Hi, any advise.
Debts:
Credit Card (Visa) €7750 since 2012, I offered the Debt collection agency "Cabot" €30 p.w and they accepted with a review in 6 months.
Maintenance arrears of €9450 judge ordered to be paid at €80 p.w along with current maintenance of €325 p.w. I have awaiting an appeal date in relation to the arrears of €80 p.w.
Limited Company with me as only employee VAT of €12000 due up to end of 2013, The Revenue solicitor accepted an offer of immediate payment of €2000 and €100 p.w.
Premise rates of €11000 - 3 years rates.
Loan due to family member €7500.
Income €500 p.w.
Assets:
Company premises - owned by me and value approx €125000 - no mortage, it is in an Industrial Estate and this type of property remains at the bottom of the market.
House, no mortgage, value approx €375000.
No savings or other assets except pension, amount of approx. €120000, of which I took 25% of the value 3 years ago, and can not be cashed out again.
Potential to legally divide house (I have pre-planning approval) into two seperate properties a 3 bed and a 2 bed. Auctioneer says value of 3 bed approx €300000 and 2 bed approx €200000. the cost of this division would be approx. €30000.
I don't have €30000 and the bank refused a mortgage / loan of €40000 on the basis that they could not consider mortgage repayment from rental income. I did not ask about repayment in the event of selling same. I think that my Credit Card debt was the real reason! altough I did say that the Credit Card debt could be paid from the €40000 loan.
Where and how am I to get the €30000 or €40000 to carry out the division? I had thought of asking a friend to be a guarantor for the bank loan and giving him a legal guarantee of the Industrial premises. I can't see any other way out of my financial situation except of course selling the house or the premises but this would not realise maximun potential. Typically would a bank go for this arrangement?
Debts:
Credit Card (Visa) €7750 since 2012, I offered the Debt collection agency "Cabot" €30 p.w and they accepted with a review in 6 months.
Maintenance arrears of €9450 judge ordered to be paid at €80 p.w along with current maintenance of €325 p.w. I have awaiting an appeal date in relation to the arrears of €80 p.w.
Limited Company with me as only employee VAT of €12000 due up to end of 2013, The Revenue solicitor accepted an offer of immediate payment of €2000 and €100 p.w.
Premise rates of €11000 - 3 years rates.
Loan due to family member €7500.
Income €500 p.w.
Assets:
Company premises - owned by me and value approx €125000 - no mortage, it is in an Industrial Estate and this type of property remains at the bottom of the market.
House, no mortgage, value approx €375000.
No savings or other assets except pension, amount of approx. €120000, of which I took 25% of the value 3 years ago, and can not be cashed out again.
Potential to legally divide house (I have pre-planning approval) into two seperate properties a 3 bed and a 2 bed. Auctioneer says value of 3 bed approx €300000 and 2 bed approx €200000. the cost of this division would be approx. €30000.
I don't have €30000 and the bank refused a mortgage / loan of €40000 on the basis that they could not consider mortgage repayment from rental income. I did not ask about repayment in the event of selling same. I think that my Credit Card debt was the real reason! altough I did say that the Credit Card debt could be paid from the €40000 loan.
Where and how am I to get the €30000 or €40000 to carry out the division? I had thought of asking a friend to be a guarantor for the bank loan and giving him a legal guarantee of the Industrial premises. I can't see any other way out of my financial situation except of course selling the house or the premises but this would not realise maximun potential. Typically would a bank go for this arrangement?