I need some advice and help regarding my financial situation. My ex left in September 2009 and stopped paying his share of the mortgage. The property is in negative equity and cannot be sold. I have continued to pay the full mortgage payments and insurance totaling app €1,450 per month.
My salary is 57,000 per annum.
My loans / debts are as follows (excluding mortgage) TOTAL €23,962:
Bank of Scotland €7,332 (€611 PM (12 months remaining)
AIB Loans €2,830 (€130 PM (24 months remaining)
MBNA Credit card €9,100
AIB Credit Card €4,700
I would like if at all possible to protect my credit rating. Although, I am finding it extremely difficult to survive at the moment. I have no social life and have no idea of how to get out of this mess.
I have never missed a loan repayment or a mortgage repayment.
I have an appointment with MABS in two weeks but would like some advice before I go.
I am technically not in arrears with any of my loan payments or my mortgage. However, in order to make payments on the credit cards. I bounce payments from one card to the other (therefore, effectively not making any payments).
My bills are pretty much up to date. I have cut back on absolutely everything to the point that I cannot treat myself to anything.
My ex has not contributed anything towards the property since 2009. I was out of work for a number of months but continued to pay the mortgage (from savings). I now have no savings and see no way out of this mess. I am now in a permanent job.
I am worried that I cannot continue to go on like this (esp. with mortgage interest rates rising). If at all possible, I would like not to have to reduce my mortgage payments (as the bank won't negotiate me and I don't want to have to approach my ex to reduce the payments).
Any help and advice would be sincerely appreciated.