# I'm back, here we go again. PTSB



## paulgee (13 Jul 2021)

Just a recap.  I am a discharged bankrupt who had a business loan. 
 Went back to school and am now trying to finish my degree.

Now the family home is in the firing line, joint names with wife.  PTSB    Approx figures.  120k paying at 500 per month.   120k warehoused.  Total about 240k.  

So PTSB has us up for review.  Have been paying the agreed 500 euro a month religiously, and paying out of course payments of between 0 and 150 per month.   So we are effectively ahead by about 800 euro this year.

We are paying what we know we can pay, and extras when available.   I sleep at night, I am keeping to agreements.

They now say to be listed as performing, they want at least 795 per month.  If we are "not performing" we can be included in the next loan sale.   This has sent shockwaves through me.  Pepper and Pentire Finance put me in hospital with chest pains and I dont want to go back there.

Maybe I am overthinking this, but I may be able to stretch to 795 per month, but dont want to commit to something I may not be able to keep to EVERY month.   I dont want to  see brown envelopes coming through the door again, blocked phone calls coming in.  

I appreciate this may be a tree shaking exercise, to see what falls out, but it is bothering me badly.  I explained to PTSB when doing the review, we have inheritance coming, (a house and property), but it is not something you can put on paper as such.  ( Value is over 500k)  Maybe next year or 20 years.  If and when it happens, I will keep our house and a bedroom, and rent out the rest rent-a-room, tax free upto 1400 per month.  Huge demand here.   I will massacre the mortgage in no time.  But until then.......

Somebody please calm me down.


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## TLO (14 Jul 2021)

Hi Paul, so the total amount outstanding is about €240k.  Some rough maths, 4% interest on €240k is €9,600, or €800 a month. In other words, interest only on €240k is what PTSB seem to be asking you for.  Not unreasonable.  

And chances are that if you had to rent accommodation you would be paying a lot more than €500 or €795 a month. 

Probably best to talk it over with your wife.  Maybe an additional part-time job could be found.  15 hours a week at €10.20 an hour would probably help bridge the gap between your current payment, €500/month, and the payment PTSB are asking for, €795/month.


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## Brendan Burgess (14 Jul 2021)

paulgee said:


> Now the family home is in the firing line,



You are the only one putting it in the firing line.

You are paying the mortgage as per your agreement. 

You have a split mortgage and you should try to  keep it.  It is very valuable. In effect, you have a €120k interest-free loan. 

You should not be overpaying it.   Use the "overpayments" to build up a fund for yourself.

If they are going to sell it, I doubt that increasing it from €600 to €795 per month would stop them from selling it. 

If you agree to €795 and fall into arrears, they are much more likely to sell it. 

There is a lot of scaremongering about vulture funds. 

If ptsb sells your loan , whatever agreement you have with ptsb travels with it. 

Tell ptsb that you can't afford more than €600. Tell them that you don't want to agree to a higher figure and then fall into arrears. They will probably agree with you. 

You are not going to lose your home - it is not in the firing line, unless you act the maggot. 

Let's assume the worst...

1) You keep up your repayments of €600 
2) ptsb sells it to a vulture fund
3) After 3 years, the vulture fund seeks a review and is aggressive about it. 
4) Despite you saying you can't afford more than €600, they put you on full capital and interest. 
5) You continue to pay €600 but go into arrears. 
6) They start legal action against you 

Their chances of getting an order for possession against you while you are paying €600 a month, are remote. 
If this remote event happens, it will not happen for about 7 years at the earliest.  1 year before your loan is sold to a fund. 2 years before they review your split loan and put you on full capital and interest. 1 year before they go through the MARP and everything else. 3 years in the court. 

So sleep easy.

Brendan


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## Brendan Burgess (14 Jul 2021)

paulgee said:


> I am a discharged bankrupt





paulgee said:


> the family home is in ... joint names with wife.



Has the house been transferred from the Bankruptcy Assignee back into your name?


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## paulgee (14 Jul 2021)

The mortgage is a1.1% tracker and the isi wrote to me to say they were giving it back to me.


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## Brendan Burgess (14 Jul 2021)

Paul 

You really should make sure with your solicitor that all the paperwork has been done properly here. 

That seems to me a bigger risk that a vulture fund coming after you.

Brendan


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## Brendan Burgess (14 Jul 2021)

You are paying €7,200 a year in mortgage repayments.

The interest is about €1,200 a year 1.1% of €120k

So you are repaying the capital at €6,000 a year. 

No need to panic. Just try to get the split mortgage extended.  

Don't agree to anything you can't afford. I doubt permanent tsb will impose it on you.

They have sold a lot of mortgages and for some reason chose not to sell yours. So I doubt it's going to be sold any time soon.

Brendan


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## paulgee (14 Jul 2021)

Brendan Burgess said:


> Paul
> 
> You really should make sure with your solicitor that all the paperwork has been done properly here.
> 
> ...


I don't understand.  Which paperwork? I don't have a solicitor.


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## paulgee (14 Jul 2021)

Brendan Burgess said:


> You are paying €7,200 a year in mortgage repayments.
> 
> The interest is about €1,200 a year 1.1% of €120k
> 
> ...


I didn't have my half till recently, maybe that held it up


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## Brendan Burgess (14 Jul 2021)

paulgee said:


> Which paperwork? I don't have a solicitor.



When the Assignee in Bankruptcy was appointed, your share of the house vested in him.
You no longer own it.
I presume that there is some paperwork which must be completed for it to move back into your ownership.

But I don't  know.

I have asked the specific question here: 






						How does the Assignee in Bankruptcy return a property to a discharged bankrupt?
					

This came up in another post.  https://www.askaboutmoney.com/threads/im-back-here-we-go-again-ptsb.224146/post-1729115   The mortgage is a1.1% tracker and the isi wrote to me to say they were giving it back to me.   What happens in practice?   Does the Assignee put his names on the deeds when...



					www.askaboutmoney.com
				




Brendan


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## _OkGo_ (14 Jul 2021)

paulgee said:


> I will keep our house and a bedroom, and rent out the rest rent-a-room, tax free upto 1400 per month. Huge demand here. I will massacre the mortgage in no time. But until then.......



To be clear, you cannot do this. If and when you inherit a second property, only one of them will be your PPR. To claim the rent a room relief, you must be renting rooms in your PPR. You cannot pretend to still live there by "keeping a room" while you and your family live elsewhere.

If you are lucky enough to inherit that property, then rent one of them at market rent and pay the appropriate tax that is due. And discuss it with an accountant before doing anything

Also, Rent a room relief is up to €14k per year...not €1400 a month (€16.8k)


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