euros respectively
· Current worth (if they would sell) approximately 100,000 Euro each
· The properties are let for approx. 10 weeks a year and incur associated costs like LPT, Management fees,Water Tax, Utility bills, House insurances, TV licenses and maintenance costs. So any associated profits are fairly minimal and have helped us make repayments towards our bankruptcy.
· The Official Receiver in Northern Ireland gave up all claim to the properties in RoI
· Both houses have been for sale for 4 years
· AIB has recently sold our mortgages to Goldman Sachs and Pepper Assets are managing them now
· Pepper now asking for Customer Due Diligence Proof of ID to be forwarded to them
· Any ideas what Pepper’s next steps are likely to be with us? Since we live in UK and are currently bankrupt.
· Would Pepper be open to giving us a restructured mortgage given that we are bankrupts?
· We would not be able to get new loans from another provider because we are bankrupts.
· Could we sell the houses at a very reduced rate and settle with Pepper?
· Should we propose to Pepper or wait and see what Pepper propose to us?
· Should we provide the Customer Due Diligence forms as requested?
· My ideal scenario is this – debt forgiveness and a restructured mortgage. Is this even possible?
· I am open to any other ideas as to how to deal with my situation.
Thanks
Our situation:
· My husband and I are Irish passport holders and live in Northern Ireland
· We are 2 normal PAYE employees
· Had a property portfolio pre-2008 – rental properties, small houses
· We got into severe difficulties post 2008 with over extended business loans resulting in a lot of hardship and eventual bankruptcy in 2014
· We also had 2 buy to let (holiday lets) in Co Donegal
· These were bought for 152,000 and 138,000 Euros each. Mortgages were with AIB
· We initially had a 5 year reduced interest rate but when the 5 years finished we were already in difficulty in the North with our other properties and started falling into arrears
· Current Arrears are 30,000 and 20,000 Euros respectively
· Current worth (if they would sell) approximately 100,000 Euro each
· The properties are let for approx. 10 weeks a year and incur associated costs like LPT, Management fees,Water Tax, Utility bills, House insurances, TV licenses and maintenance costs. So any associated profits are fairly minimal and have helped us make repayments towards our bankruptcy.
· The Official Receiver in Northern Ireland gave up all claim to the properties in RoI
· Both houses have been for sale for 4 years
· AIB has recently sold our mortgages to Goldman Sachs and Pepper Assets are managing them now
· Pepper now asking for Customer Due Diligence Proof of ID to be forwarded to them
· Any ideas what Pepper’s next steps are likely to be with us? Since we live in UK and are currently bankrupt.
· Would Pepper be open to giving us a restructured mortgage given that we are bankrupts?
· We would not be able to get new loans from another provider because we are bankrupts.
· Could we sell the houses at a very reduced rate and settle with Pepper?
· Should we propose to Pepper or wait and see what Pepper propose to us?
· Should we provide the Customer Due Diligence forms as requested?
· My ideal scenario is this – debt forgiveness and a restructured mortgage. Is this even possible?
· I am open to any other ideas as to how to deal with my situation.
Thanks