Difficulty making repayments on former home, now an investment

Hi batman

And to the preferred advice of others on this thread I wont tell my parents to wait for my retirement in 20 years for the amount of 17,000 they borrowed on their mortgage. They will probably be six feet under or have lost their house trying to pay the extra amount. I'd prefer to lose my house than for them to lose theirs. Thanks for the that advice though !!!!!!!!!!
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Why do you prefer to pay the Credit Union over your mortgage? This makes no sense to me. Strategic default is not a correct description of it, but it's clear that you are not paying what you can afford on your mortgage.

You have done a lot to keep your home. Why did you not use the loan from your parents to reduce the balance on your mortgage?

If you want to keep your home, you should prioritise your payments on it and not on y our unsecured creditors.

I repeat, as a taxpayer, I am not prepared, to pay extra taxes so that you can have a split mortgage from a taxpayer owned bank so that you can pay your unsecured creditors in full.

Why did you borrow so much from the Credit Union? It seems as if you were at some stage,living well beyond your means.

Brendan
 
Brendan,

The loan was adjusted prior to entering into MARPs as I thought i could re adjust my debts without going into that system. You don't think i wanted to involve my parents if i didn't have to, do you.

Yes i did live beyond my means and that initial loan was part of the house deposit but so did an awful lot of others. I am not going to go on about reckless lending because i am the one who entered the agreement and i am the one who has to pay it back. If i didn't ask for the money in the first place i wouldn't be in this this situation. I accept that point.

However, that is the situation i find myself in and i am willing to address the situation through compromise with the mortgage provider rather than putting my head in the sand
 
Batman is back but still hitting his head off the wall with his mortgage provider.

Six months of tormenting staff at the arrears department and I was told by the person assessing my account that they were trying to get me a split mortgage and that my situation was ideal for such a solution. I finally got to speak to someone who actually made a decision!!!!! My financial situation has already been explained but some of my personal circumstances have changed so my expenditure will increase considerably soon. I was told over the phone by the assessor that they had ordered a valuation on the property. After a number of weeks and that person not returning calls and her phone ringing out I was told that my account had been assessed by someone else now. The split option was now a non runner. Needless to say I was very disappointed. Lucky I had noted all times of calls etc.

I have since been told that the mortgage provider will not consider parking some of the debt because I have unsecured debt. Has anyone else heard of this criteria being used by any other bank.

Thanks
 
Has anyone heard of a situation with a mortgage provider will not consider a split mortgage if the mortgage holder has some unsecured debt. Thanks
 
Batman is just about still here.

Following a number of assessments ebs/aib always used their own reasonable living expenses guidelines when assessing my account. After a data protection application it's clear in their last assessment they ignored their own guidelines and used the isi guidelines. AIB claim that they assess reasonable living expenses 25% above the isi guidelines.

Am I wasting my time pointing this out to them? The difference could allow me to be considered for other options

Thanks
 
Batman, you have to play hard. As for putting off having children as one poster suggested! Don't!!!! I'm childless as a result of property and it's heartbreaking.
Get advice somewhere else also. Try an organisation called The Hub! Regards, Lone Star
 
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