Hi Brendan,
not sure if this is in correct thread, but feel free to change direction if necessary. This is the questionnaire filled out:
Income details
Net monthly (i.e. after tax) Income self: nature of income e.g. self-employed/public servant etc
Income history: e.g. "I was made redundant in June 2011 and have not had any work since..."
Total: 4,710 (Wife: 3,100 net; husband 1,480 (husband lost job as structural engineer in 2009 and has retrained in computers since, on graduate salary since finding work in 2012, no sign of increments), child benefit, €130)
Net monthly income partner/spouse: nature of income
Income history: see above
Amount of child benefit received (Should be €130 per child)
Amount of Mortgage Interest Supplement received (MIS is the social welfare payment to unemployed people, don't confuse with TRS) SEE ABOVE
Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published Guidelines for reasonable living expenses based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.
One adult family or two adult family – 2 ADULT FAMILY, BOTH HAVE TO HAVE CAR TO GET TO WORK
Do you need a car for work or do you use public transport?
Number of children 0- 2 years old: x1
Monthly childcare costs: between €900-950 (paid by day)
Montly spend on special circumstances: e.g. exceptional healthcare costs (€144)
Home loan
Lender: AIB
Amount outstanding: 220,000€ (ORIGINAL MORTGAGE 320,000 IN 2006)
Value of home: circa 180,000€
Interest rate: specify whether tracker or SVR or fixed rate
Monthly repayment, TRACKER 980€ p.m.
Amount in arrears - NA
Summary of discussions and agreements with the banke.g. in Marp since Jan 2011 . Have been on interest only since then.
SEE BELOW
Investment property - Delete if not applicable
Lender: PTSB
Amount outstanding: 130,000€
Value of home: circa. 75,000€
Interest rate: TRACKER
Monthly repayment; 700€
Amount in arrears NA
Monthly rent received 400€
Credit Union
Amount of shares
Amount of loan outstanding
Monthly repayment
Term left
NA
Other loans and creditors - delete those which don't apply to you
Overdraft - amount outstanding:
Credit Card - amount outstanding
Credit Card - monthly amount you are paying
Term loan Amount outstanding
Term loan term left
Term loan - monthly repayment
Term loan - interest rate
Family loan - amount outstanding
Family loan - monthly repayment
NA
Other savings and investments
30,000 saved - (car change needed say 10,000 but not sure whether to do this before or after approaching bank re mortgage application, DATE DEC 2013)
Do you expect any lump sums in the medium term future?
Redundancy, inheritances, injuries awards.
NO
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.
I would like to keep it, but will get rid of it if it means I can get rid of the mortgage associated with it.
I really want to keep the family home even if it means having a large mortgage and negative equity for years to come.
NOT REALLY RELEVANT WE ARE KEEPING UP PAYMENTS
Any other relevant information
NEED TO MOVE HOUSE, TOO SMALL AND PROBLEMS WITH NEIGHBOURS THAT ARE NOT SOLVABLE – DON’T THINK WE CAN AFFORD TO LOOSE TRACKER.
What is your preferred realistic outcome?
For example: "I will never be in a position to repay the home loan. So I want to sell the house and deal with the shortfall"
BEST POSSIBLE OUTCOME – MOVE HOUSE AND NOT LOOSE TRACKER. WE PROVISIONALLY ASKED FOR 20,000 IN SUMMER 2013 AND CHANGING FROM TRACKER AT 1.6 TO 4.8% MEANT APPROX 400 € MORE PER MONTH (AT TIME OF ENQUIRIES WIFE SALARY WAS 3,400, SINCE THEN HAS REDUCED). THIS DOESN’T SEEM FEASIBLE.