To Bronte,
No Bronte i have not signed a new agreement since i am still working of the 5 year agreement that states 1.7 over euriobar, but i got a letter in the post stating that the bank are changing the way they calculate their interest rates and fron november 16th i think thats the date i dont have the letter in front of me now, they will be calculating the rates from bank cost of funds, and it will put approximately .7 extra on my repayments ie 2000 per month extra approx, now you tell me is that fair.
Yes the bank are quite happy to carry on the way we are as they are getting every penny they demand, however it is having a huge impact on me my family and our business which like every other business is struggling to keep people employed and keep the doors open at the moment. I suggested to them at the last meeting that we could reduce the rate to ease the pressure, but they specified that the loan then would technically go into default, so you can see where they are going with this now, that would leave two options they draw up a new loan agreement and i can only imagine what the repayments would be, or they bankrupt me and take everything they can get.
yes i do have other assets and i would probably have a net worth of maybe half the amount of the borrowing say 1m maybe so that would leave me still owing over 1m then they could fire sell the property and leave me still owing money and god knows what legal costs.
however now i would have nothing after 30 years of grafting my ass off, nothing for the kids nothing for a retirement no pension nothing, i dont want that, i want to meet it half way, and im prepared to do that, i want them to share some responsibility i have already paid them close to 500,000 already in interest. Since the loan started.