Hi,
Great site for helping with peoples problems. I'm single and 50 this year and need a plan so that I am debt free by 65 and will have a small pension fund
Personal and income details
Income self: nature of income : Employed in construction company - 20% shareholding. Gross €44k pa. Net € 2,700 per month.
Income history
revious company went into liquidation in 2011 - had 20% shareholding.
Income partner/spouse: n/a
Income history:
number of children none
Amount of Mortgage Interest Supplement received : Nil
Home loan
Lender: EBS
Amount outstanding: 240,000
Value of home: 220,000
Interest rate: specify whether tracker or SVR or fixed rate : 2.25% Tracker ( EBS call it a price promise ). Note : Loan is set up as a Buy to let loan but I have lived there since buying the house in 2002.
Monthly repayment Should be 1570pm with 15yrs remaining. Currently paying 450pm interest only.
Amount in arrears : Nil
Commercial Loan to Buy shares in company ( in liquidation since 2011 )
Lender: EBS
Amount outstanding: 285,000 ( 350,000 loan in 2005 for 20 yrs )
Value of home: Nil. This loan was cross securitised against my house above.
Interest rate: 4.6% SVR
Monthly repayment : Should be 2400 pm. Paying 1080 pm interest only.
Amount in arrears : Nil
Monthly rent received : Nil
Other loans and creditors - delete those which don't apply to you
Overdraft : 4000
Credit Card : 12000 - paying 400 pm
Other savings and investments
BES scheme - Exit Date 2012 - did not happen - current value 11,000.
Rent of 560 pm received from 2 tenants sharing the house with me.
I have another property which is delapidated but may fetch 30,000 if sold. EBS also have charge over this property.
The 20% company shareholding gives no control in the company versus the majority shareholder. This is a trading company and is unlikely to have any significant value in the future.
How important is retaining the family home to you?
Which of the following best describes your situation?
I would like to keep it, but will be sold if required.
Any other relevant information :
Company will start paying into a pension for me from this year on - approx 10,000 per year.
Salary should rise in the coming years ( 60-70K )
The loan on my house reverted to capital and interest payments in January 2013 so I contacted EBS, filled out SFS docs and got 6 mth interest only extension. I received a letter confirming the 6 mth interest only on the home loan but received no letter on the commercial loan - I was told when I queried same that it was approved but still no letter.
I have had mortgages with EBS since 1995 ( 3 other properties bought and sold ) and I've never missed a payment. In fairness to EBS they have been very polite and helpful. However the figures don't add up so a plan is required.
What is your preferred realistic outcome?
Concentrate on paying off home loan so it is cleared by age 65.
Bank writes off 285k loan.
Bank has no access to my pension or any increase in value of my home.
Is all this a realistic expectation when dealing with the bank. I would prefer to do a private deal with the bank rather than a PIP I would also consider bankruptcy in UK.
Many thanks for your help.
Great site for helping with peoples problems. I'm single and 50 this year and need a plan so that I am debt free by 65 and will have a small pension fund
Personal and income details
Income self: nature of income : Employed in construction company - 20% shareholding. Gross €44k pa. Net € 2,700 per month.
Income history
revious company went into liquidation in 2011 - had 20% shareholding.Income partner/spouse: n/a
Income history:
number of children none
Amount of Mortgage Interest Supplement received : Nil
Home loan
Lender: EBS
Amount outstanding: 240,000
Value of home: 220,000
Interest rate: specify whether tracker or SVR or fixed rate : 2.25% Tracker ( EBS call it a price promise ). Note : Loan is set up as a Buy to let loan but I have lived there since buying the house in 2002.
Monthly repayment Should be 1570pm with 15yrs remaining. Currently paying 450pm interest only.
Amount in arrears : Nil
Commercial Loan to Buy shares in company ( in liquidation since 2011 )
Lender: EBS
Amount outstanding: 285,000 ( 350,000 loan in 2005 for 20 yrs )
Value of home: Nil. This loan was cross securitised against my house above.
Interest rate: 4.6% SVR
Monthly repayment : Should be 2400 pm. Paying 1080 pm interest only.
Amount in arrears : Nil
Monthly rent received : Nil
Other loans and creditors - delete those which don't apply to you
Overdraft : 4000
Credit Card : 12000 - paying 400 pm
Other savings and investments
BES scheme - Exit Date 2012 - did not happen - current value 11,000.
Rent of 560 pm received from 2 tenants sharing the house with me.
I have another property which is delapidated but may fetch 30,000 if sold. EBS also have charge over this property.
The 20% company shareholding gives no control in the company versus the majority shareholder. This is a trading company and is unlikely to have any significant value in the future.
How important is retaining the family home to you?
Which of the following best describes your situation?
I would like to keep it, but will be sold if required.
Any other relevant information :
Company will start paying into a pension for me from this year on - approx 10,000 per year.
Salary should rise in the coming years ( 60-70K )
The loan on my house reverted to capital and interest payments in January 2013 so I contacted EBS, filled out SFS docs and got 6 mth interest only extension. I received a letter confirming the 6 mth interest only on the home loan but received no letter on the commercial loan - I was told when I queried same that it was approved but still no letter.
I have had mortgages with EBS since 1995 ( 3 other properties bought and sold ) and I've never missed a payment. In fairness to EBS they have been very polite and helpful. However the figures don't add up so a plan is required.
What is your preferred realistic outcome?
Concentrate on paying off home loan so it is cleared by age 65.
Bank writes off 285k loan.
Bank has no access to my pension or any increase in value of my home.
Is all this a realistic expectation when dealing with the bank. I would prefer to do a private deal with the bank rather than a PIP I would also consider bankruptcy in UK.
Many thanks for your help.