You had an investment property in negative equity which you wanted to sell.
You were in arrears on this mortgage by €30k, or thereabouts.
You received a redundancy payment which you put against your HOME MORTGAGE?
Have I read this incorrectly? I presume you cleared the arrears first with your redundancy payment?
How much is the investment property worth?
How much redundancy payment did you get?
You left out the important points of value of property, interest rate and monthly repayments.
Obviously everyone wants to have their PPR paid for but value of €450k with a mortgage of €119k while having a negative equity property causing you stress is not a great position.
Why was redundancy paid off PPR and not BTL? and get rid of that? Are both mortgages with AIB?
So you paid €60k off the mortgage on a home which was in positive equity anyway.
You have a mortgage of €240k on an investment property worth around €160k. Had you paid it off the investment property instead, you would now have a shortfall of €20k after the sale.
You have a gross salary of €32k and a home loan of €120k and an investment property mortgage of €240k.
I really don't see how you can think that this situation is sustainable. If you had a mortgage of €180k on your home, it's unlikely that AIB would move against you if you were making some payments.
AIB is behaving perfectly reasonable here. You are living in a home you can't afford. The best solution for you is to trade down and use the proceeds to pay off the shortfall on the investment property.
This will save you a huge amount of stress and hassle in the long term.
we are stressed and worried sick - bank are playing puck with us - our financial advisor (who is good) cannot believe their new stance with a number of clients and quite frankly is telling us that since their 'recovery' and AIB being on market now ... that the days of entertaining a solution with clients is over and they will stab us until we cannot take anymore.