capitalising arrears - how much will it cost me?

C

Clarab

Guest
I'm currently in arrears with my mortgage, 14.9 payments exactly, €11,000 approx. BOS/ Certus previously offered to re-structure my payments where I would pay a reduced monthly amount of €350 for 6 months (instead of €780/month) after which my arrears of €11,000 would still stand plus I'd have arrears of €430 X 6 months which I'd have to pay off in May 2012. I declined this offer as I've returned to work, after being out of work for 12 months, & can now afford €780/month but wanted help on how to pay arrears. Certus informed me I need to apply to have the mortgage recapitalised before May, which means the arrears will incorpoarted into my mortgage which has 20 years left. The term of the mortgage won't be changed. When I asked how much will that cost, I was told , it's €11,000 over 20 years approx, sure you work it out yourself, it's easy! It can't be that easy, I know this will cost me! I also asked if I was able to pay off the arrears after I had recapitalised the mortgage (I'm expecting a lump sum in July/ August) would I be penalised, and they said YES. I have personal debt of €10,000 I'm trying to paying off too so borrowing is definitely NOT an option. Should BOS/Certus be helping me more, the advice so far is very vague?
 
When BOS/ Certus offered me the option of paying 1/2 the monthly mortgage amount for 6 months etc I phoned to refuse the offer on the basis that they hadn't stated at all what what my new repayments would be after 6 months. The 'offer' looked good on paper, I'd have extra cash in my pocket for a short while, but banks are in the business of making money not friends. I was actually told to work it out myself. They may be engaging in a process, but they are keeping things vague. Basically they want their money as quickly as possible, which is understandable, or, they'll get as much out of me as possible, which, I suppose, is what they do.
 
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