# mounting personal debts - equity release



## ESKIM (29 Apr 2010)

I am a nurse and considered myself lucky to own my home outright and have the deed in my posession.  
The Problem I have a number of loans CU 12K, Personal loan 15k and CC 6K.
I have just giving birth to my second child and i am and have been struggling with repayments and household bills for some time.

I applyed for a mortgage of 60k with BOI who initially told me it should be fine as the value of my property is in the region of €400k at the moment. Alais a week later they rang me to say my application was refused. 

My debts are spiralling and have missed the last payment on them all, i feel i'm i dire straights now with letters and phone calls coming every day. IS there a mortgage provider who will understand my predicement and help me consolidate my dates into one payment of circa 300 pm instead of €1200 i'm supposed to be paying at present. I feel they have me over a barrell and i'm sleepless because of it all.

If anyone can give advice or who to contact i would be truely grateful.


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## niceoneted (30 Apr 2010)

Any chance you could switch your credit card to one with 0% interest and cut it up once you get it. 
How much have you in shares at the credit union and would the credit union allow you to pay some of these off against the loan and restructure or could you ask them to increase your loan by the 15k personal loan and pay that off.
With 33k debt and no mortgage I would be surprised that you can not get one of the institutions to consolidate. 
Why were you looking for 60 k when you only owe 33K - possibly less depending what's in the share account of your CU.


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## ESKIM (30 Apr 2010)

Hi I believe 60k is the lowest mortgage that can be applied for. 

Can anyone recommend a broker or bank to deal with?


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## niceoneted (1 May 2010)

Have you sufficient shares in the CU that would allow you to get consolidation loan there.


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## ESKIM (1 May 2010)

unfortunately not, i have 4k only, i feel like selling the house and getting out of here with my €350k, i can't understand why i can't get a mortgage


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## tenchi-fan (1 May 2010)

ESKIM said:


> unfortunately not, i have 4k only, i feel like selling the house and getting out of here with my €350k, i can't understand why i can't get a mortgage



that's one way to release equity


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## nathan123 (3 May 2010)

maybe downsizing may be a better option


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## doubledeb (4 May 2010)

I don't understand how you are paying €1200 a month on small enough loans with no mortgage?
Can you expand?


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## Robin Banks (5 May 2010)

BOI are probably thinking that if they gave you 60k and you defaulted on it, they couldnt put you out of the house so they'd have to eat it.

"Nurse with two small children turfed out of family home by cruel heartless bank which was massively bailed out by taxpayers" Yeah right.

I wouldnt give you a mortgage either. You have no realisable security.


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## justme123 (6 May 2010)

The likely reason is that they ran a credit check on the Irish Credit Bureau and you have too many black marks next to your name so were rejected by a computer. I would suggest one of the following:

- challenge the BOI decision; write a letter to them explaining your disappointment and your position and ask them to reconsider. If they do not then refer your issue to their complaints department; this should mean that an underwriter looks at the account rather than a computer.

- contact a local broker and ask them for advice.

- try getting the mortgage with the bank you have the personal loan with (if not BOI). Banks are more likely to refinance debt outstanding with them.

Finally, if all else fails, try contacting your local TD...


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