# Is Bankruptsy the Only Answer?



## Freedomam (5 Sep 2015)

Loan Parent with two Children,full time employment.i get no maintenance.
Mortgage in arrears 24 thousand
Mortgage 200.000
House worth 160.000
In arrangement interest and part capital of 430 per fortnight- bank says last agreement /ends jan 2016 .after that pay full mortgage and arrears.
Have 3 other debts credit union 6000,aib 9000,also advant card ex mbna 7000 though it was a loan (I won't go there with them for now)
I went to PIP 2012,he was brilliant..BOI vetoed said NO!!!
There seems no solution but go bankrupt...
And /or rent
The house for 800 and top up ?
I m being offered jobs in uk,, maybe take career break 5 years
I guess I'm holding onto house as at my age never get mortgage again and want something for the kids after my day.
However is it worth or? The stress is killing me and I'm spending years on trying for a solution I can't find
Also the ex gone to Canada,mortgage joint,he wants nothing to do with house. How do I get him off?
I have no money to go to court!!
Searching for resolution please help
Freedom Mam


----------



## epicaricacy (5 Sep 2015)

The recent amendment to the Personal Insolvency Legislation could work to your advantage whereby the bank's (BOI in this case) veto can be challenged.

I can't see a court in the land not allowing you to remain in your home as you're paying over 860 per month - part capital + interest. Especially as you're a lone parent with 2 kids.

I would talk once again with the PIP who you found excellent the last time and ask him what he thinks your chances of a successful PIA would be now (post amendment where the bank's veto is no more).

Not sure if you can get your husband off the mortgage.

I would avoid bankruptcy at all costs!!! (I'm speaking as a discharged bankrupt)


----------



## Descart (7 Sep 2015)

Agree with epicaricary, do not declare yourself bankrupt. In fact, seeing that you are paying part capital and interest on payments on the mortgage of your PPR, no Judge in Ireland will award a possession order in favour of the bank, unless of course the bank could prove to the court that you could afford the  full repayments. 
Banks in this Country want to start to wake up to the reality of their situation. Blindly seeking repossession order when they themselves know that there is no chance of obtaining same needs to be highlighted to the judiciary. The legal fees in these actions should be bourne by the bank, not the borrower. Indeed the banks solicitor's have a duty of care to inform the bank's that this is a hopeless course of action and is bound to fail. They too could be culpable in this great legal swindle.


----------

