Hi, I'm a long time lurker, but first time poster, and would like to stimulate some discussion wrt clearing off arrears after going through a bit of a wobble on mortgage repayments.
We were both out of full-time work for about 12 months, and we contacted out mortgage provider straight away when this happened in 2011. I'm a teacher, and I worked casually for 9 months, and claimed my stamps for the summer and seasonal holidays, OH got 1 day a week in an office.
I managed to work every week, in about a dozen different schools, not every day, but a few weeks here a there, and 2/3 days in other weeks. Some weeks I got SW, as I might have only got 2 days work. All this time we filled in the 3-monthly budget forecast for our mtg provider, and kept in constant touch with them. They firstly allowed us interest only on the first 3 mths, then 3 months at half interest, and finally 6 months at an agreed fixed amount.
Finally in August, I secured a permanent job, after applying to 173 different positions. The same week, OH got offered full-time hours where she works. We contacted the mtg provider once the final 6 mths arrangement was about to end, and informed them of out good news, we have since resumed full payments and are making them each month. Happy days.
The end up from the arrangement is that we have about €8k of arrears owing to the mtg provider, and they issued a CGL to us each month to remind us. I would love to pay this off with a personal loan, and have priced the repayments at about €125 per month over 4 years. We have no other commitments other than our mortgage. I do not wat to lump it on to the capital o/s on the mortgage, as there is about 26 years left on it, and I calculated (roughly) that we would be repaying about €16k at the current variable rate if it goes on the mortgage.
I recently got our credit report from the ICB and this records the arrangements, and has us in arrears since this arrangement came to an end and we started making full mothly repayments. I feel that no-one is going to touch us if we apply for a loan with these arrears. We have about €3K with the CU, and have not gone to them yet, but I did ask recently if they use the ICB for credit application and the said yes, they do. I checked B365 online for a loan, and once you record the fact that you have missed payments on anything, the site refers you to the holding branch. We don't have an overdraft or loan, have never bounced anything, and pay the credit card bill in full every time we use it. I would like to have some other options, and would like to have a stonger bargaining position with the mtg provider.
I have €50k locked into 2 pensions from previous private sector jobs, and I am thinking of offering them to the mtg co's Life & Pensions subsidiary as a sweetener to maybe get a personal loan. I have never done anything with them, and I hope to get them into a buy-out bond of some kind.
Sorry for the scéal fada. If anyone has any pointers for us, it would be really appreciated....
J90
We were both out of full-time work for about 12 months, and we contacted out mortgage provider straight away when this happened in 2011. I'm a teacher, and I worked casually for 9 months, and claimed my stamps for the summer and seasonal holidays, OH got 1 day a week in an office.
I managed to work every week, in about a dozen different schools, not every day, but a few weeks here a there, and 2/3 days in other weeks. Some weeks I got SW, as I might have only got 2 days work. All this time we filled in the 3-monthly budget forecast for our mtg provider, and kept in constant touch with them. They firstly allowed us interest only on the first 3 mths, then 3 months at half interest, and finally 6 months at an agreed fixed amount.
Finally in August, I secured a permanent job, after applying to 173 different positions. The same week, OH got offered full-time hours where she works. We contacted the mtg provider once the final 6 mths arrangement was about to end, and informed them of out good news, we have since resumed full payments and are making them each month. Happy days.
The end up from the arrangement is that we have about €8k of arrears owing to the mtg provider, and they issued a CGL to us each month to remind us. I would love to pay this off with a personal loan, and have priced the repayments at about €125 per month over 4 years. We have no other commitments other than our mortgage. I do not wat to lump it on to the capital o/s on the mortgage, as there is about 26 years left on it, and I calculated (roughly) that we would be repaying about €16k at the current variable rate if it goes on the mortgage.
I recently got our credit report from the ICB and this records the arrangements, and has us in arrears since this arrangement came to an end and we started making full mothly repayments. I feel that no-one is going to touch us if we apply for a loan with these arrears. We have about €3K with the CU, and have not gone to them yet, but I did ask recently if they use the ICB for credit application and the said yes, they do. I checked B365 online for a loan, and once you record the fact that you have missed payments on anything, the site refers you to the holding branch. We don't have an overdraft or loan, have never bounced anything, and pay the credit card bill in full every time we use it. I would like to have some other options, and would like to have a stonger bargaining position with the mtg provider.
I have €50k locked into 2 pensions from previous private sector jobs, and I am thinking of offering them to the mtg co's Life & Pensions subsidiary as a sweetener to maybe get a personal loan. I have never done anything with them, and I hope to get them into a buy-out bond of some kind.
Sorry for the scéal fada. If anyone has any pointers for us, it would be really appreciated....
J90
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