Personal and income details
Net (i.e. after tax) Income self: €2047 private sector
Income history: Made redundant in 2006 and re-employed in 2010.
Net income partner/spouse: N/A
Income history: Steady till 2006, on social welfare till 2010, steady again since 2010
number of children: 1
Amount of child benefit received : €130
Amount of Mortgage Interest Supplement received: Nil
Home loan: 205k
Lender: KBC Bank
Amount outstanding: 225k (180k mortgage plus the arrears)
Value of home: 125k
Interest rate: Annuity mortgage, not sure of interest rates but quite high.
Monthly repayment: €1092
Amount in arrears: 45k
Summary of discussions and agreements with the bank: In MARP since 2010, up till now I have been paying full amount of mortgage each month with a few payments missing as I just cannot afford the full amount.
Other loans and creditors - delete those which don't apply to you
Credit Union: Loan of €9700 against shares of €3100
Family : €3000
Other savings and investments: None
How important is retaining the family home to you?
I really want to keep the family home even if it means having a large mortgage and negative equity for years to come.
Any other relevant information
What is your preferred realistic outcome? To reduce the monthly payments but to somehow clear down the arrears as there is interest of 180 per month on those. Have a meeting with the bank in 2 weeks time to discuss a restructure but not sure what to ask them for. Am I financially better asking to capitalise arrears, is there a way to wipe out the interest portion of the arrears? Is adding on another 10 years to the mortgage possible? I really just want to be able to have some sort of life again after 3 years of living on basics of everything and borrowing every month just to keep up repayments.
Net (i.e. after tax) Income self: €2047 private sector
Income history: Made redundant in 2006 and re-employed in 2010.
Net income partner/spouse: N/A
Income history: Steady till 2006, on social welfare till 2010, steady again since 2010
number of children: 1
Amount of child benefit received : €130
Amount of Mortgage Interest Supplement received: Nil
Home loan: 205k
Lender: KBC Bank
Amount outstanding: 225k (180k mortgage plus the arrears)
Value of home: 125k
Interest rate: Annuity mortgage, not sure of interest rates but quite high.
Monthly repayment: €1092
Amount in arrears: 45k
Summary of discussions and agreements with the bank: In MARP since 2010, up till now I have been paying full amount of mortgage each month with a few payments missing as I just cannot afford the full amount.
Other loans and creditors - delete those which don't apply to you
Credit Union: Loan of €9700 against shares of €3100
Family : €3000
Other savings and investments: None
How important is retaining the family home to you?
I really want to keep the family home even if it means having a large mortgage and negative equity for years to come.
Any other relevant information
What is your preferred realistic outcome? To reduce the monthly payments but to somehow clear down the arrears as there is interest of 180 per month on those. Have a meeting with the bank in 2 weeks time to discuss a restructure but not sure what to ask them for. Am I financially better asking to capitalise arrears, is there a way to wipe out the interest portion of the arrears? Is adding on another 10 years to the mortgage possible? I really just want to be able to have some sort of life again after 3 years of living on basics of everything and borrowing every month just to keep up repayments.
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