Cant Pay, Worst Case!

A

Aidan100

Guest
Right this is the storey. I have a €303,000 Fixed rate (5.5%), i am currently on a six month break as i am unemployed since July 08. When this break expires i wont be able to pay at anywhere near the current rate which is about €1440 per month.
What Will Happen when i dont Pay (or i offer to pay €600 PM)???
 
The bank will see the €600 as a start, can you afford to buy out the fixed term? Why can you now not afford the repayments?
 
I cant pay because i am on Jobseekers Allowance & have a large family!
 
If the only household income is social welfare, you may be entitled to Mortgage Interest Supplement when your break ends. Contact the Community Welfare Officer at your local health centre.
 
Agree with Gipi, also have a word with the lender, they would love to see a reduced amount rather than nothing at all. It also won't harm you in the long run, as they will see that you are trying to repay what you owe.
 
I suggest you go to your local MABS office (mabs.ie).

They will contact your lender on your behalf and try and agree a payment schedule. They will also give help with the application for interest supplement.

One advantage you have is that if you were to lose your home due to repossession the state would have to house you or provide rent supplement, so they are incentivised to help you.
 
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