PTSB ,im only paying 200 a month

S

sedmyst33

Guest
I currently have a 300k mortgage on 2bed apartment with PTSB and am in arrears by approx 30k, for the last couple of years Ive only been paying a couple of hundred a month .Ive recently been in touch with them obviously worrying about future but they told me I wasnt the worst situation. I am single,age 34, 1 year left in IT DEGREE,no kids. Im thinking that that things are so bad that they are happy to get any sort of payment at all, would I be right? For someone in my situation is there a point in worrying as long as I give them something.
 
Well I would be worried, are you working, have PTSB not sent you letters? What is your long term plan to pay back the mortgage?
 
Hi Sedmyst33
There is a bit of a myth doing the rounds that as long as you are paying the banks "any few bob " they will leave you alone This is dangerous & misleading
I would approach PTSB and get A face to face with their advisor & put your cards on the table & explore the options Alot better to be proactive than reactive in my experience 30k is a large amount in arrears
 
If the Bank have a problem with your current level of repayment they will contact you. I take it that this is your PPR (home) and you have received no recent correspondence from the Bank expressing dissatisfaction at the amount that you are paying them.
Having said that, the current arrangement is not a long term solution and sooner or later you will need to address the option of getting out of this property and dealing with the resultant negative equity. Hopefully the new insolvency legislation will offer you an option to do this!
 
Your credit rating is shot now anyway so my advice would be to save up as much money as possible while your in the apartment then if/when the crap hits the fan with PTSB buy a house for cash.

Your apartment no matter where it is will not be worth anywhere near what you paid for it in the next 20 years and the new round of property taxes will only drive the value down further.

Best of luck.
 
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