I had a look at the insolvency website, which is much changed since I last looked, to see a scenario for a person earning a substantial sum with a large mortgage.
That doesn't exist in the scenarious, but Case 5 Seamus, single, was interesting. ( Attached ) Seamus has an income about about 2.5K but a mortgage of 1.5K on a house whose value was equal to the mortgage. They ISI advised an extension of the term and reduction of interest rate (for a few years) but I would have thought selling the property, and going renting would have left Seamus a lot more money to pay back creditors.
Something else interesting is that the ISI actually mention a suggested fee for the PIP. How did they come up with the figure of 8.5K, with 2.5K at the beginning.
That doesn't exist in the scenarious, but Case 5 Seamus, single, was interesting. ( Attached ) Seamus has an income about about 2.5K but a mortgage of 1.5K on a house whose value was equal to the mortgage. They ISI advised an extension of the term and reduction of interest rate (for a few years) but I would have thought selling the property, and going renting would have left Seamus a lot more money to pay back creditors.
Something else interesting is that the ISI actually mention a suggested fee for the PIP. How did they come up with the figure of 8.5K, with 2.5K at the beginning.