It's probably worth setting out your information in the Case Study format,Standard Format for unsustainable mortgage Case Studies[/URL]
Thanks for the replies lads - This probably reads a bit different to some but here goes:
Personal and income details
Net (i.e. after tax) Income self: 30,000 p.a PAYE
Net income partner/spouse: Spouse Self Employed – 60,000 nett approx
number of children: 0
Amount of child benefit received : 0
Amount of Mortgage Interest Supplement received: 0
Home loan
Lender: Irish Bank
Amount outstanding: 300,000
Value of home: 150,000
Interest rate: variable rate
Monthly repayment: 1,300
Amount in arrears : 15,000
Summary of discussions and agreements with the bank – n/a
Investment property -
Lender: Irish Bank
Amount outstanding: 650,000
Value of home:50,000
Interest rate: variable
Monthly repayment : 4,000
Amount in arrears 100,000
Monthly rent received : 0
Lender: Spanish Bank
Amount outstanding: 180,000
Value of home:75,000
Interest rate: variable
Monthly repayment : 900
Amount in arrears: 45,000 ( Incl. legal costs )
Monthly rent received : 0
Other loans and creditors - delete those which don't apply to you
Overdraft
Credit Card – € 7,000
Credit Union Loan of €70,000
Car loan e.g. 45,000
Personal Guarantees to business: €300,000
Other savings and investments : none
How important is retaining the family home to you?
Which of the following best describes your situation?
I don't care about keeping the family home.
Any other relevant information – I am willing to travel – spouse is jointly and severally involved in all of this but would prefer not to travel and not to disrupt current business
What is your preferred realistic outcome?
To maintain our Marriage, our Health and hopefully be debt free in 12 – 18 months