Hi I am hoping someone can help me?
I have read through the threads and also understand some if the new law about personal insolvency but not know enough to know how to proceed next.
I have a mortgage on an apartment that I am wanting to walk away from. I havent worked for 18 months and do not live in the apartment but am currently staying at friends houses for free (this is totally unsustainable of course) and so am trying to let rental income cover for the mortgage. This means I have no personal income whatsoever except for job seekers allowance.
I have had the loan restructured to interest only twice now for 6 month periods at a time with the EBS and still the rent is about 300 euros short every month and I scrape that together to lodge into my account every month. But I have had no spare cash to do this with and my BOI account is now in overdraft and will shortly bounce on the bottom.
I want to stop the repayment standing order with BOI and set up a new standing order with a reduced amount which is sustainable for me, or alternatively just walk away. I am so fed up and willing now to emigrate and will likely to that anyway to find work. I am not yet sure if I can walk away ... the new legislation comes into effect later this year right?
Can the long arm of the banks find me in 20 years time to repay and will my credit rating be in ruins wherever I go? This is so depressing and I have spoken to the bank and yet all they say they can do is interest-only. The interest only payments are still pretty high and dont make much of a difference. I have asked for a mortgage holiday and extended period for the load but they say no even though I have no job or income.
The idea of someone repossessing my next family home in 20 years time terrifies me although it will likely be in my spouses name (not comm in prop) This current 'home' I said goodbye a long time ago when I decided to hand it over to tenants and live with friends instead so I am free to walk away and start again but dont want that to happen in the future when we settle down eventually.
I have read through the threads and also understand some if the new law about personal insolvency but not know enough to know how to proceed next.
I have a mortgage on an apartment that I am wanting to walk away from. I havent worked for 18 months and do not live in the apartment but am currently staying at friends houses for free (this is totally unsustainable of course) and so am trying to let rental income cover for the mortgage. This means I have no personal income whatsoever except for job seekers allowance.
I have had the loan restructured to interest only twice now for 6 month periods at a time with the EBS and still the rent is about 300 euros short every month and I scrape that together to lodge into my account every month. But I have had no spare cash to do this with and my BOI account is now in overdraft and will shortly bounce on the bottom.
I want to stop the repayment standing order with BOI and set up a new standing order with a reduced amount which is sustainable for me, or alternatively just walk away. I am so fed up and willing now to emigrate and will likely to that anyway to find work. I am not yet sure if I can walk away ... the new legislation comes into effect later this year right?
Can the long arm of the banks find me in 20 years time to repay and will my credit rating be in ruins wherever I go? This is so depressing and I have spoken to the bank and yet all they say they can do is interest-only. The interest only payments are still pretty high and dont make much of a difference. I have asked for a mortgage holiday and extended period for the load but they say no even though I have no job or income.
The idea of someone repossessing my next family home in 20 years time terrifies me although it will likely be in my spouses name (not comm in prop) This current 'home' I said goodbye a long time ago when I decided to hand it over to tenants and live with friends instead so I am free to walk away and start again but dont want that to happen in the future when we settle down eventually.