Standard Format for mortgage arrears Case Studies
Please copy and paste this post into a new thread. If you give comprehensive information, it will maximise your chances of getting comprehensive and useful results.
Income details
Net (i.e. after tax) 1800 pm public servant
Income history:
Net income partner/spouse:2100 public servant + approx 400 pm private work
Income history:
Amount of child benefit received 390
Amount of Mortgage Interest Supplement received (MIS is the social welfare payment to unemployed people, don't confuse with TRS)
Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published Guidelines for reasonable living expenses based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.
One adult family or two adult family 2
Do you need a car for work or do youC use public transport?
Number of children 0- 2 years old:
Number of 3 years old children:
Number of 4 - 11 years old:3
Number of 12 - 18 years old:
Monthly childcare costs: 720
Montly spend on special circumstances: e.g. exceptional healthcare costs
Home loan
Lender: Kbc
Amount outstanding: 300,000
Value of home: 250,000
Interest rate: tracker
Monthly repayment 1280
Amount in arrears None
Summary of discussions and agreements with the banke.g. in Marp since Jan 2011 . Have been on interest only since then.
Investment property - Delete if not applicable
Lender: UB
Amount outstanding: 230,000
Value of home: 140,000
Interest rate: tracker
Monthly repayment 500 (interest + 130)
Amount in arrears Capital repayment= 2200 as 10 years left on mortgage
Monthly rent received 700
Investment property 2
Jointly owned by husband and his partner
Lender: UB
Amount outstanding: 350,000
Value:120,000
Interest rate: tracker
Repayment: 900 interest only
Monthly rent: 1100
Credit Union
Amount of shares 400
Amount of loan outstanding None
Monthly repaymnt
Term left
Other loans and creditors - delete those which don't apply to you
Overdraft - amount outstanding:
Credit Card - amount outstanding 1000
Credit Card - 100 pm
Term loan Amount outstanding
Term loan term left
Term loan - monthly repayment
Term loan - interest rate
Family loan - amount outstanding
Family loan - monthly repayment
Other savings and investments
None
Do you expect any lump sums in the medium term future?
Redundancy, inheritances, injuries awards.
No
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 get rid of it if it means I can get rid of the mortgage associated with it.
I really want to keep the family home even if it means having a large mortgage and negative equity for years to come.
Any other relevant information
What is your preferred outcome
My husbands accountant had advised us that we are slowly sinking, not even treading water and no light end of tunnel. Agreement for property 1 up next march and they have threatened trying to make us pay capital at that time. Accountant has advised looking for PIP, is this realistic?? Is there any way UB would allow us to sell 2 investment properties and write off arrears?
I would appreciate any advice, many thanks.
Please copy and paste this post into a new thread. If you give comprehensive information, it will maximise your chances of getting comprehensive and useful results.
Income details
Net (i.e. after tax) 1800 pm public servant
Income history:
Net income partner/spouse:2100 public servant + approx 400 pm private work
Income history:
Amount of child benefit received 390
Amount of Mortgage Interest Supplement received (MIS is the social welfare payment to unemployed people, don't confuse with TRS)
Personal circumstances so we can calculate your reasonable living expenses
The Insolvency Service has published Guidelines for reasonable living expenses based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.
One adult family or two adult family 2
Do you need a car for work or do youC use public transport?
Number of children 0- 2 years old:
Number of 3 years old children:
Number of 4 - 11 years old:3
Number of 12 - 18 years old:
Monthly childcare costs: 720
Montly spend on special circumstances: e.g. exceptional healthcare costs
Home loan
Lender: Kbc
Amount outstanding: 300,000
Value of home: 250,000
Interest rate: tracker
Monthly repayment 1280
Amount in arrears None
Summary of discussions and agreements with the banke.g. in Marp since Jan 2011 . Have been on interest only since then.
Investment property - Delete if not applicable
Lender: UB
Amount outstanding: 230,000
Value of home: 140,000
Interest rate: tracker
Monthly repayment 500 (interest + 130)
Amount in arrears Capital repayment= 2200 as 10 years left on mortgage
Monthly rent received 700
Investment property 2
Jointly owned by husband and his partner
Lender: UB
Amount outstanding: 350,000
Value:120,000
Interest rate: tracker
Repayment: 900 interest only
Monthly rent: 1100
Credit Union
Amount of shares 400
Amount of loan outstanding None
Monthly repaymnt
Term left
Other loans and creditors - delete those which don't apply to you
Overdraft - amount outstanding:
Credit Card - amount outstanding 1000
Credit Card - 100 pm
Term loan Amount outstanding
Term loan term left
Term loan - monthly repayment
Term loan - interest rate
Family loan - amount outstanding
Family loan - monthly repayment
Other savings and investments
None
Do you expect any lump sums in the medium term future?
Redundancy, inheritances, injuries awards.
No
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 get rid of it if it means I can get rid of the mortgage associated with it.
I really want to keep the family home even if it means having a large mortgage and negative equity for years to come.
Any other relevant information
What is your preferred outcome
My husbands accountant had advised us that we are slowly sinking, not even treading water and no light end of tunnel. Agreement for property 1 up next march and they have threatened trying to make us pay capital at that time. Accountant has advised looking for PIP, is this realistic?? Is there any way UB would allow us to sell 2 investment properties and write off arrears?
I would appreciate any advice, many thanks.