Hi all,
I have posted my details before but essentially here is a quick recap:
Net monthly income:
<> Me, €1,900 (Public Sector)
<> Wife, €1,350 (Part-time work)
<> Child Benefit of €260
I have discussed my outgoings with the bank today and we came to an agreement that I have roughly €720 per month, after the usual costs, which I can pay towards the mortgage.
The debt issues are as follows:
<> Home loan with BOS but now with LoneStar and we deal with Start of €278k on tracker (house worth €160k)
<> Buy to let 1 (former residence) with BOS with loan of €115k and is only worth €50k. Vacant so no rent.
<> Buy to let 2 (Bulgaria) with BOS with loan of €32k and is only worth €25k max. Vacant essentially as they keep the rent
<> Buy to let 3 (wife's former residence) with AIB with loan of €193k and worth €100k max. Let for €600 per month.
<> Credit card debt of €20k with AIB to which reduced nominal payments are being made.
Note: I have not included the €600 rent in the above income but in getting to the said €720 per month surplus I have not included any rental property costs. The €720 is on the basis that the all other properties/debt are gone which is the long term proposal.
Worth noting too that the Bulgaria loan is secured on the Buy to Let 1 meaning the Bulgarian property is unencumbered.
Current position
AIB have offered us a fair deal on any residue should the property be sold but the problem is that we can't even afford the said amount.
Start mortgages are considering out position, proposal being to pay €700 per month. We have no arrears on the home loan.
We are also dealing with AIB credit card and that position will be reviewed in 3 months.
BOS rejected my offer to sell the buy to lets and pay them €50 per month for 6 years but made no proposal otherwise.
What to do?
I should be able to come to some deal on the home loan but have nothing for the other arrears so what can happen? I know some might say go "bankrupt" but it will hinder my job, I could actually lose it because I am still on probation and those with "money issues" need to declare that.
What would be the point of them getting a judgement mortgage given that I could still be in negative equity in 13 years time. If they renewed it, can they renew it again because if so it would essentially mean we would be paying down the mortgage loan only to free up equity when we die so the judgement mortgages would be met. It is a never-ending debt if that was to happen and that is fairly morbid and discouraging.
I looked into PIAs but because I dont have an excess towards the arrears no-one would take it on so I am left here writing letters too four different parties (Start, AIB, BOS and AIB credit card) which is fairly taxing. We also registered with MABS but I am unsure what they can do.
I know there is no magic wand but ...
I have posted my details before but essentially here is a quick recap:
Net monthly income:
<> Me, €1,900 (Public Sector)
<> Wife, €1,350 (Part-time work)
<> Child Benefit of €260
I have discussed my outgoings with the bank today and we came to an agreement that I have roughly €720 per month, after the usual costs, which I can pay towards the mortgage.
The debt issues are as follows:
<> Home loan with BOS but now with LoneStar and we deal with Start of €278k on tracker (house worth €160k)
<> Buy to let 1 (former residence) with BOS with loan of €115k and is only worth €50k. Vacant so no rent.
<> Buy to let 2 (Bulgaria) with BOS with loan of €32k and is only worth €25k max. Vacant essentially as they keep the rent
<> Buy to let 3 (wife's former residence) with AIB with loan of €193k and worth €100k max. Let for €600 per month.
<> Credit card debt of €20k with AIB to which reduced nominal payments are being made.
Note: I have not included the €600 rent in the above income but in getting to the said €720 per month surplus I have not included any rental property costs. The €720 is on the basis that the all other properties/debt are gone which is the long term proposal.
Worth noting too that the Bulgaria loan is secured on the Buy to Let 1 meaning the Bulgarian property is unencumbered.
Current position
AIB have offered us a fair deal on any residue should the property be sold but the problem is that we can't even afford the said amount.
Start mortgages are considering out position, proposal being to pay €700 per month. We have no arrears on the home loan.
We are also dealing with AIB credit card and that position will be reviewed in 3 months.
BOS rejected my offer to sell the buy to lets and pay them €50 per month for 6 years but made no proposal otherwise.
What to do?
I should be able to come to some deal on the home loan but have nothing for the other arrears so what can happen? I know some might say go "bankrupt" but it will hinder my job, I could actually lose it because I am still on probation and those with "money issues" need to declare that.
What would be the point of them getting a judgement mortgage given that I could still be in negative equity in 13 years time. If they renewed it, can they renew it again because if so it would essentially mean we would be paying down the mortgage loan only to free up equity when we die so the judgement mortgages would be met. It is a never-ending debt if that was to happen and that is fairly morbid and discouraging.
I looked into PIAs but because I dont have an excess towards the arrears no-one would take it on so I am left here writing letters too four different parties (Start, AIB, BOS and AIB credit card) which is fairly taxing. We also registered with MABS but I am unsure what they can do.
I know there is no magic wand but ...