# Personal Debt



## mortgage2015 (18 Nov 2016)

Hello all,

Can i seek your opinion on a matter please.

I have survived the recession yay.... I am still in my family home and done a deal with the bank on this and I am very happy with.

I now have to deal with the following:

BOI Personal Debt 16K Judgement obtained by bank on home paying €40 a month via crosskerry

MBNA / Avant - Received letter recently from Browne sols seeking €8K they want details of income etc 

Long story short I cant afford to pay these debts off in full but can make installments. 

What options are open to me?

Who could i contact

Best regards,

Joe Bloggs


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## TLO (19 Nov 2016)

From reading this post, and previous posts by the OP, OP and IMHO did an excellent job in securing the OP in the family home.  The current issue is BOI 16k which is secured on the family home, and the Avant €8k which has reared its head.  Is there anything else which needs to be resolved?  Another credit card?  Credit Union?  Now is the time to resolve all outstanding issues.

An informal agreement with Avant is a possibility.  If BOI are getting €40/month on €16k then Avant should be getting €20/month on €8k.  The problem with such an arrangement is that it could go on for 30 years or more.  MABS would be best placed to help here.

Then we look at the formal arrangements.  OP isn't eligible for a DRN because he/she owns property.  A DSA is also ruled out.  DSAs only cover unsecured debt and BOI have secured their €16k.  Bankruptcy is probably overkill here, plus, with BOI having secured their judgement they would still need to be paid if you wanted to keep the family home.  A "no veto" PIA might work.  OP was in mortgage arrears on 1 January 2015 so is eligible.  It might be possible to structure the PIA in such a way that there is a nominal change to the re-structured mortgage, the BOI judgement and debt gets set aside, and that the Avant debt gets written off.  One of the problems with this route is that an experienced PIP would be needed to organise it, and there doesn't appear to be enough of a monthly payment available to compensate them for the time needed.  Maybe start with MABS and take it from there.


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## Nordkapp (19 Nov 2016)

Would OP not sit down with his/her Credit Union where finance could be arranged to clear both debts?


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## emeralds (19 Nov 2016)

Can't see any credit union taking on such risky debt.


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## PGF2016 (19 Nov 2016)

Can you get a job? A second job? Work extra hours etc?


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## mortgage2015 (12 Dec 2016)

Also guys the judgement states that 8% per annum statutory interest.

Is this enforceable?

I need help on this quick and contacts that would be of benefit?


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## Gerry Canning (12 Dec 2016)

On MBNA , then AVant etc.

1. Do not give solicitors info at this stage.
2. SEnd them a reg letter requesting statements and copy of signed contract twix you and MBNa.
3. Assure them you will look at any fairly accrued debt.
.............
My reasons.
A  . Its probable Solicitor cannot get proper documentation from MBNA , = no docs = hard to pursue debt.
B. Mbna had a (nasty) habit of adding in PPI (payment protection insurance ) , you can ask to have that deducted.
In short , I,d be slow to pay (since you can,t afford)without hard info .If you get no response , re write .(keep copies_)ie let them whistle for now !
........................
BOI .
Might be no harm to write to Crosskerrys/ BOI keepcopy)d ask them to confirm that your 40 a mth is coming off your debt and that no further charges are applying . I know judgment has 8% but its very worthwhile asking etc., otherwise you are on the never .never. never.!


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## mortgage2015 (12 Dec 2016)

PGF2016 said:


> Can you get a job? A second job? Work extra hours etc?




no


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## mortgage2015 (12 Dec 2016)

I have my head in the sand here and I need some direction.


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## mortgage2015 (12 Dec 2016)

mortgage2015 said:


> no



I have a full time job I also have young kids whom I want to enjoy,


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## Gerry Canning (15 Dec 2016)

mortgage2015 said:


> I have my head in the sand here and I need some direction.



since you sorted the real, real biggie ie mortgage , you correctly sorted the prime issue , so don,t say head in sand !

Go to MABS , they are well used to this stuff . I would think you will be surprised and de-stressed at how you get on.

Enjoy the Kids and the Ho, Ho , Ho.

from what you post you are on the right side of things.


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## mortgage2015 (15 Dec 2016)

Gerry Canning said:


> since you sorted the real, real biggie ie mortgage , you correctly sorted the prime issue , so don,t say head in sand !
> 
> Go to MABS , they are well used to this stuff . I would think you will be surprised and de-stressed at how you get on.
> 
> ...


 Thanks guys


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## mortgage2015 (8 Jan 2017)

Happy New Year guys 

When I bought my house in 2008 I told the solicitor that it was not a family home (i was going through a breakup from a previous rship). 

Would this have any implications for the JM?

How do I officially get my house to be a family home ?  Wife and kids here

In hindsight I was poorly advised by my solicitor.

Also would the creditors know it is not a family home?


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