AlexDublin
Registered User
- Messages
- 6
Thinking of bankruptcy or IVA in UK, advice required
Income details
Net €2,300 pm.
Personal circumstances so we can calculate your reasonable living expenses
Aged 47, single, no children. Working for a financial institution (much to my embarrassment). I run a car as I live 12km from work, study part-time meaning regular trips to Northern Ireland and family all living 100+km away. I have a medical condition which requires a few trips to the doctor / hospital each year. I need to use expensive health supplements, special foods and don’t have any medical insurance. Illness also means life assurance costs €125pm. Management fees for home costs €80pm.
Home loan
Lender: XXXX
Amount outstanding: €255k
Value of home: €80k
Interest rate: €190k is on tracker, €65k is on 4.5%
Monthly repayment: €950 approx interest only, €1450pm approx on full repayment.
Amount in arrears: Not yet in arrears.
In Marp since Jan 2013. Have been on interest only since then to enable me to clear credit card debts, university fees and arrears in property management fees.
Investment property –
Lender: XXXX
Amount outstanding: €125,000
Value of home: €110,000
Interest rate: 1.9% but currently on moratorium until property sold.
Monthly repayment: €0 for time being.
Amount in arrears: None
Monthly rent received: flat vacant, now on market in UK.
Other loans and creditors -
Credit Card - €1,500
University fees - €1,600
Other savings and investments:
None
How important is retaining the family home to you?
I would like to keep it, but will get rid of it if it means I can get rid of the mortgage associated with it.
Any other relevant information
The bank have requested I put the UK property up for sale (which I’ve just done) and take out a loan to cover any shortfall. They have suggested a split mortgage whereby I repay capital and interest on €190k and €65k will be parked for 5 or 10 years. I fear this is just a ploy to keep me in my home until property prices rise enough for them to force me to sell. I really can’t face wasting another 10 years of my life then being left homeless in my late 50’s. I am contemplating a PIA but I’m pretty sure this will be vetoed as I’m only exposed to one institution and this is my employer. I’m also considering either an IVA or bankruptcy in the UK.
What is your preferred realistic outcome?
That I can remain in home but I must be the owner when I retire.
Income details
Net €2,300 pm.
Personal circumstances so we can calculate your reasonable living expenses
Aged 47, single, no children. Working for a financial institution (much to my embarrassment). I run a car as I live 12km from work, study part-time meaning regular trips to Northern Ireland and family all living 100+km away. I have a medical condition which requires a few trips to the doctor / hospital each year. I need to use expensive health supplements, special foods and don’t have any medical insurance. Illness also means life assurance costs €125pm. Management fees for home costs €80pm.
Home loan
Lender: XXXX
Amount outstanding: €255k
Value of home: €80k
Interest rate: €190k is on tracker, €65k is on 4.5%
Monthly repayment: €950 approx interest only, €1450pm approx on full repayment.
Amount in arrears: Not yet in arrears.
In Marp since Jan 2013. Have been on interest only since then to enable me to clear credit card debts, university fees and arrears in property management fees.
Investment property –
Lender: XXXX
Amount outstanding: €125,000
Value of home: €110,000
Interest rate: 1.9% but currently on moratorium until property sold.
Monthly repayment: €0 for time being.
Amount in arrears: None
Monthly rent received: flat vacant, now on market in UK.
Other loans and creditors -
Credit Card - €1,500
University fees - €1,600
Other savings and investments:
None
How important is retaining the family home to you?
I would like to keep it, but will get rid of it if it means I can get rid of the mortgage associated with it.
Any other relevant information
The bank have requested I put the UK property up for sale (which I’ve just done) and take out a loan to cover any shortfall. They have suggested a split mortgage whereby I repay capital and interest on €190k and €65k will be parked for 5 or 10 years. I fear this is just a ploy to keep me in my home until property prices rise enough for them to force me to sell. I really can’t face wasting another 10 years of my life then being left homeless in my late 50’s. I am contemplating a PIA but I’m pretty sure this will be vetoed as I’m only exposed to one institution and this is my employer. I’m also considering either an IVA or bankruptcy in the UK.
What is your preferred realistic outcome?
That I can remain in home but I must be the owner when I retire.