Capitilsation/Term Extension

A

Anon2013

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Long story short we regretably fell into arrears on our mortgage due to unemployment. Both back working and keen to get our mortgage account back on track. We've paid €1000 pm since our return to full employment 5 yrs ago but in negative equity.Bank proposes capitalisation and term extension of €1600 pm which i feel we cant afford. Pip has suggested a Personal Insolvency Arrangement but im worried what happens if its not approved. Really stressed and beginning to affect our health..
Anyone been through similar ?
 
Thanks for reply,my first post was deleted i presumed because it was too specific? I dont know.

We are both mid 30s and an approx figure is about 350k incl arrears. We were only 5 yrs into the term when unemployment hit. They propose 10 more years so i think we would be about 63yrs.

Im so worried,we have 4 children college fees etc in a few years-i dont know what to do.
 
Anon2013 said:
Thanks for reply,my first post was deleted i presumed because it was too specific? I dont know.
Click to expand...

Is this it? Posts don't get removed for being too specific unless by request of the poster who may have shared too much information making themselves identifiable.
 
From what you say it is clear that your were in mortgage arrears as at 1 January 2015 = you qualify for a "No Veto" PIA (subject to conditions). What a No Veto PiA means is that if the bank vote no, the courts can enforce the proposal.

In fairness to the bank, they are already prepared to extend the term 10 years. They would have calculated what you can afford etc

As your PIP has all of the necessary info, he is the best person to consult.


Jim Stafford
 
Thanks,i appreciate the reply. The Pip has mentioned a PIA but hasnt really explained whats involved. I would just be afraid if we went down that road we could lose our home:-(
So worried. Anyone any experience of PIA-doesnt seem to be much online.
 
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